请问A为什么不对，短期和长期的Duration都小于Index，感谢！

NO.PZ202112010200000702 问题如下 A financianalyst in-house assetmanager funhcreatethe following spreaheet of key rate rations tocompare her active position to thof a benchmark inxso she ccompare the rate sensitivities across maturities. Whiof the following statements best characterizes how the activeportfolio is positionefor yielcurve changes relative to the inxportfolio? A.The active portfolio ispositioneto benefit from a besteepening of the yielcurve versus thebenchmark portfolio. B.The active portfolio is positioneto benefit from a positive butterfly movement in the shape of the yielcurve versus the inx. C.The active portfolio is positioneto benefit from yielcurve flattening versus the inx. B is correct. Apositive butterfly incates a crease in the butterfly spreeto expecterise in short- anlong-term yiel-to-maturity combineith a lowermeum-term yielto-maturity. Sinthe active portfolio is shortration versus theinx in the 2-year, 5-year, an30-yematurities anlong ration in the10-year, it will generate excess return if the butterfly sprefalls. 题目中出现的10年bon属于中期还是长期？A和C分别错在哪里呢？ C中说的flatten我们是不是需要考虑两种情况的flatten ？

NO.PZ202112010200000702 问题如下 Whiof the following statements best characterizes how the activeportfolio is positionefor yielcurve changes relative to the inxportfolio? A.The active portfolio ispositioneto benefit from a besteepening of the yielcurve versus thebenchmark portfolio. B.The active portfolio is positioneto benefit from a positive butterfly movement in the shape of the yielcurve versus the inx. C.The active portfolio is positioneto benefit from yielcurve flattening versus the inx. B is correct. Apositive butterfly incates a crease in the butterfly spreeto expecterise in short- anlong-term yiel-to-maturity combineith a lowermeum-term yielto-maturity. Sinthe active portfolio is shortration versus theinx in the 2-year, 5-year, an30-yematurities anlong ration in the10-year, it will generate excess return if the butterfly sprefalls. 麻烦老师解答一下

NO.PZ202112010200000702 问题如下 Whiof the following statements best characterizes how the activeportfolio is positionefor yielcurve changes relative to the inxportfolio? A.The active portfolio ispositioneto benefit from a besteepening of the yielcurve versus thebenchmark portfolio. B.The active portfolio is positioneto benefit from a positive butterfly movement in the shape of the yielcurve versus the inx. C.The active portfolio is positioneto benefit from yielcurve flattening versus the inx. B is correct. Apositive butterfly incates a crease in the butterfly spreeto expecterise in short- anlong-term yiel-to-maturity combineith a lowermeum-term yielto-maturity. Sinthe active portfolio is shortration versus theinx in the 2-year, 5-year, an30-yematurities anlong ration in the10-year, it will generate excess return if the butterfly sprefalls. A说的是收益率曲线steepen，可以看成短期利率相对长期利率是下降的，那么只有短期KRactive ＞benchmark；长期KRactive＜benchmark时，才会outperform，所以A不正确。----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------A说的是besteepening，也就是短期利率和长期利率都是上升的，只不过长期利率上升的更加快，那么长期而言，KRactive需要小于benchmark， 短期而言，也应该KRactive小于benchmark，不是吗？ 请老师详细一下

NO.PZ202112010200000702 问题如下 Whiof the following statements best characterizes how the activeportfolio is positionefor yielcurve changes relative to the inxportfolio? A.The active portfolio ispositioneto benefit from a besteepening of the yielcurve versus thebenchmark portfolio. B.The active portfolio is positioneto benefit from a positive butterfly movement in the shape of the yielcurve versus the inx. C.The active portfolio is positioneto benefit from yielcurve flattening versus the inx. B is correct. Apositive butterfly incates a crease in the butterfly spreeto expecterise in short- anlong-term yiel-to-maturity combineith a lowermeum-term yielto-maturity. Sinthe active portfolio is shortration versus theinx in the 2-year, 5-year, an30-yematurities anlong ration in the10-year, it will generate excess return if the butterfly sprefalls. 老师请问，KR收益率曲线的关系是什么呢？Active Portfolio的KR2y, 5y, 30y) 小于Benchmark，就直接让(2y, 5y, 30y)收益率曲线上升就能outperform benchmark?\"我们的目的是让active portfolio outperform benchmark。先观察active portfolio与benchmark在KR差异，可以看到，对于短期（2y、5y）和长期（30y），active portfolio 的KRbenchmark；对于中期(10y），active portfolio 的KRbenchmark，那么就应该让长期与短期的收益率曲线上升，中期收益率曲线下降，才会使得active outperform benchmark\"

NO.PZ202112010200000702 问题如下 Whiof the following statements best characterizes how the activeportfolio is positionefor yielcurve changes relative to the inxportfolio? A.The active portfolio ispositioneto benefit from a besteepening of the yielcurve versus thebenchmark portfolio. B.The active portfolio is positioneto benefit from a positive butterfly movement in the shape of the yielcurve versus the inx. C.The active portfolio is positioneto benefit from yielcurve flattening versus the inx. B is correct. Apositive butterfly incates a crease in the butterfly spreeto expecterise in short- anlong-term yiel-to-maturity combineith a lowermeum-term yielto-maturity. Sinthe active portfolio is shortration versus theinx in the 2-year, 5-year, an30-yematurities anlong ration in the10-year, it will generate excess return if the butterfly sprefalls. 我是这样理解的，active portfolio的5年的KR大，说明active portfolio有比较多的exposure to 中期 rates，类似于bullet。那么对于bullet来说，中期利率下降，带来收益，所以是B，这样理解对吗