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 the data given in Exhibit 1, the time-weighted return (TWR) is closest to:【单选题】

A.0.63%.

B.0.67%.

C.1.27%.

正确答案:B

答案解析:

2、Given Vertex's interest rate volatility and yield curve forecasts in Statement 4, compared with bullet structures, callable structures and putable structures, respectively, will most likely:【单选题】

A.Callable Structures: Underperform and Putable Structure: Outperform

B.Callable Structures: Outperform and Putable Structures: Outperform

C.Callable Structures: Outperform and Putable Structure: Underperform

正确答案:B

答案解析:Spong's fourth statement indicates that Vertex expects a 25 bp rise in short-term rates and a 75 bp increase in long-term rates—that is, the yield curve is expected to steepen. In this environment callables and putables will outperform bullet structures. As rates rise, given low implied interest rate volatility, the probability of a call diminishes as does the value of the call option. Consequently, callables will outperform bullets. As rates rise the put option becomes more valuable, furthermore the put allows the investor to put the option back at par, thus avoiding losses. For these reasons, the value of the putable structure can be expected to increase. In contrast, the bullet structure will decline in value. Thus, putables also outperform bullets.

3、【单选题】

A.sell call options on bonds held in the portfolio.

B.

C.sell put options on bonds they would be willing to own in the portfolio.

正确答案:B

答案解析:B is correct. McLaughlin expects interest rate volatility to be high and the yield curve to experience an increase in the 

4、【单选题】

A.holdings of the Japanese equity product.

B.relationship with the Swibank subsidiary.

C.compensation from the Swibank subsidiary.

正确答案:C

答案解析:C is correct. Standard VI(A)—Disclosure of Conflicts requires that members and candidates make full 

5、Which of Olamide's comments on the role of fixed-income securities in a portfolio context are correct?【单选题】

A.All three.

B.Comment 1 only.

C.Comment 3 only.

正确答案: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