"Derivative"exercise:Examples of derivatives

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Questions 1:

Which of the following attributes is least likely to be a requirement for the existence of riskless arbitrage? The underlying security:

A 、can be sold short.

B 、is a financial asset.

C、 is relatively liquid.

Questions 2:

Which of the following is least likely to be an example of a derivative?

A、 An exchange-traded fund

B、 A contract to sell Alphabet Inc.’s shares at a fixed price

C 、A contract to buy Australian dollars at a predetermined exchange rate

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. For riskless arbitrage to exist, the underlying security that can be arbitraged may be either a financial or a non-financial security.

A is incorrect. For riskless arbitrage to exist, the underlying security must be able to be short sold.

C is incorrect. For riskless arbitrage to exist, the underlying security must be relatively liquid so it is easy to buy and sell at a low cost.

【Answer to question 2】A

【analysis】

A is correct. Although an exchange-traded fund derives its value from the underlying assets it holds, it does not transform the performance of those assets and so is not a derivative.

B is incorrect. A contract to sell Alphabet Inc.’s shares transforms the performance of the underlying shares of Alphabet Inc and is an example of an option derivative.

C is incorrect. A contract to buy Australian dollars transforms the performance of the underlying currency and is an example of a currency derivative.

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