NO.PZ201710100100000401
问题如下：
Which of Frazee’s concerns best justifies his decision to reject the proposed benchmark?
选项：
A.Concern 1
B.Concern 2
C.Concern 3
解释：
A is correct.
Because the benchmark does not contain many assets that Frazee wants to invest in, the benchmark may not be representative of his investment approach. Concern 2, as stated, is less important because it does not imply that the cost of replicating the benchmark is a serious concern. Finally, Concern 3 actually states a generally positive feature of the benchmark.
考点：choice of benchmark
解析：选benchmark的三个标准: 1、具有代表性，符合基金经理的投资风格，2、可以以较低的成本复制，3、事先与基金经理确定。
Concern 1 说明benchmark没有代表性，基金经理的投资风格与benchmark不同，因此是选择了错误的benchmark；
Concern 2 说明benchmark中有一个股票复制成本高，这也不是好的benchmark，但仅有一个股票头寸是这种情况，相比Concern 1选错benchmark，是可以接受的。
Concern 3 benchmark是一个以流通市值为权重的组合，这个组合调整了流通市值，使得投资者容易购买从而成功复制，是一个好的benchmark。
没印象
