问一道题：NO.PZ2015121801000039 [ CFA I ]

问题如下：

An investor evaluating the returns of three recently formed exchange-traded funds gathers the following information:

The ETF with the highest annualized rate of return is:

选项：

ETF 1.

ETF 2.

ETF 3.

解释：

B is correct.

The annualized rate of return for ETF 2 is 12.05% = (1.0110 $^{52 / 5}$ )-1, which is greater than the annualized rate of ETF 1, 11.93% = (1.0461 $^{365 / 146}$ )-1, and ETF 3, 11.32% = (1.1435 $^{12 / 15}$ )-1. Despite having the lowest value for the periodic rate, ETF 2 has the highest annualized rate of return because of the reinvestment rate assumption and the compounding of the periodic rate.

题目里面没有说要用复利计算呀？从HPR求年化return，都是用复利吗？我记得基础课里面老师讲过用HPR*360/t的方式来求年化的，怎么区分呢

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1 个答案

丹丹_品职答疑助手 · 2020年12月17日

嗨，爱思考的PZer你好：

同学你好，一般是利用libor的时候使用360且单利来计算，其他时候在本章节是按照365复利来计算。

-------------------------------
加油吧，让我们一起遇见更好的自己！

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NO.PZ2015121801000039问题如下investor evaluating the returns of three recently formeexchange-trafun gathers the following information:The ETF with the highest annualizerate of return is:A.ETF 1.B.ETF 2.C.ETF 3. is correct.The annualizerate of return for ETF 2 is 12.05% = (1.0110 52/5 )-1, whiis greater ththe annualizerate of ETF 1, 11.93% = (1.0461365/146 365/ 146 )-1, anETF 3, 11.32% = (1.143512/15 )-1. spite having the lowest value for the perioc rate, ETF 2 hthe highest annualizerate of return because of the reinvestment rate assumption anthe compounng of the perioc rate. 如题老师，这道题ear为啥是365/146，而不是146/365

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问一道题：NO.PZ2015121801000039 [ CFA I ]

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