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 hedge fund with an initial value of $100 million has a management fee of 2% and an incentive fee of 20%. Management and incentive fees are calculated independently using end-of-period valuation. The value must reach the previous high water mark before incentive fees are paid. The table below provides end-of-period fund values over the next three years.

The total amount of fees earned by the hedge fund in Year 3 is closest to:【单选题】

A.$4.8 million.

B.$5.5 million.

C.$5.9 million.

正确答案:A

答案解析:The incentive fee is based on the performance relative to the previous high-water mark after fees.
Management fee: 2% of $125 million = $2.5 million. Incentive fee: 20% of ($125 million – $113.6 million) = $2.28 million. In total: $2.5 million + $2.28 million = $4.78 million.
2014 CFA Level I
“Introduction to Alternative Investments,” by Terri Duhon, George Spentzos, and Scott D. Stewart
Section 3.3

2、Which of the following theories of the term structure of interest rates makes themost direct link between the yield curve now and future short-term interest ratesanticipated by investors?【单选题】

A.Pure expectations.

B.Liquidity preference.

C.Market segmentation.

正确答案:A

答案解析:完全预期理论认为收益率曲线取决于投资者对于当前和未来短期利率的预期。

3、When market participants expect the spot price of a commodity to be higher in the future, the commodity market is most likely said to be in:【单选题】

A.contango.

B.full carry.

C.backwardation.

正确答案:A

答案解析:“Investing in Commodities,” Ronald G. Layard-Liesching
2012 Modular Level I, Vol. 6, pp. 262–264
Study Session 18-67-a
Explain the relationship between spot prices and expected future prices in terms of contango and backwardation.
A is correct because when a commodity market is in contango, futures prices are higher than the spot price because market participants believe the spot price will be higher in the future. When spot prices are above the futures price, the market is said to be in backwardation.

4、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.

5、Compared with investment in an open-ended index mutual fund, which of these is least likely a benefit to an investor in an index exchange traded fund (ETF) on the same index?【单选题】

A.Lower bid–ask spreads

B.Managing the timing of capital gains

C.Ability to sell short and buy on margin

正确答案:A

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey
2012 Modular Level I, Vol. 6, pp. 195–196
Study Session 18-66-d
Explain the advantages and risks of ETFs.
A is correct because open-ended mutual fund shares are created and redeemed at net asset value with no bid–ask spread, whereas ETFs trade like stocks with a bid–ask spread.