问题如下图：
选项：
A. 
B. 
C. 
解释：
250的future点数是什么意思啊 为什么要用emini50呢
maggie_品职助教 · 2020年02月07日
1、这里需要解释一下multiplier：因为Index是用点位进行衡量的，比如现在指数是多少多少点位。但我们目标还是想知道这个期货合约的价值是多少，点位并不代表价格。那乘数其实就代表了一个点位值多少钱，比如一个点位值50元，当指数是2464.29点时，就代表这个index futures的价格是50*2464.29， 如果买了5份index futures，那么总的价值就是5*2464.29*50。
2、因为选项中提示你用s&p 500 e-mini futures contract，有些时候咱们做题如果在题干中找不到信息，也可以反过来看看选项。
这道题涉及很多衍生品的知识（在权益不做要求，因此这种类型的题目基本不会在权益考察），由于今年视频上线顺序调整的原因，有些知识还尚未铺垫，如果还不明白可以等你学完衍生品再来做它。
圣灵霜子 · 2020年03月03日
我说呢怎么完全看不懂hhh
NO.PZ2019012201000048问题如下 After terminingWinthrop’s objectives anconstraints, the CA47 million portfolio’s newstrategic poliis to target long-term market returns while being fullyinvesteall times. Tong recommen quarterly rebalancing, currenheing,ana composite benchmark composeof equity anfixeincome inxes.Currently the USis worth CA.2930, anthis exchange rate is expectetoremain stable ring the next month. Exhibit 2 presents the strategic assetallocation anbenchmark weights.In one month,Winthrop will receive a performanbonus of US,750,000. He believes ththeUS equity market is likely to increase ring this timeframe. To take aantageof Winthrop’s market outlook, he instructs Tong to immeately initiate equitytransaction using the S P 500 futures contrawith a current priof2,464.29 while respecting the poliweights in Exhibit 2. The S P 500futures contramultiplier is 250, anthe S P 500 E-mini multiplier is50.Inpreparation for receipt of the performanbonus, Tong shoulimmeatelyA.buy two US E-mini equity futures contracts B.sell nine US E-mini equity futures contracts C.buy seven US E-mini equity futures contracts The amount of theperformanbonus thwill receivein one month (US,750,000) nee to beinvestepassively baseupon the strategic allocation recommenTong.Using the strategic allocation of the portfolio, 15% (US62,500.00) shoulbeallocateto US equity exposure using the S P 500 E-mini contract, whichtras in US llars. Because the futures priis 2,464.29 anthe S P 500E-mini multiplier is 50, the contraunit value is US23,214.50 (2,464.29 ×50).The correnumberof futures contracts is (5,750,000.00 × 0.15)/123,214.50 = 7.00.Therefore, Tongwill buy seven S P 500 E-mini futures contracts. 请问老师这个期货价格不是标普500的吗 为啥标普小型期货也可以直接带入了
NO.PZ2019012201000048 问题如下 After terminingWinthrop’s objectives anconstraints, the CA47 million portfolio’s newstrategic poliis to target long-term market returns while being fullyinvesteall times. Tong recommen quarterly rebalancing, currenheing,ana composite benchmark composeof equity anfixeincome inxes.Currently the USis worth CA.2930, anthis exchange rate is expectetoremain stable ring the next month. Exhibit 2 presents the strategic assetallocation anbenchmark weights.In one month,Winthrop will receive a performanbonus of US,750,000. He believes ththeUS equity market is likely to increase ring this timeframe. To take aantageof Winthrop’s market outlook, he instructs Tong to immeately initiate equitytransaction using the S P 500 futures contrawith a current priof2,464.29 while respecting the poliweights in Exhibit 2. The S P 500futures contramultiplier is 250, anthe S P 500 E-mini multiplier is50.Inpreparation for receipt of the performanbonus, Tong shoulimmeately A.buy two US E-mini equity futures contracts B.sell nine US E-mini equity futures contracts C.buy seven US E-mini equity futures contracts The amount of theperformanbonus thwill receivein one month (US,750,000) nee to beinvestepassively baseupon the strategic allocation recommenTong.Using the strategic allocation of the portfolio, 15% (US62,500.00) shoulbeallocateto US equity exposure using the S P 500 E-mini contract, whichtras in US llars. Because the futures priis 2,464.29 anthe S P 500E-mini multiplier is 50, the contraunit value is US23,214.50 (2,464.29 ×50).The correnumberof futures contracts is (5,750,000.00 × 0.15)/123,214.50 = 7.00.Therefore, Tongwill buy seven S P 500 E-mini futures contracts. Because the futures priis 2,464.29 anthe S P 500 E-mini multiplier is 50, the contraunit value is US23,214.50 (2,464.29 × 50).老师，可以再一下2464.29*50算出来的是什么吗。这里有点混future price和multiplier的关系了
NO.PZ2019012201000048问题如下 After terminingWinthrop’s objectives anconstraints, the CA47 million portfolio’s newstrategic poliis to target long-term market returns while being fullyinvesteall times. Tong recommen quarterly rebalancing, currenheing,ana composite benchmark composeof equity anfixeincome inxes.Currently the USis worth CA.2930, anthis exchange rate is expectetoremain stable ring the next month. Exhibit 2 presents the strategic assetallocation anbenchmark weights.In one month,Winthrop will receive a performanbonus of US,750,000. He believes ththeUS equity market is likely to increase ring this timeframe. To take aantageof Winthrop’s market outlook, he instructs Tong to immeately initiate equitytransaction using the S P 500 futures contrawith a current priof2,464.29 while respecting the poliweights in Exhibit 2. The S P 500futures contramultiplier is 250, anthe S P 500 E-mini multiplier is50.Inpreparation for receipt of the performanbonus, Tong shoulimmeatelyA.buy two US E-mini equity futures contracts B.sell nine US E-mini equity futures contracts C.buy seven US E-mini equity futures contracts The amount of theperformanbonus thwill receivein one month (US,750,000) nee to beinvestepassively baseupon the strategic allocation recommenTong.Using the strategic allocation of the portfolio, 15% (US62,500.00) shoulbeallocateto US equity exposure using the S P 500 E-mini contract, whichtras in US llars. Because the futures priis 2,464.29 anthe S P 500E-mini multiplier is 50, the contraunit value is US23,214.50 (2,464.29 ×50).The correnumberof futures contracts is (5,750,000.00 × 0.15)/123,214.50 = 7.00.Therefore, Tongwill buy seven S P 500 E-mini futures contracts. 请教一下老师，这道题是不是要等学了rivative那一章之后才会做呢？在Equity这章rivative baseapproaches课件中基本都是结论，不涉及任何计算。感谢解答～
NO.PZ2019012201000048 问题如下 After terminingWinthrop’s objectives anconstraints, the CA47 million portfolio’s newstrategic poliis to target long-term market returns while being fullyinvesteall times. Tong recommen quarterly rebalancing, currenheing,ana composite benchmark composeof equity anfixeincome inxes.Currently the USis worth CA.2930, anthis exchange rate is expectetoremain stable ring the next month. Exhibit 2 presents the strategic assetallocation anbenchmark weights.In one month,Winthrop will receive a performanbonus of US,750,000. He believes ththeUS equity market is likely to increase ring this timeframe. To take aantageof Winthrop’s market outlook, he instructs Tong to immeately initiate equitytransaction using the S P 500 futures contrawith a current priof2,464.29 while respecting the poliweights in Exhibit 2. The S P 500futures contramultiplier is 250, anthe S P 500 E-mini multiplier is50.Inpreparation for receipt of the performanbonus, Tong shoulimmeately A.buy two US E-mini equity futures contracts B.sell nine US E-mini equity futures contracts C.buy seven US E-mini equity futures contracts The amount of theperformanbonus thwill receivein one month (US,750,000) nee to beinvestepassively baseupon the strategic allocation recommenTong.Using the strategic allocation of the portfolio, 15% (US62,500.00) shoulbeallocateto US equity exposure using the S P 500 E-mini contract, whichtras in US llars. Because the futures priis 2,464.29 anthe S P 500E-mini multiplier is 50, the contraunit value is US23,214.50 (2,464.29 ×50).The correnumberof futures contracts is (5,750,000.00 × 0.15)/123,214.50 = 7.00.Therefore, Tongwill buy seven S P 500 E-mini futures contracts. 助教你好这是equity M2 被动投资的题目，M2这章的核心话题就是被动投资型的基金经理要replicate inx performance。但我在这题里没觉得哪里像是被动投资，跟着benchmark portfolio里的权重去买，就算被动吗？权益所有章节都很虚，导致我做权益的题目老是不知道自己看见的题干信息是否就是某某知识点，所以我想请你指出这道题，被动投资的被动体现在哪？题干一开始给的美加汇率在本题没用到，但考试时会出现把权益和汇率的题目联系在一起的这种难度么？如果这题考虑到了汇率且用的是加拿大债券这一个asset class，那就要把美元换成家币performanbonus of US,750,000换成CA然后才能进行后续的计算，是么？谢谢 😭
NO.PZ2019012201000048 问题如下 After terminingWinthrop’s objectives anconstraints, the CA47 million portfolio’s newstrategic poliis to target long-term market returns while being fullyinvesteall times. Tong recommen quarterly rebalancing, currenheing,ana composite benchmark composeof equity anfixeincome inxes.Currently the USis worth CA.2930, anthis exchange rate is expectetoremain stable ring the next month. Exhibit 2 presents the strategic assetallocation anbenchmark weights.In one month,Winthrop will receive a performanbonus of US,750,000. He believes ththeUS equity market is likely to increase ring this timeframe. To take aantageof Winthrop’s market outlook, he instructs Tong to immeately initiate equitytransaction using the S P 500 futures contrawith a current priof2,464.29 while respecting the poliweights in Exhibit 2. The S P 500futures contramultiplier is 250, anthe S P 500 E-mini multiplier is50.Inpreparation for receipt of the performanbonus, Tong shoulimmeately A.buy two US E-mini equity futures contracts B.sell nine US E-mini equity futures contracts C.buy seven US E-mini equity futures contracts The amount of theperformanbonus thwill receivein one month (US,750,000) nee to beinvestepassively baseupon the strategic allocation recommenTong.Using the strategic allocation of the portfolio, 15% (US62,500.00) shoulbeallocateto US equity exposure using the S P 500 E-mini contract, whichtras in US llars. Because the futures priis 2,464.29 anthe S P 500E-mini multiplier is 50, the contraunit value is US23,214.50 (2,464.29 ×50).The correnumberof futures contracts is (5,750,000.00 × 0.15)/123,214.50 = 7.00.Therefore, Tongwill buy seven S P 500 E-mini futures contracts. He believes ththe US equity market is likely to increase ring this timeframe.这句话作用是什么？题目后面说根据W的市场观点来判断要做什么交易。但是其实不管W的观点什么样，都是按照SAA的比例来买US equity futures？所以这个观点其实并没有作用，是这样么？