问题如下图：
选项：
A. 
B. 
C. 
解释：
您好，请问一下，index weight（指数权重限制），为什么要乘以AUM？被绕进去了。。
AUM/ 3b <= 10x0.2%
我乘以的是mkt cap（3b），这是哪里想错了？
谢谢您！
韩韩_品职助教 · 2019年03月01日
同学你好，这个老师在课程当中也讲过，分两大块来看，一个是portfolio，一个是market，一般如果题目中说position weight，都是在针对portfolio来说，也就是说在portfolio当中，index weight的要求是，组合当中要买的量要小于等于这个股票在market index当中的比例的10倍。那么先算market index weight*10=0.2%*10，这就是确定好了在portfolio要买的权重，那么再乘以portfolio的资产管理规模，就可以得到依据这个要求，组合当中应该买的规模是多少。
NO.PZ2019012201000036问题如下 TMT has $250 million in assets unr management. ABC.ha market capitalization of $3.0 billion, inx weight of 0.20%, anaverage ily trang volume (A) of 1% of its market capitalization. TMT consirs investing in Aanhthe following position size policonstraints: Allocation: No investment in any security mrepresent more th3% of totAUM. Liquity: No position size mrepresent more than 10% of the llvalue of the security’s A. Inx weight: The maximum position weight must less thor equto 10 times the security’s weight in the inx. Whiof the following position size policonstraints is the most restrictive in setting TMT’s maximum position size in shares of ABC? Liquity Allocation Inx weight A is correct. 考点：Implicit Cost-relateConsirations 解析࿱根据三种限制要求，最大持仓规模分别计算如下： ABC公司每日交易价值=ABC的市值×每日的交易量=$3 billion × 1.0% = $30 million 流动性限制= ABC公司每日交易价值×流动性限制=$30 million × 10% = $3 million 配置限制=管理的资产规模×最大头寸限制=$250 million × 3.0% = $7.5 million 指数权重限制=管理的资产规模×（指数权重×10）=$250 million × (0.20% × 10) = $5.0 million 由于流动性限制计算出来的最大持仓规模金额最小，因此它是最严格限制政策。 我还是非常费解inx weight，按道理指数权重不是应该是占某个指数比如SP500或者Russel3000之类的权重吗？咋会和这个投资公司的AUM挂上关系呢？ 还有active share和risk那里的几道题目也是，原理很简单，但是题目真的很难读懂诶。。很容易造成误解
NO.PZ2019012201000036 问题如下 TMT has $250 million in assets unr management. ABC.ha market capitalization of $3.0 billion, inx weight of 0.20%, anaverage ily trang volume (A) of 1% of its market capitalization. TMT consirs investing in Aanhthe following position size policonstraints: Allocation: No investment in any security mrepresent more th3% of totAUM. Liquity: No position size mrepresent more than 10% of the llvalue of the security’s A. Inx weight: The maximum position weight must less thor equto 10 times the security’s weight in the inx. Whiof the following position size policonstraints is the most restrictive in setting TMT’s maximum position size in shares of ABC? Liquity Allocation Inx weight A is correct. 考点：Implicit Cost-relateConsirations 解析࿱根据三种限制要求，最大持仓规模分别计算如下： ABC公司每日交易价值=ABC的市值×每日的交易量=$3 billion × 1.0% = $30 million 流动性限制= ABC公司每日交易价值×流动性限制=$30 million × 10% = $3 million 配置限制=管理的资产规模×最大头寸限制=$250 million × 3.0% = $7.5 million 指数权重限制=管理的资产规模×（指数权重×10）=$250 million × (0.20% × 10) = $5.0 million 由于流动性限制计算出来的最大持仓规模金额最小，因此它是最严格限制政策。 No.PZ2019012201000036 (选择题)来源: 品职出题TMT h$250 million in assets unr management. ABC.ha market capitalization of $3.0 billion, inx weight of 0.20%, anaverage ily trang volume (A) of 1% of its market capitalization. TMT consirs investing in Aanhthe following position size policonstraints:Allocation: No investment in any security mrepresent more th3% of totAUM.Liquity: No position size mrepresent more th10% of the llvalue of the security’s A.Inx weight: The maximum position weight must less thor equto 10 times the security’s weight in the inx.Whiof the following position size policonstraints is the most restrictive in setting TMT’s maximum position size in shares of ABC?c，算inx weight没有明白。哪里说了个股的情况？abc.co是一个公司吗？所以他的security市值3million？ 占inx的0.2%？那不应该是3million*10*0.2吗为什么最后乘以的是aum?还有就是我点击问问题时，跳进来的page直接是空白。我只能copy paste文字。。。能修复一下吗？很不方便
NO.PZ2019012201000036 问题如下 TMT has $250 million in assets unr management. ABC.ha market capitalization of $3.0 billion, inx weight of 0.20%, anaverage ily trang volume (A) of 1% of its market capitalization. TMT consirs investing in Aanhthe following position size policonstraints: Allocation: No investment in any security mrepresent more th3% of totAUM. Liquity: No position size mrepresent more than 10% of the llvalue of the security’s A. Inx weight: The maximum position weight must less thor equto 10 times the security’s weight in the inx. Whiof the following position size policonstraints is the most restrictive in setting TMT’s maximum position size in shares of ABC? Liquity Allocation Inx weight A is correct. 考点：Implicit Cost-relateConsirations 解析࿱根据三种限制要求，最大持仓规模分别计算如下： ABC公司每日交易价值=ABC的市值×每日的交易量=$3 billion × 1.0% = $30 million 流动性限制= ABC公司每日交易价值×流动性限制=$30 million × 10% = $3 million 配置限制=管理的资产规模×最大头寸限制=$250 million × 3.0% = $7.5 million 指数权重限制=管理的资产规模×（指数权重×10）=$250 million × (0.20% × 10) = $5.0 million 由于流动性限制计算出来的最大持仓规模金额最小，因此它是最严格限制政策。 请
NO.PZ2019012201000036 问题如下 TMT has $250 million in assets unr management. ABC.ha market capitalization of $3.0 billion, inx weight of 0.20%, anaverage ily trang volume (A) of 1% of its market capitalization. TMT consirs investing in Aanhthe following position size policonstraints: Allocation: No investment in any security mrepresent more th3% of totAUM. Liquity: No position size mrepresent more than 10% of the llvalue of the security’s A. Inx weight: The maximum position weight must less thor equto 10 times the security’s weight in the inx. Whiof the following position size policonstraints is the most restrictive in setting TMT’s maximum position size in shares of ABC? Liquity Allocation Inx weight A is correct. 考点：Implicit Cost-relateConsirations 解析࿱根据三种限制要求，最大持仓规模分别计算如下： ABC公司每日交易价值=ABC的市值×每日的交易量=$3 billion × 1.0% = $30 million 流动性限制= ABC公司每日交易价值×流动性限制=$30 million × 10% = $3 million 配置限制=管理的资产规模×最大头寸限制=$250 million × 3.0% = $7.5 million 指数权重限制=管理的资产规模×（指数权重×10）=$250 million × (0.20% × 10) = $5.0 million 由于流动性限制计算出来的最大持仓规模金额最小，因此它是最严格限制政策。 指数权重限制=管理的资产规模×（指数权重×10）=$250 million × (0.20% × 10) = $5.0 million这边为何是用aum(250m)去乘而不是用abc的市值3000m?
NO.PZ2019012201000036 问题如下 TMT has $250 million in assets unr management. ABC.ha market capitalization of $3.0 billion, inx weight of 0.20%, anaverage ily trang volume (A) of 1% of its market capitalization. TMT consirs investing in Aanhthe following position size policonstraints: Allocation: No investment in any security mrepresent more th3% of totAUM. Liquity: No position size mrepresent more than 10% of the llvalue of the security’s A. Inx weight: The maximum position weight must less thor equto 10 times the security’s weight in the inx. Whiof the following position size policonstraints is the most restrictive in setting TMT’s maximum position size in shares of ABC? Liquity Allocation Inx weight A is correct. 考点：Implicit Cost-relateConsirations 解析࿱根据三种限制要求，最大持仓规模分别计算如下： ABC公司每日交易价值=ABC的市值×每日的交易量=$3 billion × 1.0% = $30 million 流动性限制= ABC公司每日交易价值×流动性限制=$30 million × 10% = $3 million 配置限制=管理的资产规模×最大头寸限制=$250 million × 3.0% = $7.5 million 指数权重限制=管理的资产规模×（指数权重×10）=$250 million × (0.20% × 10) = $5.0 million 由于流动性限制计算出来的最大持仓规模金额最小，因此它是最严格限制政策。 从字面上看，指数权重不应该是 每个股票的市值 在包含它的 inx portfolio 中的权重吗？这个跟 AUM 有什么关系？