2022年CFA《CFA三級(jí)》考試馬上就要來(lái)了，小伙伴們準(zhǔn)備好了嗎?沒有準(zhǔn)備好沒有關(guān)系，咱們幫考網(wǎng)為大家?guī)?lái)了Private Wealth Management (1)的5道練習(xí)題，附答案解析，供大家備考練習(xí)。

1、Based on DFC’s bond holdings ａｎｄ　Exhibit 2, Compton should recommend:【單選題】

A.Benchmark 1.

B.Benchmark 2.

C.Benchmark 3.

正確答案:B

答案解析:B is correct. DFC has two types of assets, short term ａｎｄ　intermediate term. Fｏｒthe short-term assets, a

2、Priorat is most likely correct with regard to which structural trade?【單選題】

A.Putables

B.Bullets

C.Callables

正確答案:B

答案解析:Front-end bullets (i.e., bullet structures with one-year to five-year maturities) have great appeal fｏｒinvestors who pursue a barbell strategy in which both the short ａｎｄ　long end of the barbell are US Treasury securities. There are “barbellers” who use credit securities at the front ｏｒshort end of the curve ａｎｄ　Treasuries at the long end of the yield curve.

3、【單選題】

A.Portfolio 1

B.Portfolio 3

C.Portfolio 4

正確答案:C

答案解析:C is correct. Structural risk to immunization arises from twists ａｎｄ　non-parallel shifts in the yield curve.

4、Which of Olamide//////\'s comments on the role of fixed-income securities in a portfolio context are correct?【單選題】

A.All three.

B.Comment 1 only.

C.Comment 3 only.

正確答案:B

答案解析:Only Comment 1 is correct. The predictable cash flows can be used to meet recurring payout needs. It is true that

5、In Priorat’s response to Rioja regarding the explanation of key measures of an index’s profile, he is most likely correct regarding:【單選題】

A.key rate duration ａｎｄ　incorrect regarding convexity adjustment.

B.spread duration ａｎｄ　incorrect regarding effective duration.

C.convexity adjustment ａｎｄ　incorrect regarding key rate duration.

正確答案:A

答案解析:Priorat’s explanation of key rate duration is accurate, whereas his explanation of convexity adjustment is incorrect. A convexity adjustment is used to improve the accuracy of the index’s estimated price change fｏｒlarge parallel changes in interest rates. A convexity adjustment is an estimate of the change in price that is not explained by duration.

積少成多，每天積累一小點(diǎn)，離考試成功近一大步!幫考網(wǎng)近期都會(huì)更新題庫(kù)，小伙伴們趕緊跟上腳步，抓緊練習(xí)，不要放過任何學(xué)習(xí)的機(jī)會(huì)!