欧同学2019-03-31 11:17:02
欧同学老师，关于广告的这道第36题，原版书课后题答案写的是，必须有period to date return + either 1、3、5 years annualized return or 5years of annual composite return. 但我们课上学的有三种情况都可以，可以只披露1、3、5 或1、3、5+ period to date return 或period to date return + 5年annualized 如果按课件36题做法没有问题？？ 请问一下到底能否只披露1、3、5年annualized return？
回答（1）
Chris Lan2019-04-01 14:41:50
Chris Lan同学你好，这里确实是有三种形式，
1-,3-,5- annualized composite returns (or since the composite inception date)：1年期，3年期，5年期年化的组合组收益率（或从组合组成立之日起）
Period-to-date composite returns + 1-,3-,5- annualized composite returns (or since ..)：HPY+1年期，3年期，5年期年化的组合组收益率（或从组合组成立之日起）
Period-to-date composite returns + 5 years of annual composite returns (or since…)：HPY+过去5年每年的年化组合组收益率（或从组合组成立之日起）
只展示1 3 5肯定不错，但是相对来说1 3 5 +HPY是更好的选择
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那我发的这道题36题为什么选B。。。
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同学你好，这个题其实是有争议的，因为协会并没有说一定要披露HPY，他说了三种方法都可以。我这里把原版书的内容给你贴过来，你看一下。
Advertisements that state a claim of compliance and present performance must also present one of the following sets of total returns:
a. one-, three-, and five-year annualized composite returns through the most recent period;
b. period-to-date composite returns in addition to one-, three-, and five-year annualized composite returns through the same period of time as presented in the corresponding compliant presentation; or
c. period-to-date composite returns in addition to five years of annual composite returns calculated through the same period of time as presented in the corresponding compliant presentation.
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If the composite has been in existence for less than five years, firms must also present the corresponding returns since the composite inception date. Under option (a), for instance, if the composite has been in existence for four years, the firm must present the composite’s annualized one-year, three-year, and four-year returns. Whichever alternative is chosen, the period-end date must be clearly identified and returns for less than one year must not be annualized. These requirements are set forth in Provision III.B.5.a–c.
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