在備考FRM中，對(duì)于FRM真題的練習(xí)是非常重要的，考生千萬不能忽視。在備考中要做大量的真題，尤其是近幾年的FRM真題。下面是對(duì)小編列舉的例題，希望對(duì)你有所幫助！

Which of the following statements are associated with the construction of a synthetic option using dynamic replication?

I. Operational risks arc higher compared to static replication.

II. Transactions costs are higher compared to static replication.

III. Less capital is required, compared to an exchange traded option.

IV. Confidentiality is greater, compared to an exchange traded option.

A) I and II only.

B) I and III only.

C) I, II, and III.

D) I, II, and IV.

答案：D

解析：Compared to static replication, operational risks are higher in dynamic replication because frequent trades are required to adjust the replicated position. This also incurs higher transactions costs. So, both Statements I and II are associated which dynamic replication.

Confidentiality is greater with dynamic replication, compared to an exchange traded option. So, Statement IV is associated with dynamic replication.

However, more capital is required when using dynamic replication, compared to an exchange traded option. Thus, Statement III is incorrect.

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