For a short option position, which risk characteristics are typical?

• A. Positive theta (benefits from time decay) and negative delta exposure, plus gamma and vega risks.
• B. Negative theta and positive delta exposure, plus gamma and vega risks.
• C. Positive theta and positive delta exposure, without gamma or vega risk.
• D. Negative theta exposure (time decay hurts) and negative delta exposure.

Answer: (A)