2022年CFA考試《CFA三級》共240道單選題。幫考網為大家每天準備了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，都會清晰的反映在分數上。一起加油前行!

1、Using the multifactｏｒmodel preferred by RiteVal ａｎｄ Exhibit 2, the standard deviation of U.S. real estate is closest to:【單選題】

A.23.1%.

B.21.0%.

C.24.5%.

正確答案:A

答案解析:F

2、Based on how the Taylｏｒrule is applied by Li//////\\'s team, the central bank//////\\'s estimated optimal short-term rate is closest to:【單選題】

A.2.8%.

B.1.5%.

C.2.0%.

正確答案:C

答案解析:The Taylｏｒrule sets the optimal short-term rate as

3、Regarding Exhibit 1, which item is least likely an errｏｒin the presentation?【單選題】

A.Note 3

B.Composite percentage of firm assets

C.Three-year standard deviation

正確答案:B

答案解析:The annualized three-year ex post standard deviation of monthly returns must be presented fｏｒboth the composite ａｎｄ the benchmark fｏｒeach annual period after 1 January 2011. Firms are required to disclose that policies fｏｒvaluing portfolios, calculating returns, ａｎｄ preparing compliant presentations are available upon request.

4、With respect to Client A, Allison//////\\'s most appropriate conclusion is the futures transaction used to adjust the beta of the portfolio was:【單選題】

A.ineffective because the effective beta on the portfolio was 1.27.

B.effective.

C.ineffective because the effective beta on the portfolio was 1.64.

正確答案:A

答案解析:The effective beta is the (hedged) return on the portfolio divided by the return on the market. The return on the market is –3.5%. The return on the portfolio is –5.1% plus the return on the futures position. The return on the (short) futures position relative to the unhedged portfolio is –25 × (119,347 – 124,450)/20,000,000 = +0.0064. Effective beta = (–0.051 + 0.0064)/–0.035 = 1.27.

5、Fｏｒwhich portfolio in Exhibit 1 is a sampling approach most likely to be used in an attempt to match the primary index risk factors?【單選題】

A.Treasury STRIPs

B.Emerging market bond fund

C.Mortgage-backed securities fund

正確答案:C

答案解析:The mortgage-backed securities fund strategy uses enhanced indexing. This management style uses a sampling approach in an attempt to match the primary index risk factors ａｎｄ achieve a higher return than under full replication.

日積月累，相信CFA考試在各位考試的用心備考下很快就會掌控自如，但是千萬別欺騙自己，結果都會以你最終的分數展現出來，加油!