ETF1为什么不用交易日进行计算？

NO.PZ2023052302000008

问题如下：

An investor is evaluating the returns of three recently formed ETFs. Selected return information on the ETFs is presented in Exhibit 20:

Which ETF has the highest annualized rate of return?

选项：

ETF 1

ETF 2

ETF 3

解释：

B is correct. The annualized rate of return for

ETF 1 annualized return = (1.0425^365/125) – 1 = 12.92%

ETF 2 annualized return = (1.0195^52/8 ) − 1 = 13.37%

ETF 3 annualized return = (1.1718^12/16 ) – 1 = 12.63%

Despite having the lowest value for the periodic rate, ETF 2 has the highest annualized rate of return because of the reinvestment rate assumption and the compounding of the periodic rate.

ETF在非交易日是没有收益的，是否应使用250交易日计算年化收益更合理，即250/125，R=8.68%

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1 个答案

品职助教_七七 · 2025年04月30日

嗨，爱思考的PZer你好：

如果用非365以外的天数计算，题目需要明确给出这种条件。不能自行选择天数。

什么都没给的情况下，只能使用365。本题也和ETF无关，ETF只是载体，换成其他金融产品也是一样的。

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努力的时光都是限量版，加油！

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