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、Huanca’s comment about using options to manage the risk of his Urubamba common stock position is least likely correct regarding:【单选题】

A.return enhancements.

B.reduction of volatility.

C.establishing a minimum value.

正确答案:C

答案解析:C is correct because although a protective put establishes a minimum value for the position when the price of the underlying stock declines, a covered call does not. Therefore, Huanca’s statement is incorrect.

2、High ethical standards are distinguishing features of which of the following bodies?【单选题】

A.Craft guilds

B.Trade bodies

C.Professional bodies

正确答案:C

答案解析:C is correct. High ethical standards distinguish professions from the craft guilds or trade bodies. Unlike trade bodies, professional bodies also typically have a mission to serve society and enforce professional conduct rules for practitioners.

3、【单选题】

A.violations: No. compensation: No.

B.violations: No. compensation: Yes.

C.violations: Yes. compensation: No.

正确答案:A

答案解析:A is correct. The Standards require that the supervisor promptly initiate an investigation to ascertain 

4、【单选题】

A.alpha skills.

B.position sizing.

C.rewarded factor weightings.

正确答案:A

答案解析:A is correct. The three main building blocks of portfolio construction are alpha skills, 

5、Are Sarkar’s statements on the methods that can be used to implement the investment approach for Hayes Endowment correct?【单选题】

A.No, Method 2 is incorrect.

B.No, Method 1 is incorrect.

C.Yes.

正确答案:A

答案解析:Method 2 is incorrect. Semiactive strategies are appropriate for the Hayes Endowment. They come in two forms: a derivatives-based strategy (Method 1) and a stock-based strategy (Method 2). The derivatives-based strategy is described accurately by Sarkar. But the description of Method 2, the stock-based strategy, is incorrect. In a stock-based strategy, all decisions regarding stock holdings are made relative to the benchmark weight. That is, if the manager has no opinion on the stock, then he will hold it in his portfolio at the benchmark weight. If he has a negative opinion, then he will underweight it relative to the benchmark weight. The manager will overweight the stock in his portfolio if he has a positive expectation for the stock. Sarkar is incorrect when he states: “Here the manager will only invest in stocks expected to outperform the index. If the manager has no opinion on a stock, or if the stock is expected to underperform, then the stock will not be included in the investment portfolio.”