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 Exhibit 1 and Statement 1, Smithers's investment strategy is best described as:【单选题】

A.active management.

B.enhanced indexing.

C.pure bond indexing.

正确答案:B

答案解析:In Exhibit 1, the contributions to spread duration for the credit sector (1.6) and for the mortgage sector (1.6) are slightly higher than the corresponding contributions to spread duration in the benchmark—that is, there are minor risk factor mismatches. But note, however that the portfolio duration of the benchmark and the Smithers portfolio is 4.7. Thus, the strategy followed by Smithers is best described as an enhanced indexed strategy with minor risk factor mismatches. Also, in Statement 1, Spong states "Smithers has minor risk factor mismatches with the benchmark."

2、【单选题】

A.€673,247.

B.€683,247.

C.€690,747.

正确答案:B

答案解析:B is correct. The after tax wealth accumulation for deferred capital gains is

3、Based on the information presented in Exhibit 1, the maximum loss per contract for Strategy B is closest to:【单选题】

A.$20,900.

B.$10,350.

C.$12,850.

正确答案:C

答案解析:The straddle consists of a long call and a long put at a strike price of $1,125. The maximum loss occurs when the index is at $1,125, when the call and put are at the money. The maximum loss = Call premium + Put premium = $80.50 + $48.00 = $128.50. Per the contract, the loss is $100 × $128.50 = $12,850.

4、For Client E to shift, for three months, the portfolio allocation to 50% large cap growth stocks and 50% U.S. Treasury, and presuming no other changes in the characteristics of the portfolio, Allison will most likely:【单选题】

A.sell 92 stock index contracts and buy 136 Treasury future bond contracts.

B.sell 370 stock index contracts and buy 68 Treasury future bond contracts.

C.sell 92 stock index contracts and buy 68 Treasury future bond contracts.

正确答案:C

答案解析:Shifting the asset allocation from 66.66% stock/33.33% bonds to 50% stock/50% bonds requires that Allison sell stock index futures and buy bond index futures for a notional amount of $10,000,000.

5、The style of investing described in Whitney's presentation is most likely:【单选题】

A.a full replication approach.

B.enhanced indexing by small risk factor mismatches.

C.active management by larger risk factor mismatches.

正确答案:C

答案解析: