2020年CFA考试《CFA三级》考试共240题，分为单选题。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、【单选题】

A.buying the Greek 5-year 

B.

C.

正确答案:A

答案解析:A is correct. As shown in the previous question, the Greek bond is the most attractive. Although the Peso is expected to 

2、In executing the DEF stock trade, were Placid's execution costs most likely less than its target per share cost based on the target trading cost components provided in Exhibit 2?【单选题】

A.No, because of market impact

B.Yes

C.No, because of the bid–ask spread

正确答案:A

答案解析:Placid did not execute the DEF stock transaction at its target execution cost because of the market impact cost of 7 cents, which exceeded Placid's 5 cent target for market impact cost. The limit order created a missed trade opportunity cost of 4 cents, which was below Placid's 5 cent target for missed trade opportunity cost. The remaining explicit costs (commissions) and implicit costs (bid–ask spread) were equal to the target.

3、The type of portfolio that Morris recommends to Smith to take advantage of both US and European equity market opportunities is most likely a(n):【单选题】

A.core satellite.

B.completeness fund.

C.alpha and beta separation.

正确答案:C

答案解析:Alpha and beta separation involve combining an index strategy with a market-neutral active strategy in order to earn a desired beta + alpha outcome. Smith's objective is to realize returns from the European market (beta) + MCAM's active return (alpha). In this case, by using the EURO STOXX 50 index strategy, MCAM is able to offer both strategies combined into an alpha and beta separation strategy for Smith.

4、Does the Fund's disclosure to its clients regarding the renewal of the license most likely comply with the Asset Manager Code of Professional Conduct?【单选题】

A.Yes, the disclosure included the termination of the fund manager

B.No

C.Yes, the disclosure included the out-of-court settlement and payment of fine

正确答案:B

答案解析:The Asset Manager Code calls for complete disclosures regarding significant changes in personnel and any regulatory or disciplinary action taken against the Fund. Although the

5、A fixed-income portfolio is most likely to be considered non-discretionary if the client’s investment policy states that:【单选题】

A.securities held at a gain must not be sold.

B.the average credit quality must be investment grade.

C.securities held in the portfolio must be issued in developed markets.

正确答案:A

答案解析:A is correct. Such a restriction would most likely alter portfolio structure and would also be likely client specific. The restrictions in B and C are not necessarily client specific and could already be part of the investment strategy of the manager.