NO.PZ202207040100001005
问题如下:
The most cost efficient strategy to deal with Dashe’s concerns following the equity market correction is a(n):选项:
A.rebalancing to policy weights by selling bonds and purchasing equities. B.rebalancing by replacing the highest-tracking-error manager with low-cost index exchange-traded funds (ETFs). C.overlay using equity index futures.解释:
SolutionC is correct. The most cost efficient rebalancing strategy is to implement an overlay using equity index futures. This approach can get the equity exposure up to at least the guideline range without impacting the active managers. Equity index futures will very likely have less tracking error than the active managers.
A is incorrect. Buying equities and selling bonds will incur trading costs and disrupt the present active managers’ execution. This is not the most cost-effective solution compared with a derivatives overlay.
B is incorrect. The IPS does not allow for index ETFs; it allows for only active managers and derivatives.
看到前面有老师回答“这个ETF是index exchange-traded funds,指数ETF。指数ETF就是被动跟踪market cap-weighted index的基金,收益表现与market cap-weighted index基本一致。”【这句话是否可以当做结论记忆,所有的ETF都是被动跟踪market cap-weighted index的基金?】