[CFA level 1模拟真题]Version 4 Questions－Q54 least, likely, 2007, class

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Q54. A portfolio of option-free bonds is least likely to be exposed to:

A.      volatility risk

B.      Yield curve risk

C.      Interest rate risk

D.     Reinvestment risk

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答案和详解如下：

Q54.  A  Study Session 15-66-a

Volatility risk is the risk that the price of a bond with an embedded option will decline when expected yield volatility changes. By definition, option-free bonds are not affected by volatility risk.