請問在 factor-based model 中　quality factor 越負是指越有quality的意思嗎?

請問mock2 Q4B這樣寫是否需要加強，謝謝 1. Active risk increases when the risk factors of a portfolio are different from the risk factors of its benchmark. The investor can diversify his holdings or try to construct a portfolio similar to the benchmark because the active share of the portfolio is 90%, which indicates 90% of the holdings are different from the benchmark; 2. By holding a diversified portfolio, the active risk can be reduced. 3. A more diversified portfolio can lower the risk factors of a certain position and further lower the active risk of the portfolio; 4. Holding similar positions with the benchmark can effective reduce the active risk of the portfolio; 5. With similar holdings as the benchmark, the risk factors of the portfolio will match the risk factors of the benchmark and further decrease the active risk of the portfolio.

押题的49小题，免税账户的50000在投资之前是不是应该先交税？这里就直接用50000投了10年，题目不是说这50000不可抵扣吗？

押题的33小题，swap的net pvbp为什么是0.0394-0 0040?这里是收浮动支固定，那应该用0.0047-0.0394吧？

老师，百题GIPS case 5 Q3,题目说“the new composite will comply with standard”，这个和遵守GIPS的时候必须是firm level全体遵守是不是冲突啊？只说composite不会有partial compliance的问题吗

请问ppp和uirp有什么区别？

金程模考3的case8的第35题，可以理解是short barbell and long bullet，但是在计butterfly spread的时候，为什么是-5.5%-7%＋（2*5.75）？ （2*5.75）是怎么来的？butterfly 这个策略不是要求long 端和short 端的dollar duration相等吗？

老师第八题 的选项A 和第二张图inverted yield curve 该怎么理解呢，这里为什么不对？

这里老师好想直接把factor叫成了风险因子，但风险因子不应该是risk factor么，其实还是有区别的吧

这里说的factor based approach和Risk factor based approach是一个东西么？ 另外，以上两个又和multi factor model是什么区别呢