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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.

正確答案:c

答案解析:選項(xiàng)A和B都是現(xiàn)金流收益率的局限性.其中一個(gè)缺陷是現(xiàn)金流收益率假設(shè)以該收益率獲得再投資收入，而實(shí)際情況可能不同。另外一個(gè)缺陷是假設(shè)根據(jù)提前償付的假設(shè)持有到期，但有可能會(huì)提前償還本金。選項(xiàng)C則不是現(xiàn)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.

正確答案:C

答案解析：ETF不收取申購(gòu)和贖回費(fèi)用，可以賣空或者融資交易，同時(shí)組合的持倉(cāng)是透明的。ETF的申購(gòu)和贖回機(jī)制使得其交易價(jià)格十分接近凈資產(chǎn)值，沒(méi)有顯著的溢價(jià)或者折價(jià)。開(kāi)放式ETF的股利會(huì)被立即進(jìn)行在投資，而不是每年。

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