NO.PZ2015122802000063
问题如下:
Which of the following statements regarding fixed-income indices is most accurate?
选项:
A.Liquidity issues make it difficult for investors to easily replicate fixed-income indices.
B.Rebalancing and reconstitution are the only sources of turnover in fixed-income indices.
C.Fixed-income indices representing the same target market hold similar numbers of bonds.
解释:
A is correct.
The large number of fixed-income securitiescombined with the lack of liquidity of some securitiesmakes it costly and difficult for investors to replicate fixed-income indices.
考点:债券指数
下列关于债券指数说法正确的是:
A. 很多债券由于发行量小行流动性很差,所以流动性的问题造成债券指数很难复制。正确。
B.指数权重再平衡和成分证券调整(一旦指数中的证券不满足纳入指数的条件,就会被剔除),这两个是指数调整的唯一原因。错。reconstitution or rebalancing对于债券和股票指数是不同的,区别就在于债券指数除了日常的调成分(由风格变化导致)和调权重以外,他需要对到期债券进行调整,这种调整不是由于风格变化导致的reconstitution。因此一看到选项“only”就应该反映出,这里没有包括对到期债券的调整。
C.它说的是代表同样目标市场的固定收益指数一定包括相同多数量的债券。错。比如两个公司债指数不需要包含相同数量的公司债券。
RT