问题如下图：
选项：
A. 
B. 
C. 
解释：
Portfolio A convexity比liability小，应该是没有满足 multiple liability的duration matching条件吧？
NO.PZ201812020100000302 问题如下 Based on Exhibit 2, the portfolio with the greatest structurrisk is: Portfolio Portfolio B Portfolio C C is correct. Structural risk arises from the sign of the ration-matching portfolio. It is reced minimizing the spersion of the bonpositions, going from a barbell structure to more of a bullet portfolio thconcentrates the component bon’ rations arounthe investment horizon. With bonmaturities of 1.5 an11.5 years, Portfolio C ha finite barbell structure comparewith those of Portfolios A ananit is thus subjeto a greater gree of risk from yielcurve twists annonparallel shifts. In aition, Portfolio C hthe highest level of convexity, whiincreases a portfolio’s structurrisk. 如题
NO.PZ201812020100000302 问题如下 Based on Exhibit 2, the portfolio with the greatest structurrisk is: Portfolio Portfolio B Portfolio C C is correct. Structural risk arises from the sign of the ration-matching portfolio. It is reced minimizing the spersion of the bonpositions, going from a barbell structure to more of a bullet portfolio thconcentrates the component bon’ rations arounthe investment horizon. With bonmaturities of 1.5 an11.5 years, Portfolio C ha finite barbell structure comparewith those of Portfolios A ananit is thus subjeto a greater gree of risk from yielcurve twists annonparallel shifts. In aition, Portfolio C hthe highest level of convexity, whiincreases a portfolio’s structurrisk. A 都不能matching mutiple liability ，虽然convexity最小，有structure risk吗？C是barbell bon，convexity最大，也有structure risk ，两者怎么对比？ structure risk就单独的看谁的convexity大小吗？
why structure risk is recewhen spersion is minimize thanks
为什么不是Ａ呢？multiple liabilities 不是应该选ｃｏｎｖｅｘｉｔｙ 大的么？
请问如果convexity越高，portfolio具有涨多跌少的性质，为什么structurrisk还越大呢？
