NO.PZ2015122802000008
问题如下：
Consider a mutual fund that invests primarily in fixed-income securities that have been determined to be appropriate given the fund’s investment goal. Which of the following is least likely to be a part of this fund?
选项：
A.
Warrants.
B.
Commercial paper.
C.
Repurchase agreements.
解释：
A is correct.
Warrants are least likely to be part of the fund. Warrant holders have the right to buy the issuer’s common stock. Thus, warrants are typically classified as equity and are least likely to be a part of a fixed-income mutual fund. Commercial paper and repurchase agreements are short-term fixed-income securities.
考点：金融资产的分类
这道题就是问你选项ABC哪一个不是固定收益产品（债券）。A warrant(认股权证不是债券)是由股份有限公司发行的可认购其股票的一种买入期权。它赋予持有者在一定期限内以事先约定的价格购买发行公司一定股份的权利。而B商业票据（银行发行的）和C回购协议，都类似短期借款协议，所以都是固定收益产品。
如下为原版书原文中提到的典型固定收益类产品：
Bonds, notes, bills, certifcates of deposit, commercial paper, repurchase agreements,loan agreements, and mortgages are examples of promises to repay money in the future.
沃伦在固守也讲过，含权的固守产品，为什么在权益部分是权证呢
