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：
关于capital commitment解析中，倒数第三行【In contrast, a total return swap generates a similar economic exposure to ETFs with much lower capital.】
- 这里的capital commitment是指购买total return swap和购买ETF的成本吗？还是其他意思？我看不懂。
- 怎么知道他们俩的capital commitment谁大谁小？
谢谢助教！
