2020年CFA考试《CFA三级》考试共题，分为。小编每天为您准备了5道每日一练题目（附答案解析），一步一步陪你备考，每一次练习的成功，都会淋漓尽致的反映在分数上。一起加油前行。

1、Which duration measure should be matched when implementing Strategy 2?【单选题】

A.Key rate

B.Modified

C.Macaulay

正确答案:C

答案解析:C is correct. An investor having an investment horizon equal to the bond’s Macaulay duration is 

2、【单选题】

A.a carry trade.

B.a bullet structure.

C.

正确答案:B

答案解析:B is correct. A bullet performs well when the yield curve is expected to steepen. Since Prégent’s forecast is for long rates to 

3、With respect to Viewmont's goal of borrowing at the lowest cost and hedging currency risk, who is most likely correct?【单选题】

A.Kemigisa

B.Bazlamit

C.Montero

正确答案:C

答案解析:Montero is correct. Viewmont can reduce its overall borrowing costs by borrowing in U.S. dollars and engaging in a currency swap for Brazillian reals. This swap not only reduces borrowing costs but also hedges currency exposure.

4、【单选题】

A.Bullet portfolio.

B.Barbell portfolio.

C.Laddered portfolio.

正确答案:B

答案解析:The forecast shows an increase in curvature (i.e., an increase in the 5- and 10-year yields). Notice that the 2-year yield has a 

5、In Statement 1, CleanTech management most likely violated the CFA Institute Standards of Professional Conduct with regard to their comments on:【单选题】

A.clean technology sector returns.

B.investment analytics software.

C.solar power company investment.

正确答案:C

答案解析:The performance return claim is a violation of Standard V(B): Communication with Clients and Prospective Clients, which requires opinion to be separated from fact. In addition, Standard I(C): Misrepresentation prohibits members and candidates from guaranteeing clients any specific return on volatile investments. In the case of complex analyses, such as proprietary investment analytics software used by CleanTech, analysts must clearly separate fact from statistical conjecture and should identify the known limitations of an analysis, which has been done.