问题如下图：
选项：
A. 
B. 
C. 
D. 
解释：
老师，能解释下四个选项吗？B为啥错了？
orange品职答疑助手 · 2019年09月06日
同学你好。TRS的pay方是将capital gain 或loss 都转移了，题目这里的depreciation说的是金额，也就是绝对值的意思。如果标的债券价值下跌，那么pay方就少付钱；也就是说，receiver方少收了下降的金额，所以是the receiver is responsible to pay the payer any depreciation。
AC选项就是对TRS的描述，没有问题
D选项：receiver在付出libor和spread后，就可以得到loan的利息和loan市场价值的变动，就相当于对其做了投资，所以这相当于long了。
Whiof the following statements is not correregarng totreturn swaps (TRS)? A TRS is signeto mirror the return on unrlying asset like a loan, stock, or even a portfolio of assets. The payer pays any preciation in the unrlying asset to the receiver. The payer pays any vin or interest receiveto the receiver. The receiver is creating a synthetic long position in the unrlying asset. B A totreturn swtransfers both cret anmarket risk. The payer only pays any appreciation anany vin or interest connectewith the unrlying asset. The receiver is responsible to pthe payer any preciation in the unrlying asset. 你好这里的TRS的payer和receiver是谁的角度。出手有风险资产的人是payer还是receiver？
The payer pays any preciation in the unrlying asset to the receiver. The payer pays any vin or interest receiveto the receiver. The receiver is creating a synthetic long position in the unrlying asset. B A totreturn swtransfers both cret anmarket risk. The payer only pays any appreciation anany vin or interest connectewith the unrlying asset. The receiver is responsible to pthe payer any preciation in the unrlying asset. 如果是亏损的话那是receiver要付钱给payer嘛？
如果referenasset亏钱 payer是不是就不用付钱给receiver？而由receiver承担亏损？
receiver不是等于short fixerate risky bon？那如何构建long的position呢？