开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

轩羊羊 · 2023年07月11日

这句话如何翻译?

* 问题详情,请 查看题干

NO.PZ202209060200004706

问题如下:

Shrewsbury would most likely choose which instrument to achieve his alternate investment objective?

选项:

A.Creation units B.Interest rate swap C.Total return swap

解释:

Solution

C is correct. A total return swap (TRS) is an over-the-counter portfolio derivative strategy that combines elements of interest rate swaps and credit derivatives. There is an exchange of cash flows between the two parties over the tenure of the contract, based on a reference obligation that is an underlying equity, commodity, or bond index. In this case, the reference obligation would be a corporate bond index. Creation units are large blocks of exchange-traded fund (ETF) shares traded against a basket of underlying securities; this transaction typically occurs between the ETF distributor and a broker/dealer. Entering into a creation unit transaction is done to facilitate trading but does not establish a passive bond position. The DB plan could use also use the actual ETF as an alternate passive instrument.

A is incorrect because creation units are large blocks of ETF shares traded against a basket of underlying securities.

B is incorrect because the DB plan needs to establish passive interest rate and credit exposure.

hedges not only the interest rate component of the liability’s discount rate but also the credit component

怎么理解这句话呢?

total return swap是怎么做到的呢?

1 个答案

pzqa015 · 2023年07月11日

嗨,努力学习的PZer你好:


不但hedge住市场风险,还hedge住信用风险,total return swap通过将债券投资的全部收益与其他金融产品(股票、大宗商品)等的收益进行互换,实现了债券风险的转换。

interest rate swap仅仅可以hedge interest rate component of the liability’s discount rate.

----------------------------------------------
就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

  • 1

    回答
  • 0

    关注
  • 570

    浏览
相关问题

NO.PZ202209060200004706 问题如下 Shrewsbury woulmost likely choose whiinstrument to achieve his alternate investment objective? A.Creation units B.Interest rate sw C.Totreturn sw SolutionC is correct. A totreturn sw(TRS) is over-the-counter portfolio rivative strategy thcombines elements of interest rate swaps ancret rivatives. There is exchange of cash flows between the two parties over the tenure of the contract, baseon a referenobligation this unrlying equity, commoty, or boninx. In this case, the referenobligation woula corporate boninx. Creation units are large blocks of exchange-trafun(ETF) shares traagainst a basket of unrlying securities; this transaction typically occurs between the ETF stributor ana broker/aler. Entering into a creation unit transaction is ne to facilitate trang but es not establish a passive bonposition. The plcouluse also use the actuETF alternate passive instrument.A is incorrebecause creation units are large blocks of ETF shares traagainst a basket of unrlying securities.B is incorrebecause the plnee to establish passive interest rate ancret exposure. 请问这个题目对应的是哪一个考点?这个整个case基本都要错光。考试是这个难度吗。。。

2024-07-08 21:24 1 · 回答

NO.PZ202209060200004706问题如下Shrewsbury woulmost likely choose whiinstrument to achieve his alternate investment objective?A.Creation unitsB.Interest rate swapC.Totreturn swapSolutionC is correct. A totreturn sw(TRS) is over-the-counter portfolio rivative strategy thcombines elements of interest rate swaps ancret rivatives. There is exchange of cash flows between the two parties over the tenure of the contract, baseon a referenobligation this unrlying equity, commoty, or boninx. In this case, the referenobligation woula corporate boninx. Creation units are large blocks of exchange-trafun(ETF) shares traagainst a basket of unrlying securities; this transaction typically occurs between the ETF stributor ana broker/aler. Entering into a creation unit transaction is ne to facilitate trang but es not establish a passive bonposition. The plcouluse also use the actuETF alternate passive instrument.A is incorrebecause creation units are large blocks of ETF shares traagainst a basket of unrlying securities.B is incorrebecause the plnee to establish passive interest rate ancret exposure.swap是otc,为什么没有cret risk

2023-12-03 22:30 1 · 回答

NO.PZ202209060200004706 问题如下 Shrewsbury woulmost likely choose whiinstrument to achieve his alternate investment objective? A.Creation units B.Interest rate sw C.Totreturn sw SolutionC is correct. A totreturn sw(TRS) is over-the-counter portfolio rivative strategy thcombines elements of interest rate swaps ancret rivatives. There is exchange of cash flows between the two parties over the tenure of the contract, baseon a referenobligation this unrlying equity, commoty, or boninx. In this case, the referenobligation woula corporate boninx. Creation units are large blocks of exchange-trafun(ETF) shares traagainst a basket of unrlying securities; this transaction typically occurs between the ETF stributor ana broker/aler. Entering into a creation unit transaction is ne to facilitate trang but es not establish a passive bonposition. The plcouluse also use the actuETF alternate passive instrument.A is incorrebecause creation units are large blocks of ETF shares traagainst a basket of unrlying securities.B is incorrebecause the plnee to establish passive interest rate ancret exposure. 为什么是totreturn swap? 别的为什么不行?

2023-02-13 15:49 2 · 回答