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施敏 · 2021年04月07日

完全不懂

  1. CFA I
  2. Portfolio

NO.PZ2015121801000039

问题如下：

An investor evaluating the returns of three recently formed exchange-traded funds gathers the following information:

The ETF with the highest annualized rate of return is:

选项：

A.

ETF 1.

B.

ETF 2.

C.

ETF 3.

解释：

B  is correct.

The annualized rate of return for ETF 2 is 12.05% = (1.0110 52/5  )-1, which is greater than the annualized rate of ETF 1, 11.93% = (1.0461 365/ 146  )-1, and ETF 3, 11.32% = (1.1435 12/ 15  )-1. 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.

老师这题完全不懂，麻烦用纸巾写下。另外，这是哪个知识点呢
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2 个答案

丹丹_品职答疑助手 · 2021年06月18日

嗨，从没放弃的小努力你好：


同学，使用libor的一定是按照360单利计算，其他利率是复利，一般我们统一365

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

丹丹_品职答疑助手 · 2021年04月07日

嗨，爱思考的PZer你好：


同学你好，咱们这个题目因为涉及到etf所以归到了etf章节，实质上是期间收益率和年华收益率之间的转换,不同的时间区间取得的收益率是无法比较大小的，需要相同区间的，所以我们将其年化进行比较


12.05%=（1.0110）^(52/5) -1

11.93% = (1.0461 ）^(365/146)-1

 11.32% = (1.1435 )^(12/15)-1

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

佳妮 · 2021年06月17日

老师，这边一般是使用365还是360啊？我记得股票一般是360，债券BEY是365

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