在備考FRM二級(jí)考試中，什么是重要的？尤其是在備考的沖刺階段？小編告訴你，當(dāng)然是做大量的練習(xí)題了，尤其是FRM近幾年的真題練習(xí)。下文是小編列舉的FRM二級(jí)考試真題分享，并且附下載鏈接！

We can add a momentum factor to the Fama-French so that it becomes a four-factor model. This momentum factor is denoted by WML(i.e., past winners minus past losers) or UMD (i.e., stocks that have gone up minus stocks that have gone down).》》》2021年新版FRM一二級(jí)內(nèi)部資料免 費(fèi)領(lǐng)取！【精華版】

At least with respect to the historical window analyzed, which is the long period from January 1965 to December 2011, which of the following statements is TRUE about the momentum factor?

A) Momentum is a negative feedback strategy which is inherently stabilizing 》》》點(diǎn)我咨詢21年FRM備考技巧 

B) The momentum factor is observed in equities but is NOT observed in bonds, commodities and real estate

C) Momentum investing by definition is an anti-value strategy; correlations between HML and WML are strongly negative

D) The cumulated profits on momentum strategies have been an order of magnitude larger than cumulated profits on either size or value

答案：D

解 析 ：The cumulated profits on momentum strategies have been an order of magnitude larger than cumulated profits on either size or value.

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