备考CFA考试是不是掌握了CFA知识呢？如果你在备考CFA考试跟着小编一起看看CFA考试题吧！毕竟做题也是考试备考重要的一个环节！
1、An analyst does research about the limitations of cash flow yield.Which of the following statements is least accurate to be a shortcoming in application of the cash flow yield measure?
A.The projected cash flows are assumed to be reinvested at the cash flow yield.
B.The mortgage-backed or asset-backed security is assumed to be held until the final payoff of all the loans, based on some prepayment assumption.
C.Because of principle prepayments/ in order to project cash flow it is necessary to make an assumption about the rate at which principle prepayments will occur.
正确答案:c
答案解析:选项A和B都是现金流收益率的局限性.其中一个缺陷是现金流收益率假设以该收益率获得再投资收入，而实际情况可能不同。另外一个缺陷是假设根据提前偿付的假设持有到期，但有可能会提前偿还本金。选项C则不是现金濠收益率的局限性。
2、An analyst does research about exchange trade funds (ETFs).Which of the following statements is least accurate to describe exchange trade funds' characteristics?
A.Portfolio holdings of ETFs are transparent.
B.ETF's structure prevents a significant premium or discount to NAV.
C.Dividends are reinvested annually for open-end ETFs.
正确答案:C
答案解析：ETF不收取申购和赎回费用，可以卖空或者融资交易，同时组合的持仓是透明的。ETF的申购和赎回机制使得其交易价格十分接近净资产值，没有显着的溢价或者折价。开放式ETF的股利会被立即进行在投资，而不是每年。
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