NO.PZ201603110100003202
问题如下：
2. Which of the following statements is most accurate? Herrschaft’s advertisement does not meet the requirements of the GIPS Advertising Guidelines because it fails to:
选项：
A.present five years of annual composite returns.
B.present a measure of dispersion of individual portfolio returns.
C.disclose whether performance is shown gross or net of investment management fees.
解释：
C is correct.
GIPS Provision III.B.6 states, "All advertisements that include a claim of compliance with the GIPS standards by following the GIPS Advertising Guidelines must disclose the following: Whether returns are presented gross-of-fees and/or net-of-fees". A is incorrect because GIPS-compliant advertisements may show either five years of annual composite returns or period-to-date, one-, three-, and five-year cumulative annualized composite returns. Herrschaft’s advertisement shows the latter. B is incorrect because the GIPS Advertising Guidelines do not require firms to present a measure of dispersion. (See Section 5 of the reading.)
period-to-date return在题目中有吗？
