2020年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理Alternative Investments5道练习题，附答案解析，供您备考练习。

1、A fund that calculates net asset value by subtracting liabilities from assets and dividing the result by a fixed number of shares is most likely:【单选题】

A.a hedge fund.

B.an open-end mutual fund.

C.a closed-end mutual fund.

正确答案:C

答案解析:“Alternative Investments”, Global Investments, Sixth Edition, by Bruno Solnik and Dennis McLeavey, CFA
2011 Modular Level I, Volume 6, p. 189-190
Study Session 18-74-a
Differentiate between an open-end and a closed-end mutual fund, and explain how net asset value of a fund is calculated and the nature of fees charged by investment companies.
C is correct. Closed-end mutual funds calculate NAV as follows:
NAV = (Assets – Liabilities)/Number of shares Outstanding

2、A variation of which real estate valuation approach is most likely to use slope coefficients derived from a statistical analysis to estimate the value of a property?【单选题】

A.Cost approach.

B.Income approach.

C.Sales comparison approach.

正确答案:C

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey
2010 Modular Level I, Vol. 6, pp. 202-206
Study Session 18-73-e
Describe the various approaches to the valuation of real estate.
One variation of the sales comparison approach (hedonic price estimation) uses recent transactions in the area to derive an equation that weights various property attributes to determine a value for the property.

3、One advantage of exchange traded funds relative to open-end mutual funds is:【单选题】

A.they trade throughout the day.

B.they offer greater diversification.

C.they have smaller bid-ask spreads.

正确答案:A

答案解析:“Alternative Investments”, Global Investments, Sixth Edition, by Bruno Solnik and Dennis McLeavey, CFA
2011 Modular Level I, Volume 6, pp. 195-197
Study Session 18-74-c
Explain the advantages and risks of ETFs.
A is correct. Exchange traded funds trade throughout the trading day at market prices that are updated continuously, rather than only trading once a day at closing market prices, as do the traditional open-end mutual funds.

4、Which of the following characteristics of a target company is likely the least attractive for a leveraged buyout?【单选题】

A.High leverage

B.Substantial amount of physical assets

C.Strong and sustainable cash flow

正确答案:A

答案解析:Low leverage is an attractive feature of a target company in a leveraged buyout. This characteristic makes it easier for an acquirer to use debt to finance a large portion of the purchase price.
2014 CFA Level I
"Introduction to Alternative Investments," by Terri Duhon, George Spentzos, and Scott D. Stewart
Section 4.2.1.2

5、A typical hedge fund fee structure is least likely to include a:【单选题】

A.base fee.

B.high water mark.

C.negative incentive fee.

正确答案:C

答案解析:”Alternative Investments,” Bruno Solnik and Dennis McLeavey
2010 Modular Level I, Vol. 6, pp. 220-221
Study Session 18-73-i
Define hedge fund in terms of objectives, legal structure, and fee structure, and describe the various classifications of hedge fund.
C is correct because the fee structure can include a base fee and “high water mark” but not a negative performance fee. The lowest performance fee would be zero.