Q21，1）为什么put option是OTM，ITM或者ATM行不行？2）C是collar么？3）为什么call option也是OTM？

Q20，这种未到期的rebalance，都是要调到期初的contract状态么？这里跌了7milGBP，再买7milGBP，是相当于回归了期初的100mil么？

CME reading 4 课后题 第20题，答案中解释，a market becomes more globally integreted, its required return should decline. 那不是应该选择segmented的那个市场么？

CME： “A factor-based VCV matrix approach may result in some portfolios that erroneously appear to be riskless if any asset returns can be completely determined by the common factors or some of the factors are redundant.”这句话怎么理解？

老师帮我讲一下第二问，谢谢

spread risk不懂。 为什么在用Derivative overlay时Spread risk是一个concern? Movements in the corporate–Treasury yield spread introduce risk to the hedging strategy.Usually, yields on high-quality corporate bonds are less volatile than on more-liquid Treasuries. Government bonds are used in a wide variety of hedging as well as speculative trading strategies by institutional investors. Also, inflows of international funds typically are placed in government bonds, at least until they are allocated to other asset classes. Those factors lead to greater volatility in Treasury yields than comparable-maturity corporate bonds. ” Excerpt From 2022 CFA Program Level III Volume 2 Derivatives, Currency Management, and Fixed Income CFA Institute This material may be protected by copyright.

老师11题

第二道题什么意思呢？怎么感觉没学过swaption collar

MOCK1的16题，说大型投资者不适合active equity的策略，但是文中说这个DBplan已经underfund了，做hedging-returnseeking就该active投一些吧？

照片中这句话为什么是对的？