A为什么不对

问题如下：

Which of the IC member’s statements regarding hedge fund strategies is incorrect?

选项：

A.Statement 1

B.Statement 2

C.Statement 3

解释：

B is correct. Statement 2 is incorrect: Event-driven strategies, such as merger arbitrage, tend to be exposed to some natural equity market beta risk. Overall market risk can potentially disrupt a merger’s consummation (though hedging may be possible). To the extent that deals are more likely to fail in market stress periods, event-driven merger arbitrage strategies have market sensitivity and left-tail risk attributes. Also, while event-driven strategies may have less beta exposure than simple, long-only beta allocations, the higher hedge fund fees effectively result in a particularly expensive form of embedded beta. Equity market-neutral strategies do use a relative value approach, because such strategies hold balanced long and short equity exposures to maintain zero (or close to zero) net exposure to the equity market and such factors as sector and size. Also, opportunistic strategies do have risk exposure to market directionality, also called trendiness.