CFA一级中的衍生品考题分享！

CFA一级中的衍生品考题你做了没有呢？在CFA一级考试中的占比5%-8%，虽然占比不是很高，但是在CFA考试中也是有考的，今天小编给你出几道CFA考试题哦！

1 、A derivative is best described as a financial instrument that derives its performance by:

A passing through the returns of the underlying.

B replicating the performance of the underlying.

C transforming the performance of the underlying.

C is correct. A derivative is a financial instrument that transforms the performance of the underlying. The transformation of performance function of derivatives is what distinguishes it from mutual funds and exchange traded funds that pass through the returns of the underlying.

A is incorrect because derivatives, in contrast to mutual funds and exchange traded funds, do not simply pass through the returns of the underlying at payout. B is incorrect because a derivative transforms rather than replicates the performance of the underlying.

2、 Derivatives are similar to insurance in that both:

A have an indefinite life span.

B allow for the transfer of risk from one party to another.

C allow for the transformation of the underlying risk itself.

B is correct. Insurance is a financial contract that provides protection against loss. The party bearing the risk purchases an insurance policy, which transfers the risk to the other party, the insurer, for a specified period of time. The risk itself does not change, but the party bearing it does. Derivatives allow for this same type of risk transfer.

A is incorrect because derivatives, like insurance, have a definite, as opposed to indefinite, life span and expire on a specified date.

C is incorrect because both derivatives and insurance allow for the transfer of risk from one party (the purchaser of the insurance policy or of a derivative) toanother party (the insurer or a derivative seller), for a specified period of time. The risk itself does not change, but the party bearing it does.

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