问题如下：
Amelia Gordon, the head of compliance at Herrschaft Asset Management Corporation, is examining an advertisement that promotes the firm’s fundamental value strategy. The advertisement is shown in Exhibit 1.
Exihibit 1. "Herrschaff. Master the market"
· Herrschaft Asset Management Corporation meets all applicable requirements of the Global Investment Performance Standards (GIPS®).
· Herrschaft Asset Management Corporation is a registered investment advisory firm offering a full suite of equity and fixed-income products for individuals and institutions.
· The Fundamental Value Composite contains all discretionary portfolios that are invested in accordance with Herrschaft’s proprietary fundamental value strategy.
· Portfolios in the Fundamental Value Composite may include futures solely to equitize portfolio cash during inflows and outflows. Futures are not used to add leverage to the portfolio.
· To receive a complete list and description of Herrschaft Asset Management Corporation’s composites, contact Jules Arnauld at (212) 555-0000 or write Herrschaft Asset Management Corporation, 1250 15th Avenue, New York, NY or jarnauld@herrschaftam.com
1.Which of the following statements is most accurate? Herrschaft’s advertisement does not meet the requirements of the GIPSAdvertising Guidelines because it fails to disclose:
选项：
A. a description of the benchmark.
B. the benchmark construction rules.
C. how often the benchmark is rebalanced.
解释：
A is correct.
GIPS Provision III.B.8 states, "All advertisements that include a claim of compliance with the GIPS standards by following the GIPS Advertising Guidelines must disclose the following: The benchmark description." (See Section 5 of the reading.)
广告只需披露benchmark description吗？什么时候需要披露具体component呢？