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、Based on Note 1, the fee on the Caribou Fund is best described as a:【单选题】

A.performance fee.

B.management fee.

C.administrative fee.

正确答案:A

答案解析:A is correct. Performance fees serve as an incentive for portfolio managers to achieve or 

2、Is Burg correct with regard to his recommendations to the committee regarding benchmarks for the pension and endowment respectively?【单选题】

A.Pension: Correct, Endowment: Incorrect

B.Pension: Incorrect, Endowment: Correct

C.Pension: Correct, Endowment: Correct

正确答案:B

答案解析:The investor with liabilities will measure success by whether the portfolio generates the funds necessary to pay out the cash outflows associated with the liabilities-in this case, a defined benefit pension plan. Meeting the liability is the investment objective; as such, it also becomes the benchmark for the portfolio. The endowment is focused on measuring the success of its fixed-income managers and does not have a specific liability to meet, therefore a bond market index is an appropriate benchmark.

3、【单选题】

A.Carter.

B.Suzuki.

C.Rodriguez.

正确答案:C

答案解析:C is correct. Momentum can be partly explained by short-term under-reaction to relevant 

4、【单选题】

A.No.

B.Yes, with respect to priority of client interests only.

C.

正确答案:C

答案解析:C is correct. Schmidt is on the board of a company whose stock is in microcap indexes. This is a 

5、Which of the following statements about Boshe's proposed exit strategies from MTL is most accurate? MTL strategy:【单选题】

A.3 exhibits a mismatch in character.

B.2 exhibits cross hedging.

C.2 provides for the possibility of yield enhancement.

正确答案:B

答案解析:Evidence of both cross hedging and a mismatch in character is present in MTL Strategy 2. Buying put options on the ETF is a cross hedge against the industry risk faced by the public company. The scenario outlines an exercise of employee stock options, which will be taxed as ordinary income, and an eventual profit from a put option which will be taxed as a capital gain. This difference in tax type is a mismatch in character.