NO.PZ201710200200000104
问题如下：
4. Raye believes the previous adviser’s asset class specifications for equity and derivatives are inappropriate given that, for purposes of asset allocation, asset classes should be:
选项：
A.diversifying.
B.mutually exclusive.
C.relatively homogeneous.
解释：
A is correct.
For risk control purposes, an asset class should be diversifying and should not have extremely high expected correlations with other classes. Because the returns to the equity and the derivatives asset classes are noted as being highly correlated, inclusion of both asset classes will result in duplication of risk exposures. Including both asset classes is not diversifying to the asset allocation.
考点：asset class的分类标准
解析：diversifying指的是资产类型之间的相关性不能过高，正文部分提到asset class returns on equity and derivatives are highly correlated，因此资产类型的分类违反了diversifying。
易错点分析：本题常见错误选B。一是对asset class的分类标准理解不够准确，二是认为大盘国外股和美国股票之间可能存在重合。事实上，大盘国外股是衍生品的标的物，而非投资产品本身，所以没有违反mutually exclusive。
易错点分析：本题常见错误选B。一是对asset class的分类标准理解不够准确，二是认为大盘国外股和美国股票之间可能存在重合。事实上，大盘国外股是衍生品的标的物，而非投资产品本身，所以没有违反mutually exclusive。
我理解大盘国外股和美国股票之间并不是重合的，所以没有违反mutually exclusive。
答案解释中：“大盘国外股是衍生品的标的物，而非投资产品本身，所以没有违反mutually exclusive” 这句话应该怎么理解？逻辑关系是怎样的？谢谢！
