CFA考试三级模拟试题精选0402

1、A. CFA考试三级模拟试题精选0402-6（附详解）1、【单选题】cumulativecompositeandbenchmarkreturns.B. thepercentageofthetotalfirmassetsrepresentedbythecomposite.bothfee-payingandnon-fee-payingportfolios正确答案:C答案侣军析:Ciscorrect.Thecompositedescriptionindicatesthatthecompositecontainsbothfee-payingandnon-fee-payingportfolios.A.

2、2、Whichoneofthefollowingactionswillhelptoensurethefairtreatmentofbrokeragefirmclientswhenanewinvestmentrecommendationismade?【单选题】Informingallpeopleinthefirminadvancethatarecommendationistobedisseminated.B. Distributingrecommendationstoinstitutionalclientspriortoindividualaccounts.C. Minimizingthetim

3、ebetweenthedecisionandthedisseminationofarecommendation.正确答案:C答案侣军析:ThecorrectanswerisC.Thisquestion,whichrelatestoStandardIII(B)FairDealing,teststheknowledgeoftheprocandcandidatesintreatingclientsfairlywhenmakinginvestmentrecommendations.ThesteplistedinCwillhelpensurethefairtreatmentofclients.Answe

4、rAmayhavenegativeeffectsonthefairtreatmentofclients.Themorepeoplewhoknowaboutapendingchange,thegreaterthechancethatsomeonewillinformsomeclientsbeforetheinformation'srelease.Thefirmshouldestablishpoliciesthatlimitthenumberofpeoplearhoawareinadvancethatarecommendationistobedisseminated.AnswerB,dis

5、tributingrecommendationstoinstitutionalclientsbeforedistributingthemtoindividualaccounts,discriminatesamongclientsonthebasisofsizeandclassofassetsandisaviolationofStandardIII(B).A. 3、【单选题】firm.B. compositestrategy.C. extentanduseofleverageandderivatives.A. 正确答案:B答案侣军析:Biscorrect.Herrschaft'sdesc

6、riptionofthecompositestrategyisuninformative.Itwouldmostlikelybepossiblefor4、DoestheFund'sdisclosuretoitsclientsregardingtherenewalofthelicensemostlikelycomplywiththeAssetManagerCodeofProfessionalConduct?【单选题】Yes,thedisclosureincludedtheterminationofthefundmanagerNoYes,thedisclosureincludedtheou

7、t-of-courtsettlementandpaymentoffine正确答案:B答案解析:TheAssetManagerCodecallsforcompletedisclosuresregardingsignificantchangesinpersonnelandanyregulatoryordisciplinaryactiontakenagainsttheFund.Althoughthe5、【单选题】Anarrowerinterestratedifferential.B. AhigherforwardpremiumforINR/USD.C. HighervolatilityinINR/U

8、SDspotratemovements.A. 正确答案:B答案侣军析:Biscorrect.Subscriber3'scarrytradestrategyisequivalenttotradingtheforwardrate6、BasedonExhibit1,theapproachthatisleastlikelyefficientwithrespecttodeliveringactivereturnsforagivenleveloftrackingriskis:【单选题】semiactivederivatives.B. activeequity.C. semiactiveequity

9、.正确答案:B答案侣军析:Theactiveequitystrategyhasthelowestinformationratioandisthusleastefficientindeliveringactivereturns.Informationratio=Activereturn(PortfolioBenchmark)/Trackingrisk.Theinformationratiois0.5%,whichisthelowestofthethree.A. 7、【单选题】flatteningyieldcurve.B. reductioninyieldcurvecurvature.C. 100

10、bpsparallelshiftdownwardoftheyieldcurve.A. 正确答案:A答案侣军析：Aiscorrect.Scenario1isanextremebarbellandistypicallyusedwhentheyieldcurveflattens.Inthiscase,the30-year8、【单选题】Yes.B.C.A. 正确答案:A答案侣军析:Aiscorrect.Bothstatementsarecorrect.Hedgersmaypayariskpremiumtoliquidityprovidersfortheinsurancetheyobtainso9、【单选题】acarrytrade.B. abarbellstructure.C. ridingtheyieldcurve.A. 正确答案:C答案侣军析:Ciscorrect.Lastyear,McLaughlinexpectedtheyieldcurvetobestableovertheyear.Ridingtheyieldcurveisastrategy10、WhichofOlamide'scommentsontheroleoffixed-incomesecuriti