2020年CFA考試《CFA三級》考試共題，分為。小編每天為您準備了5道每日一練題目（附答案解析），一步一步陪你備考，每一次練習的成功，都會淋漓盡致的反映在分數上。一起加油前行。

1、Which duration measure should be matched when implementing Strategy 2?【單選題】

A.Key rate

B.Modified

C.Macaulay

正確答案:C

答案解析:C is correct. An investor having an investment horizon equal to the bond’s Macaulay duration is 

2、【單選題】

A.a carry trade.

B.a bullet structure.

C.

正確答案:B

答案解析:B is correct. A bullet performs well when the yield curve is expected to steepen. Since Prégent’s forecast is for long rates to 

3、With respect to Viewmont's goal of borrowing at the lowest cost and hedging currency risk, who is most likely correct?【單選題】

A.Kemigisa

B.Bazlamit

C.Montero

正確答案:C

答案解析:Montero is correct. Viewmont can reduce its overall borrowing costs by borrowing in U.S. dollars and engaging in a currency swap for Brazillian reals. This swap not only reduces borrowing costs but also hedges currency exposure.

4、【單選題】

A.Bullet portfolio.

B.Barbell portfolio.

C.Laddered portfolio.

正確答案:B

答案解析:The forecast shows an increase in curvature (i.e., an increase in the 5- and 10-year yields). Notice that the 2-year yield has a 

5、In Statement 1, CleanTech management most likely violated the CFA Institute Standards of Professional Conduct with regard to their comments on:【單選題】

A.clean technology sector returns.

B.investment analytics software.

C.solar power company investment.

正確答案:C

答案解析:The performance return claim is a violation of Standard V(B): Communication with Clients and Prospective Clients, which requires opinion to be separated from fact. In addition, Standard I(C): Misrepresentation prohibits members and candidates from guaranteeing clients any specific return on volatile investments. In the case of complex analyses, such as proprietary investment analytics software used by CleanTech, analysts must clearly separate fact from statistical conjecture and should identify the known limitations of an analysis, which has been done.