{"id":10786,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-der-lm2\/"},"modified":"2026-09-22T07:45:07","modified_gmt":"2026-09-21T22:45:07","slug":"cfa-l1-der-lm2","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-der-lm2\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Derivatives LM2\u3011Forward Commitment and Contingent Claim Features and Instruments \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u5148\u7269\u30fb\u30b9\u30ef\u30c3\u30d7\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30da\u30a4\u30aa\u30d5\u3068\u640d\u76ca"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 2\u300cForward Commitment and Contingent Claim Features and Instruments\uff08\u78ba\u5b9a\u7684\u306a\u7d04\u5b9a\u3068\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\u306e\u5546\u54c1\uff09\u300d\u306f\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u3001\u5148\u7269\u3001\u30b9\u30ef\u30c3\u30d7\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u57fa\u672c\u7684\u306a\u4ed5\u7d44\u307f\u3068\u6bd4\u8f03\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6e80\u671f\u6642\u4fa1\u5024\u3068\u640d\u76ca\u306e\u8a08\u7b97\u3001\u78ba\u5b9a\u7684\u306a\u7d04\u5b9a\u3068\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\u306e\u9055\u3044\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM2\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM2\u306b\u306f3\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u30d5\u30a9\u30ef\u30fc\u30c9\u5951\u7d04\u3001\u5148\u7269\u5951\u7d04\u3001\u30b9\u30ef\u30c3\u30d7\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\uff08\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\uff09\u3001\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3092\u5b9a\u7fa9\u3057\u3001\u305d\u308c\u3089\u306e\u57fa\u672c\u7684\u306a\u7279\u5fb4\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">define forward contracts, futures contracts, swaps, options (calls and puts), and credit derivatives and compare their basic characteristics<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u307e\u305f\u306f\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30ed\u30f3\u30b0\u30fb\u30dd\u30b8\u30b7\u30e7\u30f3\u304a\u3088\u3073\u30b7\u30e7\u30fc\u30c8\u30fb\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u3064\u3044\u3066\u3001\u6e80\u671f\u6642\u306e\u4fa1\u5024\u3068\u640d\u76ca\u3092\u6c42\u3081\u308b<\/span><span class=\"en\">determine the value at expiration and profit from a long or a short position in a call or put option<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u78ba\u5b9a\u7684\u306a\u7d04\u5b9a\uff08\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\uff09\u3068\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\uff08\u30b3\u30f3\u30c6\u30a3\u30f3\u30b8\u30a7\u30f3\u30c8\u30fb\u30af\u30ec\u30fc\u30e0\uff09\u3092\u5bfe\u6bd4\u3059\u308b<\/span><span class=\"en\">contrast forward commitments with contingent claims<\/span><\/li>\n<\/ol>\n<h2>LM2\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\u3001\u5148\u7269\u3001\u30b9\u30ef\u30c3\u30d7\u306f\u78ba\u5b9a\u7684\u306a\u7d04\u5b9a\u3067\u3042\u308a\u3001\u5c06\u6765\u3001\u4e8b\u524d\u306b\u5408\u610f\u3057\u305f\u6761\u4ef6\u3067\u53d6\u5f15\uff08\u4ea4\u63db\uff09\u3092\u884c\u3046\u3053\u3068\u3092\u5f53\u4e8b\u8005\u53cc\u65b9\u306b\u7fa9\u52d9\u3065\u3051\u308b\u5951\u7d04<\/li>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\u306f\u67d4\u8edf\u306aOTC\u5546\u54c1\u3067\u3042\u308b\u4e00\u65b9\u3001\u5148\u7269\u306f\u6a19\u6e96\u5316\u3055\u308c\u305f\u53d6\u5f15\u6240\u5546\u54c1\u3067\u3001\u640d\u76ca\u304c\u6bce\u65e5\u5024\u6d17\u3044\u30fb\u6c7a\u6e08\u3055\u308c\u308b<\/li>\n<li>\u30b9\u30ef\u30c3\u30d7\u306f\u5c06\u6765\u306e\u4e00\u9023\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4ea4\u63db\u3059\u308b\u78ba\u5b9a\u7684\u306a\u7d04\u5b9a\u3067\u3001\u4ee3\u8868\u4f8b\u306f\u56fa\u5b9a\u91d1\u5229\u3068\u5909\u52d5\u91d1\u5229\u3092\u4ea4\u63db\u3059\u308b\u91d1\u5229\u30b9\u30ef\u30c3\u30d7<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\u3067\u3001\u8cb7\u3044\u624b\u304c\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u652f\u6255\u3046\u3053\u3068\u3067\u3001\u4e8b\u524d\u306b\u6c7a\u3081\u305f\u884c\u4f7f\u4fa1\u683c\u3067\u539f\u8cc7\u7523\u3092\u53d6\u5f15\u3059\u308b\u6a29\u5229\u3092\u5f97\u308b<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30da\u30a4\u30aa\u30d5\u3068\u640d\u76ca\u306f\u539f\u8cc7\u7523\u4fa1\u683c\u306b\u5bfe\u3057\u3066\u975e\u7dda\u5f62\u3067\u3042\u308a\u3001\u7dda\u5f62\u306e\u30da\u30a4\u30aa\u30d5\u3092\u6301\u3064\u78ba\u5b9a\u7684\u306a\u7d04\u5b9a\u3068\u306f\u5bfe\u7167\u7684<\/li>\n<li>\u5e02\u5834\u53c2\u52a0\u8005\u306f\u78ba\u5b9a\u7684\u306a\u7d04\u5b9a\u3068\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\u306e\u4e21\u65b9\u3092\u4f7f\u3063\u3066\u4f3c\u305f\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u4f5c\u308c\u308b\u304c\u3001\u30da\u30a4\u30aa\u30d5\u3068\u640d\u76ca\u306e\u5f62\u306f\u7570\u306a\u308b<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u4e3b\u306a\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5546\u54c1\u306e\u5b9a\u7fa9\u3068\u6bd4\u8f03<\/h3>\n<p><strong>\u30d5\u30a9\u30ef\u30fc\u30c9<\/strong>\u30fb<strong>\u5148\u7269<\/strong>\u30fb<strong>\u30b9\u30ef\u30c3\u30d7<\/strong>\u306f\u3001\u5c06\u6765\u306e\u53d6\u5f15\u3092\u53cc\u65b9\u306b\u7fa9\u52d9\u3065\u3051\u308b\u5951\u7d04\u3067\u3059\u3002<strong>\u30aa\u30d7\u30b7\u30e7\u30f3<\/strong>\u306f\u8cb7\u3044\u624b\u306b\u6a29\u5229\u3060\u3051\u3092\u4e0e\u3048\u3001<strong>\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6<\/strong>\u306f\u767a\u884c\u4f53\u306e\u4fe1\u7528\u4e8b\u7531\u306b\u9023\u52d5\u3057\u3066\u652f\u6255\u3044\u304c\u751f\u3058\u308b\u5951\u7d04\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\uff1aOTC\u3067\u500b\u5225\u306b\u6761\u4ef6\u3092\u6c7a\u3081\u308b\u3001\u6e80\u671f\u306b1\u56de\u306e\u6c7a\u6e08\u3001\u53d6\u5f15\u76f8\u624b\u4fe1\u7528\u30ea\u30b9\u30af\u3042\u308a<\/li>\n<li>\u5148\u7269\uff1a\u53d6\u5f15\u6240\u3067\u6a19\u6e96\u5316\u3001\u65e5\u3005\u306e\u5024\u6d17\u3044\uff08\u8a3c\u62e0\u91d1\u52d8\u5b9a\u3067\u640d\u76ca\u3092\u6bce\u65e5\u6c7a\u6e08\uff09<\/li>\n<li>\u30b9\u30ef\u30c3\u30d7\uff1a\u4e00\u9023\u306e\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4ea4\u63db\uff08\u4f8b\uff1a\u56fa\u5b9a\u91d1\u5229\u3068\u5909\u52d5\u91d1\u5229\uff09<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\uff1a\u8cb7\u3044\u624b\u304c\u6a29\u5229\u3001\u58f2\u308a\u624b\u304c\u7fa9\u52d9\u3001\u8cb7\u3044\u624b\u306f\u58f2\u308a\u624b\u306b\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u652f\u6255\u3046<\/li>\n<li>\u30b3\u30fc\u30eb\u306f\u8cb7\u3046\u6a29\u5229\u3001\u30d7\u30c3\u30c8\u306f\u58f2\u308b\u6a29\u5229\u3001\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u306f\u6e80\u671f\u65e5\u306e\u307f\u884c\u4f7f\u53ef\u80fd\u3001\u30a2\u30e1\u30ea\u30ab\u30f3\u306f\u6e80\u671f\u307e\u3067\u3044\u3064\u3067\u3082\u884c\u4f7f\u53ef\u80fd<\/li>\n<li>\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7\uff08CDS\uff09\uff1a\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u306e\u8cb7\u3044\u624b\u304c\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u6255\u3044\u3001\u4fe1\u7528\u4e8b\u7531\u767a\u751f\u6642\u306b\u88dc\u511f\u3092\u53d7\u3051\u308b<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6e80\u671f\u6642\u4fa1\u5024\u3068\u640d\u76ca<\/h3>\n<p>\u6e80\u671f\u6642\u306e\u4fa1\u5024\uff08\u30da\u30a4\u30aa\u30d5\uff09\u306f\u3001\u30b3\u30fc\u30eb\u306a\u3089\u539f\u8cc7\u7523\u4fa1\u683c\u304c\u884c\u4f7f\u4fa1\u683c\u3092\u4e0a\u56de\u3063\u305f\u5206\u3001\u30d7\u30c3\u30c8\u306a\u3089\u4e0b\u56de\u3063\u305f\u5206\u3067\u3059\u3002\u640d\u76ca\u306f\u30da\u30a4\u30aa\u30d5\u304b\u3089\u5f53\u521d\u652f\u6255\u3063\u305f\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u5dee\u3057\u5f15\u3044\u3066\u6c42\u3081\u3001\u30b7\u30e7\u30fc\u30c8\u306e\u640d\u76ca\u306f\u30ed\u30f3\u30b0\u306e\u7b26\u53f7\u3092\u53cd\u8ee2\u3057\u305f\u3082\u306e\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ed\u30f3\u30b0\u30fb\u30b3\u30fc\u30eb\u306e\u30da\u30a4\u30aa\u30d5\uff1amax(0, S_T \u2212 X)<\/li>\n<li>\u30ed\u30f3\u30b0\u30fb\u30d7\u30c3\u30c8\u306e\u30da\u30a4\u30aa\u30d5\uff1amax(0, X \u2212 S_T)<\/li>\n<li>\u640d\u76ca\uff1d\u30da\u30a4\u30aa\u30d5 \u2212 \u30d7\u30ec\u30df\u30a2\u30e0\uff08\u30ed\u30f3\u30b0\uff09\u3001\u30d7\u30ec\u30df\u30a2\u30e0 \u2212 \u30da\u30a4\u30aa\u30d5\uff08\u30b7\u30e7\u30fc\u30c8\uff09<\/li>\n<li>\u30ed\u30f3\u30b0\u30fb\u30b3\u30fc\u30eb\u306e\u6700\u5927\u640d\u5931\u306f\u30d7\u30ec\u30df\u30a2\u30e0\u3001\u6700\u5927\u5229\u76ca\u306f\u7121\u9650<\/li>\n<li>\u30b7\u30e7\u30fc\u30c8\u30fb\u30b3\u30fc\u30eb\u306e\u6700\u5927\u640d\u5931\u306f\u7121\u9650\u3001\u30b7\u30e7\u30fc\u30c8\u30fb\u30d7\u30c3\u30c8\u306e\u6700\u5927\u640d\u5931\u306f X \u2212 p\u2080<\/li>\n<li>\u640d\u76ca\u5206\u5c90\u70b9\uff1a\u30b3\u30fc\u30eb\u306f X + c\u2080\u3001\u30d7\u30c3\u30c8\u306f X \u2212 p\u2080<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30ed\u30f3\u30b0\u30fb\u30b3\u30fc\u30eb\u306e\u640d\u76ca = max(0, S_T \u2212 X) \u2212 c\u2080 \uff0f \u30ed\u30f3\u30b0\u30fb\u30d7\u30c3\u30c8\u306e\u640d\u76ca = max(0, X \u2212 S_T) \u2212 p\u2080<\/div>\n<h3>LOS 3\uff1a\u78ba\u5b9a\u7684\u306a\u7d04\u5b9a\u3068\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\u306e\u9055\u3044<\/h3>\n<p><strong>\u78ba\u5b9a\u7684\u306a\u7d04\u5b9a<\/strong>\u306f\u53cc\u65b9\u306b\u53d6\u5f15\u3092\u7fa9\u52d9\u3065\u3051\u308b\u305f\u3081\u3001\u640d\u76ca\u306f\u539f\u8cc7\u7523\u4fa1\u683c\u306b\u5bfe\u3057\u3066<strong>\u7dda\u5f62\u3067\u5bfe\u79f0<\/strong>\u306b\u306a\u308a\u307e\u3059\u3002<strong>\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29<\/strong>\u306f\u8cb7\u3044\u624b\u304c\u884c\u4f7f\u3059\u308b\u304b\u3069\u3046\u304b\u3092\u9078\u3079\u308b\u305f\u3081\u3001\u640d\u76ca\u306f<strong>\u975e\u7dda\u5f62\u3067\u975e\u5bfe\u79f0<\/strong>\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u78ba\u5b9a\u7684\u306a\u7d04\u5b9a\uff1a\u5951\u7d04\u6642\u306e\u4fa1\u5024\u306f\u30bc\u30ed\u3067\u3001\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u652f\u6255\u3044\u306a\u3057<\/li>\n<li>\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\uff1a\u8cb7\u3044\u624b\u304c\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u652f\u6255\u3063\u3066\u6a29\u5229\u3092\u5f97\u308b<\/li>\n<li>\u30da\u30a4\u30aa\u30d5\u306e\u5f62\u72b6\uff1a\u7dda\u5f62\uff08\u30d5\u30a9\u30ef\u30fc\u30c9\u7b49\uff09\u3068\u975e\u7dda\u5f62\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\uff09<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u4e0b\u65b9\u30ea\u30b9\u30af\u3092\u9650\u5b9a\u3057\u3064\u3064\u4e0a\u6607\u306e\u6069\u6075\u3092\u5f97\u3089\u308c\u308b<\/li>\n<li>\u540c\u3058\u539f\u8cc7\u7523\u306b\u5bfe\u3057\u3066\u4e21\u8005\u3067\u4f3c\u305f\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u4f5c\u308c\u308b\u304c\u3001\u640d\u76ca\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u306f\u7570\u306a\u308b<\/li>\n<\/ul>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/present1\/\" target=\"_blank\" rel=\"noopener\">Level 1 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u524d\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-der-lm1\/\">LM1 Derivative Instrument and Derivative Market Features\uff08\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5546\u54c1\u3068\u5e02\u5834\u306e\u7279\u5fb4\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-der-lm3\/\">LM3 Derivative Benefits, Risks, and Issuer and Investor Uses\uff08\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u4fbf\u76ca\u30fb\u30ea\u30b9\u30af\u3068\u5229\u7528\u76ee\u7684\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-der\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Derivatives\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Derivatives LM2\u300cForward Commitment and Contingent Claim Features and Instruments\uff08\u78ba\u5b9a\u7684\u306a\u7d04\u5b9a\u3068\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\u306e\u5546\u54c1\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":11132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[98],"tags":[],"class_list":["post-10786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level1-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=10786"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10786\/revisions"}],"predecessor-version":[{"id":11303,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10786\/revisions\/11303"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11132"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}