请问这题为什么选B 没太明白考察的点在哪儿
Because of the intended size of our South American debt portfolio, it would be too expensive to attempt full replication of any of these indexes. The two choices available to us are purchasing securities that, together, match the primary risk characteristics of the chosen index or purchasing pooled investments, such as mutual funds or exchange-traded funds. A synthetic strategy cannot be pursued because there are no exchange-traded derivative contracts for these indexes.”
Q. Are Honanie’s comments to Puhuyesva regarding replicating a South American debt index most likely correct?
- Yes.
- No. He is incorrect regarding synthetic strategies.
- No. He is incorrect regarding full replication.
Solution
B is correct. Honanie is incorrect regarding synthetic strategies because an active futures market is not required. A total return swap could be entered into in the over-the-counter market to achieve exposure to the desired index.
A is incorrect because Honanie is incorrect regarding synthetic strategies.
C is incorrect because Honanie is correct regarding the prohibitive costs of a full replication strategy for a relatively small portfolio; 6% of $217.3 million is only $13.0 million.