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(shù)上。一起加油前行。

1、Which of the methods of leveraging a bond portfolio described by Olamide is most accurate?【單選題】

A.The use of futures contracts.

B.The use of interest rate swaps.

C.The use of repo transactions.

正確答案:C

答案解析:Strategy 1 is mostly correct. Typically you would not disagree with it, but you must select the best answer. The slight flaw in 

2、Assuming Silva's advice is followed and Libor rates are 5% and 6% on 15 October 2013 and 15 December 2013, respectively, the effective annual interest rate on Short Hills Corporation's loan is closest to:【單選題】

A.3.50%.

B.5.42%.

C.4.64%.

正確答案:B

答案解析:The effective annual rate is calculated as follows:

3、【單選題】

A.Decreased trading volume

B.Less spread sensitivity to fund outflows

C.A decrease in broker/dealer holdings

正確答案:B

答案解析:B is correct. Spread sensitivity is the effect on credit spreads of large withdrawals by investors from credit 

4、During 2009, the "misfit" active return earned by Briggs's investments was closest to:【單選題】

A.0.4%.

B.0.7%.

C.0.3%.

正確答案:C

答案解析:A "misfit" active return is equal to the return of the manager's normal benchmark minus the return of the investor's benchmark: 0.3% = 12% – 11.7%, where 12% is the return on the STI fund and 11.7% is the return on the MSCI Singapore Free Index.

5、Which of the following combinations of futures positions would most likely be included in Dodson's advice to Tan regarding her intended portable alpha strategy?【單選題】

A.Short position in S&P/TSX futures and long position in S&P 400 futures

B.Long position in S&P/TSX futures and short position in S&P 400 futures

C.Long position in S&P/TSX futures and long position in S&P 400 futures

正確答案:A

答案解析:The portfolio needs to shed exposure to the return of the S&P/TSX and gain exposure to the return of the S&P 400.