{"id":10792,"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-lm8\/"},"modified":"2026-09-22T07:44:10","modified_gmt":"2026-09-21T22:44:10","slug":"cfa-l1-der-lm8","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-der-lm8\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Derivatives LM8\u3011Pricing and Valuation of Options \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u884c\u4f7f\u4fa1\u5024\u30fb\u6642\u9593\u4fa1\u5024\u30fb\u30de\u30cd\u30fc\u30cd\u30b9\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u306e\u6c7a\u5b9a\u8981\u56e0"},"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 8\u300cPricing and Valuation of Options\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u3068\u4fa1\u5024\uff09\u300d\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u884c\u4f7f\u4fa1\u5024\u30fb\u30de\u30cd\u30fc\u30cd\u30b9\u30fb\u6642\u9593\u4fa1\u5024\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3068\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u6c7a\u5b9a\u306b\u304a\u3051\u308b\u88c1\u5b9a\u30fb\u8907\u88fd\u306e\u4f7f\u3044\u65b9\u306e\u9055\u3044\u3001\u305d\u3057\u3066\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u3092\u6c7a\u3081\u308b\u8981\u56e0\u3068\u305d\u306e\u5f71\u97ff\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>LM8\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\u3002LM8\u306b\u306f3\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u884c\u4f7f\u4fa1\u5024\u3001\u30de\u30cd\u30fc\u30cd\u30b9\u3001\u6642\u9593\u4fa1\u5024\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the exercise value, moneyness, and time value of an option<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3068\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\u306e\u4fa1\u683c\u6c7a\u5b9a\u306b\u304a\u3051\u308b\u3001\u88c1\u5b9a\u3068\u8907\u88fd\u306e\u6982\u5ff5\u306e\u4f7f\u3044\u65b9\u3092\u5bfe\u6bd4\u3059\u308b<\/span><span class=\"en\">contrast the use of arbitrage and replication concepts in pricing forward commitments and contingent claims<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u3092\u6c7a\u5b9a\u3059\u308b\u8981\u56e0\u3092\u7279\u5b9a\u3057\u3001\u5404\u8981\u56e0\u304c\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u306b\u3069\u306e\u3088\u3046\u306b\u5f71\u97ff\u3059\u308b\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">identify the factors that determine the value of an option and describe how each factor affects the value of an option<\/span><\/li>\n<\/ol>\n<h2>LM8\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>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u306f\u884c\u4f7f\u4fa1\u5024\u3068\u6642\u9593\u4fa1\u5024\u304b\u3089\u6210\u308b\u3002\u884c\u4f7f\u4fa1\u5024\u306f\u76f4\u3061\u306b\u884c\u4f7f\u3067\u304d\u308b\u3068\u3057\u305f\u5834\u5408\u306e\u4fa1\u5024\u3001\u6642\u9593\u4fa1\u5024\u306f\u6642\u9593\u306e\u7d4c\u904e\u3068\u539f\u8cc7\u7523\u4fa1\u683c\u306e\u5909\u52d5\u306b\u3088\u3063\u3066\u6e80\u671f\u6642\u306e\u884c\u4f7f\u306e\u5229\u76ca\u304c\u5927\u304d\u304f\u306a\u308b\u53ef\u80fd\u6027\u3092\u8868\u3059<\/li>\n<li>\u30de\u30cd\u30fc\u30cd\u30b9\u306f\u539f\u8cc7\u7523\u4fa1\u683c\u3068\u884c\u4f7f\u4fa1\u683c\u306e\u95a2\u4fc2\u3092\u8868\u3057\u3001\u4e21\u8005\u304c\u7b49\u3057\u3044\u3068\u30a2\u30c3\u30c8\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\u3002\u30a4\u30f3\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff08\u30b3\u30fc\u30eb\u306f\u539f\u8cc7\u7523\u4fa1\u683c\u304c\u884c\u4f7f\u4fa1\u683c\u3088\u308a\u4e0a\u3001\u30d7\u30c3\u30c8\u306f\u4e0b\uff09\u306a\u3089\u884c\u4f7f\u3055\u308c\u3084\u3059\u304f\u3001\u30a2\u30a6\u30c8\u30fb\u30aa\u30d6\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\u306a\u3089\u884c\u4f7f\u3055\u308c\u306b\u304f\u3044<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u975e\u5bfe\u79f0\u306a\u30da\u30a4\u30aa\u30d5\u3092\u6301\u3064\u305f\u3081\u7121\u88c1\u5b9a\u306e\u4fa1\u683c\u306e\u4e0a\u9650\u30fb\u4e0b\u9650\u304c\u3042\u308b\u3002\u4e0b\u9650\u306f\u884c\u4f7f\u4fa1\u683c\u306e\u73fe\u5728\u4fa1\u5024\u3068\u539f\u8cc7\u7523\u4fa1\u683c\u3067\u6c7a\u307e\u308a\u3001\u4e0a\u9650\u306f\u30b3\u30fc\u30eb\u304c\u539f\u8cc7\u7523\u4fa1\u683c\u3001\u30d7\u30c3\u30c8\u304c\u884c\u4f7f\u4fa1\u683c\uff08\u306e\u73fe\u5728\u4fa1\u5024\uff09<\/li>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3068\u540c\u69d8\u306b\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u3082\u539f\u8cc7\u7523\u306e\u30ed\u30f3\u30b0\uff08\u30b3\u30fc\u30eb\uff09\u307e\u305f\u306f\u30b7\u30e7\u30fc\u30c8\uff08\u30d7\u30c3\u30c8\uff09\u3068\u73fe\u91d1\u306e\u501f\u5165\u30fb\u8cb8\u4ed8\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u8907\u88fd\u3059\u308b\u304c\u3001\u539f\u8cc7\u7523\u306e\u4fdd\u6709\u91cf\u306f\u30de\u30cd\u30fc\u30cd\u30b9\u3068\u5bc6\u63a5\u306b\u95a2\u4fc2\u3059\u308b\u4e00\u90e8\u5206<\/li>\n<li>\u539f\u8cc7\u7523\u4fa1\u683c\u3001\u884c\u4f7f\u4fa1\u683c\u3001\u6e80\u671f\u307e\u3067\u306e\u671f\u9593\u3001\u7121\u30ea\u30b9\u30af\u91d1\u5229\u3001\u539f\u8cc7\u7523\u4fa1\u683c\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3001\u539f\u8cc7\u7523\u4fdd\u6709\u306b\u4f34\u3046\u30a4\u30f3\u30ab\u30e0\u3084\u30b3\u30b9\u30c8\u304c\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u306e\u4e3b\u306a\u6c7a\u5b9a\u8981\u56e0<\/li>\n<li>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3068\u6e80\u671f\u307e\u3067\u306e\u671f\u9593\u306e\u5909\u5316\u306f\u3001\u901a\u5e38\u30d7\u30c3\u30c8\u3068\u30b3\u30fc\u30eb\u306e\u4fa1\u5024\u306b\u540c\u3058\u65b9\u5411\u306e\u5f71\u97ff\u3092\u4e0e\u3048\u3001\u884c\u4f7f\u4fa1\u683c\u30fb\u7121\u30ea\u30b9\u30af\u91d1\u5229\u30fb\u30a4\u30f3\u30ab\u30e0\u3084\u30b3\u30b9\u30c8\u306e\u5909\u5316\u306f\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306b\u9006\u65b9\u5411\u306e\u5f71\u97ff\u3092\u4e0e\u3048\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\u884c\u4f7f\u4fa1\u5024\u30fb\u30de\u30cd\u30fc\u30cd\u30b9\u30fb\u6642\u9593\u4fa1\u5024<\/h3>\n<p>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u306f\u3001\u4eca\u3059\u3050\u884c\u4f7f\u3057\u305f\u5834\u5408\u306e\u4fa1\u5024\u3067\u3042\u308b<strong>\u884c\u4f7f\u4fa1\u5024\uff08exercise value\uff09<\/strong>\u3068\u3001\u305d\u308c\u3092\u8d85\u3048\u308b\u90e8\u5206\u3067\u3042\u308b<strong>\u6642\u9593\u4fa1\u5024\uff08time value\uff09<\/strong>\u306b\u5206\u3051\u3089\u308c\u307e\u3059\u3002<strong>\u30de\u30cd\u30fc\u30cd\u30b9<\/strong>\u306f\u539f\u8cc7\u7523\u4fa1\u683c\u3068\u884c\u4f7f\u4fa1\u683c\u306e\u4f4d\u7f6e\u95a2\u4fc2\u3067\u3001\u884c\u4f7f\u4fa1\u5024\u304c\u30d7\u30e9\u30b9\u304b\u3069\u3046\u304b\u3092\u8868\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\uff1d\u884c\u4f7f\u4fa1\u5024\uff0b\u6642\u9593\u4fa1\u5024<\/li>\n<li>\u30b3\u30fc\u30eb\u306e\u884c\u4f7f\u4fa1\u5024\uff1amax(0, S \u2212 X)\u3001\u30d7\u30c3\u30c8\u306e\u884c\u4f7f\u4fa1\u5024\uff1amax(0, X \u2212 S)<\/li>\n<li>\u30a4\u30f3\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff1a\u30b3\u30fc\u30eb\u306f S > X\u3001\u30d7\u30c3\u30c8\u306f S < X<\/li>\n<li>\u30a2\u30c3\u30c8\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff1aS = X\u3001\u30a2\u30a6\u30c8\u30fb\u30aa\u30d6\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff1a\u30b3\u30fc\u30eb\u306f S < X\u3001\u30d7\u30c3\u30c8\u306f S > X<\/li>\n<li>\u6642\u9593\u4fa1\u5024\u306f\u6e80\u671f\u306b\u8fd1\u3065\u304f\u306b\u3064\u308c\u3066\u6e1b\u5c11\u3057\u3001\u6e80\u671f\u6642\u306b\u306f\u30bc\u30ed<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024 = \u884c\u4f7f\u4fa1\u5024 + \u6642\u9593\u4fa1\u5024<\/div>\n<h3>LOS 2\uff1a\u30d5\u30a9\u30ef\u30fc\u30c9\u3068\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8907\u88fd\u306e\u9055\u3044<\/h3>\n<p>\u30d5\u30a9\u30ef\u30fc\u30c9\u306f\u539f\u8cc7\u7523\u3092<strong>\u4e38\u3054\u30681\u5358\u4f4d<\/strong>\u4fdd\u6709\u3057\u7121\u30ea\u30b9\u30af\u501f\u5165\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u9759\u7684\u306a\u30dd\u30b8\u30b7\u30e7\u30f3\u3067\u8907\u88fd\u3067\u304d\u307e\u3059\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u30da\u30a4\u30aa\u30d5\u304c\u975e\u5bfe\u79f0\u306a\u305f\u3081\u3001\u539f\u8cc7\u7523\u306e<strong>\u4e00\u90e8\u5206\uff08\u30d8\u30c3\u30b8\u6bd4\u7387\uff09<\/strong>\u3068\u501f\u5165\u30fb\u8cb8\u4ed8\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u8907\u88fd\u3057\u3001\u305d\u306e\u6bd4\u7387\u306f\u30de\u30cd\u30fc\u30cd\u30b9\u306b\u5fdc\u3058\u3066\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\uff1a\u539f\u8cc7\u7523\u30ed\u30f3\u30b0\uff0b\u7121\u30ea\u30b9\u30af\u501f\u5165\u3067\u8907\u88fd<\/li>\n<li>\u30b3\u30fc\u30eb\uff1a\u539f\u8cc7\u7523\u306e\u4e00\u90e8\u30ed\u30f3\u30b0\uff0b\u501f\u5165\u3067\u8907\u88fd<\/li>\n<li>\u30d7\u30c3\u30c8\uff1a\u539f\u8cc7\u7523\u306e\u4e00\u90e8\u30b7\u30e7\u30fc\u30c8\uff0b\u8cb8\u4ed8\u3067\u8907\u88fd<\/li>\n<li>\u30a4\u30f3\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\u307b\u3069\u8907\u88fd\u306b\u5fc5\u8981\u306a\u539f\u8cc7\u7523\u306e\u6bd4\u7387\u306f\u5927\u304d\u3044<\/li>\n<li>\u7121\u88c1\u5b9a\u306e\u4fa1\u683c\u4e0a\u9650\u30fb\u4e0b\u9650\uff1a\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30b3\u30fc\u30eb\u306e\u4e0b\u9650 max(0, S\u2080 \u2212 X(1 + r)^\u2212T)\u3001\u4e0a\u9650 S\u2080<\/li>\n<li>\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30d7\u30c3\u30c8\u306e\u4e0b\u9650 max(0, X(1 + r)^\u2212T \u2212 S\u2080)<\/li>\n<\/ul>\n<div class=\"cfalm-f\">c\u2080 \u2265 max(0, S\u2080 \u2212 X(1 + r)^\u2212T)<\/div>\n<h3>LOS 3\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u306e\u6c7a\u5b9a\u8981\u56e0<\/h3>\n<p>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u306f\u3001<strong>\u539f\u8cc7\u7523\u4fa1\u683c<\/strong>\u3001<strong>\u884c\u4f7f\u4fa1\u683c<\/strong>\u3001<strong>\u6e80\u671f\u307e\u3067\u306e\u671f\u9593<\/strong>\u3001<strong>\u7121\u30ea\u30b9\u30af\u91d1\u5229<\/strong>\u3001<strong>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3<\/strong>\u3001\u539f\u8cc7\u7523\u4fdd\u6709\u306b\u4f34\u3046<strong>\u30a4\u30f3\u30ab\u30e0\u30fb\u30b3\u30b9\u30c8<\/strong>\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u3067\u5f71\u97ff\u306e\u65b9\u5411\u304c\u540c\u3058\u8981\u56e0\u3068\u9006\u306e\u8981\u56e0\u3092\u533a\u5225\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u539f\u8cc7\u7523\u4fa1\u683c\u306e\u4e0a\u6607\uff1a\u30b3\u30fc\u30eb\u4e0a\u6607\u3001\u30d7\u30c3\u30c8\u4e0b\u843d<\/li>\n<li>\u884c\u4f7f\u4fa1\u683c\u306e\u4e0a\u6607\uff1a\u30b3\u30fc\u30eb\u4e0b\u843d\u3001\u30d7\u30c3\u30c8\u4e0a\u6607<\/li>\n<li>\u7121\u30ea\u30b9\u30af\u91d1\u5229\u306e\u4e0a\u6607\uff1a\u30b3\u30fc\u30eb\u4e0a\u6607\u3001\u30d7\u30c3\u30c8\u4e0b\u843d<\/li>\n<li>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u4e0a\u6607\uff1a\u30b3\u30fc\u30eb\u30fb\u30d7\u30c3\u30c8\u3068\u3082\u306b\u4e0a\u6607<\/li>\n<li>\u6e80\u671f\u307e\u3067\u306e\u671f\u9593\u306e\u5ef6\u9577\uff1a\u901a\u5e38\u306f\u3068\u3082\u306b\u4e0a\u6607\uff08\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30d7\u30c3\u30c8\u3067\u306f\u4f8b\u5916\u3042\u308a\uff09<\/li>\n<li>\u30a4\u30f3\u30ab\u30e0\uff08\u914d\u5f53\u7b49\uff09\u306e\u5897\u52a0\uff1a\u30b3\u30fc\u30eb\u4e0b\u843d\u30fb\u30d7\u30c3\u30c8\u4e0a\u6607\u3001\u4fdd\u6709\u30b3\u30b9\u30c8\u306e\u5897\u52a0\u306f\u305d\u306e\u9006<\/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-lm7\/\">LM7 Pricing and Valuation of Interest Rate and Other Swaps\uff08\u91d1\u5229\u30b9\u30ef\u30c3\u30d7\u7b49\u306e\u4fa1\u683c\u3068\u4fa1\u5024\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-der-lm9\/\">LM9 Option Replication Using Put\u2013Call Parity\uff08\u30d7\u30c3\u30c8\u30fb\u30b3\u30fc\u30eb\u30fb\u30d1\u30ea\u30c6\u30a3\u306b\u3088\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8907\u88fd\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 LM8\u300cPricing and Valuation of Options\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u3068\u4fa1\u5024\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":11138,"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-10792","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\/10792","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=10792"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10792\/revisions"}],"predecessor-version":[{"id":11306,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10792\/revisions\/11306"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11138"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}