NO.PZ202209060200004104
问题如下：
What bond indexing strategy would Maestre least likely recommend?选项：
A.A stratified sampling approach B.An index mutual fund C.A synthetic strategy using a total return swap解释：
SolutionA is correct. Given that bonds typically trade in large blocks (in excess of USD1 million), attempting to build a bond index fund, even with a stratified sampling approach, would be difficult given the small size of the portfolio. Although mutual funds require payment of expenses, index funds benefit from economies of scale that are passed on to investors. A synthetic approach using a total return swap and holding cash would work. Although it would require finding a counterparty for a relatively small swap, conducting due diligence to control counterparty risk, and dealing with occasional rollover risk, it would still have lower costs than building the portfolio directly.
B is incorrect because an index mutual fund would be very easy to implement compared to stratified sampling and given the relatively small size of the portfolio would likely have lower costs.
C is incorrect because a synthetic approach using a total return swap would be easier and cheaper to implement than stratified sampling because of the small size of the portfolio.
这个题答案没怎么看懂？ 是因为复制index，即使是抽样复制都是很昂贵的吗？这个背景来源于常识还是文中的哪句话？
