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、What are the GIPS requirements for the Contrarian composite of Nigel Investment Advisors?【單選題】

A.

B.

C.

正確答案:B

答案解析:Under GIPS, all fee-paying, discretionary portfolios must be included in at least one composite. There is no minimum 

2、Based on Exhibit 1, which of the following sub-styles is most consistent with Manager C’s investment style?【單選題】

A.Low P/E

B.High yield

C.Earnings momentum

正確答案:C

答案解析:Manager C follows a growth investment style. Earnings momentum is a growth investment sub-style.

3、Richards's understanding about monetizing CTAS is most accurate with respect to:【單選題】

A.the risk exposure of both strategies.

B.using the CTAS dividends to offset borrowing costs.

C.avoiding immediate capital gains under both strategies.

正確答案:C

答案解析:Richards’s understanding about avoiding immediate capital gains is correct. The short sale against the box approach defers capital gains. No sale of stock occurs in establishing the collar. The short against the box strategy is riskless, whereas the collar does carry risk within the range between the exercise prices of the put and the call. The dividends will continue to be paid to Richards only in the collar. The dividends will pass through to the lender of the shares that were borrowed in the short against the box strategy and are thus not available to Richards.

4、【單選題】

A.Statement 1.

B.Statement 2.

C.Statement 3.

正確答案:A

答案解析:A is correct. It is true that the growth in total productivity is not directly observable. That growth 

5、Using the data in Exhibit 2, the account which has produced the highest return per unit of systematic risk is:【單選題】

A.Lee Co.

B.G. Ltd.

C.W-Life.

正確答案:C

答案解析:The highest return per unit of systematic risk is measured by the Treynor measure. Of the given assets, the W-Life account has the highest Treynor measure.