老师请问一下2017三级mock-AM-NO.53，题干如下：
The PWCC pension fund receives periodic cash flows from the plan sponsor.
Wintermantle and his team discuss the use of futures to obtain exposure to specific
asset classes in advance of the cash receipt. Diess states, “Because the cash has yet
to be received, it is not possible to use futures to gain exposure to an asset class.”
Wintermantle disagrees and states, “In this case, it is possible to gain exposure to an
asset class by taking long positions in risk free bonds and futures on the asset class.”
Wittke responds, “A long position in futures on the asset class is sufficient to gain
exposure to the underlying asset. Specifically, it is equivalent to borrowing against
cash to be received in the future and investing in the underlying asset.”
53 Whose comments are most likely correct with respect to PWCC’s pension plan
using futures to gain exposure to an asset class in advance of the cash receipt
from the plan sponsor?
A Deiss
B Wittke
C Wintermantle
KEY = B
B is correct. Wittke is correct. Futures contracts can be used to gain exposure to an
asset class in advance of a cash receipt. This is called pre-investing in an asset class. A
long position in a futures contract is equivalent to being long the underlying plus a loan.
That is, it is a fully leveraged position on the underlying asset.
老师，请问一下，这个题的考点应该是pre-investing吧？Wintermantle说的方法是synthetic equity，说法本身没错吧？为什么不选C呢？
另外，解答中对于B的解释不是很明白： A long position in a futures contract is equivalent to being long the underlying plus a loan.可以解释一下这句话吗？和loan有什么关系？
