NO.PZ2022051904000007
问题如下：
Clive Staples is a consultant with the Leedsford Organization (Leedsford), a boutique investment consulting firm serving large endowments and private foundations. Leedsford consults on tactical asset allocation (TAA) program development, implementation, and ongoing TAA idea generation.
Staples has just completed his quarterly client review of the Narnea Foundation. Based on the Foundation’s current asset allocation and Leedsford’s updated fair value models, Staples believes there is an exploitable TAA opportunity in US large-cap growth stocks. He recommends a 2% overweight position to the US equities policy allocation either through an unlevered ETF or total return swap exposures to the Russell 1000 Growth Index.
Q. Compare the efficiency of the ETF and total return swap TAA implementation alternatives from the perspectives of capital commitment, liquidity, and tracking error.
选项：
解释：
参考答案比较长，如果我们遇到考试，能否这样写？（如下）
麻烦老师提示一下 错误地方 或者可以改善的
关键句：
1.capital commitment:
Russell 1000Growth ETF is less efficient than total retrun swap,since etf require larger cash outlay.
2.liquidity
etf is more efficient
etf is exchang traded. it enjoys liquid trading and narrow bid-ask spreads.
total return swaps are over the count contracts
3.tracking error
etf is less efficient
because Russell 1000 Growth etf is related to traacking error which result from premium and discount to net asset value.
for swaps, there is no tracking error,and it repilicate the index exactly.
