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、To meet the objectives of the Hayes University Endowment, the most appropriate investment approach is an:【单选题】

A.index approach using stratified sampling.

B.enhanced index approach.

C.active market–oriented approach.

正确答案:B

答案解析:The Hayes University Endowment seeks to maximize the information ratio while controlling tracking error. The appropriate investment approach is semiactive management or enhanced indexing. Because of the strict control of tracking error, enhanced indexing tends to have the highest information ratio compared with indexing and active investment management.

2、【单选题】

A.less than Kirk’s.

B.the same as Kirk’s.

C.greater than Kirk’s.

正确答案:A

答案解析:A is correct. The income volatility adjustment reflects the fact that income from different 

3、【单选题】

A.it better reflects a structure trade.

B.it better reflects a top-down approach to portfolio management.

C.a total return approach is a far superior framework.

正确答案:C

答案解析:Yield measures have limitations as an indicator of potential performance. The total return framework is a superior framework for assessing potential performance for a trade.

4、【单选题】

A.reduces the need for frequent rebalancing.

B.limits the need to purchase bonds that are thinly traded.

C.provides a higher degree of portfolio risk diversification.

正确答案:C

答案解析:C is correct. Approach 1 is a full replication approach, whereas Approach 2 follows an enhanced indexing 

5、The current potential credit loss of the bank's call option position is closest to:【单选题】

A.$0.

B.$30.

C.$35.

正确答案:C

答案解析:A failure (e.g., bankruptcy) of the option seller would mean the option holder (the bank) would lose the entire market value of $35.