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、Using the data provided in Exhibit 1 and assuming perfect markets, the calculated beta for U.S. real estate is closest to:【單選題】

A.1.08.

B.0.58.

C.0.38.

正確答案:B

答案解析:β

2、Roth would obtain the smallest mean–variance improvement by including taxable municipal bonds. For an investor to gain by adding a new asset class, that asset class’s Sharpe ratio must exceed the product of the existing portfolio’s Sharpe ratios and the correlation of the asset class’s return with the current portfolio’s return. All three asset classes have similar low correlations with large-cap equities; however, with a negative Sharpe ratio, municipal bonds could never produce a greater product than the product of the other two positive inputs and the existing portfolio’s Sharpe ratio.【單選題】

A.real estate and real return assets and decrease equities and fixed income.

B.fixed income and real return assets and decrease equities and real estate.

C.equities and real return assets and decrease fixed income.

正確答案:A

答案解析:Tactical asset allocation involves making short-term adjustments to asset class weights based on short-term predictions of relative performance among asset 

3、【單選題】

A.GBP 7,000,000 spot.

B.GBP 7,000,000 forward to December 1.

C.SEK 74,812,500 forward to December 1.

正確答案:B

答案解析:B is correct. The GBP value of the assets has declined, and hence the hedge needs to be 

4、Grey’s statement regarding the impact of RiteVal’s inflation scenario is most likely:【單選題】

A.correct.

B.incorrect because of his comment about real estate.

C.incorrect because of his comment about equities.

正確答案:B

答案解析:In deflation, real estate experiences downward pricing pressure (negative) and bonds benefit from improving purchasing power (positive). Therefore, Grey’s comment about real estate is incorrect. In equilibrium, inflation at or below expectations is a positive for equities. The comment about equities is correct.

5、Strategy 2 is most likely preferred to Strategy 1 for meeting the objective of:【單選題】

A.protecting inflation.

B.funding future liabilities.

C.

正確答案:A

答案解析:A is correct. Floating-coupon bonds provide inflation protection for the interest income because the