NO.PZ2023010903000005
问题如下：
Hans Smith, an Albright portfolio manager, makes the following notes after examining these funds:
Note 4 Of the four funds, the Elmer Fund is most likely to appeal to investors who want to minimize fees and believe that the market is efficient.
Note 5 Adding investment-grade bonds to the Elmer Fund will decrease the portfolio’s short-term risk.
Which of the notes regarding the Elmer Fund is correct?
选项：
A. Only Note 4
Only Note 5
Both Note 4 and Note 5
解释：
For passively managed portfolios, management fees are typically low because of lower direct costs of research and portfolio management relative to actively managed portfolios. Therefore, Note 4 is correct.
Note 5 is incorrect because the predictability of correlations is uncertain.
会因为这个是passive的fund所以risk就是tracking error吗
