{"id":10794,"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-lm10\/"},"modified":"2026-09-22T07:04:02","modified_gmt":"2026-09-21T22:04:02","slug":"cfa-l1-der-lm10","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-der-lm10\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Derivatives LM10\u3011Valuing a Derivative Using a One-Period Binomial Model \u3092\u8981\u70b9\u89e3\u8aac\uff5c1\u671f\u9593\u4e8c\u9805\u30e2\u30c7\u30eb\u30fb\u30d8\u30c3\u30b8\u6bd4\u7387\u30fb\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387"},"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 10\u300cValuing a Derivative Using a One-Period Binomial Model\uff081\u671f\u9593\u4e8c\u9805\u30e2\u30c7\u30eb\u306b\u3088\u308b\u8a55\u4fa1\uff09\u300d\u306f\u30011\u671f\u9593\u4e8c\u9805\u30e2\u30c7\u30eb\u306b\u3088\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u306a\u3069\u306e\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u8a55\u4fa1\u65b9\u6cd5\u3068\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u4fa1\u683c\u6c7a\u5b9a\u306b\u304a\u3051\u308b\u30ea\u30b9\u30af\u4e2d\u7acb\u6027\u306e\u8003\u3048\u65b9\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>LM10\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\u3002LM10\u306b\u306f2\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a1\u671f\u9593\u4e8c\u9805\u30e2\u30c7\u30eb\u3092\u7528\u3044\u3066\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3092\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain how to value a derivative using a one-period binomial model<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u4fa1\u683c\u6c7a\u5b9a\u306b\u304a\u3051\u308b\u30ea\u30b9\u30af\u4e2d\u7acb\u6027\u306e\u6982\u5ff5\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the concept of risk neutrality in derivatives pricing<\/span><\/li>\n<\/ol>\n<h2>LM10\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>1\u671f\u9593\u4e8c\u9805\u30e2\u30c7\u30eb\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u306a\u3069\u306e\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\u3092\u8a55\u4fa1\u3059\u308b\u30e2\u30c7\u30eb\u3067\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u6e80\u671f\u306b\u5bfe\u5fdc\u3059\u308b1\u671f\u9593\u306b\u3001\u539f\u8cc7\u7523\u304c\u4e0a\u6607\uff08\u30b0\u30ed\u30b9\u30fb\u30ea\u30bf\u30fc\u30f3 Ru\uff09\u304b\u4e0b\u843d\uff08\u30b0\u30ed\u30b9\u30fb\u30ea\u30bf\u30fc\u30f3 Rd\uff09\u306e\u3044\u305a\u308c\u304b\u3092\u305f\u3069\u308b\u3068\u4eee\u5b9a<\/li>\n<li>\u4e8c\u9805\u30e2\u30c7\u30eb\u3067\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u539f\u8cc7\u7523\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u7121\u30ea\u30b9\u30af\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u4f5c\u308a\u3001\u305d\u306e\u7d44\u307f\u5408\u308f\u305b\u306e\u6bd4\u7387\u306f\u30d8\u30c3\u30b8\u6bd4\u7387\u3067\u6c7a\u307e\u308b<\/li>\n<li>\u30d8\u30c3\u30b8\u3055\u308c\u305f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u7121\u30ea\u30b9\u30af\u91d1\u5229\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u306a\u3051\u308c\u3070\u306a\u3089\u305a\u3001\u305d\u3046\u3067\u306a\u3051\u308c\u3070\u7121\u30ea\u30b9\u30af\u306e\u88c1\u5b9a\u5229\u76ca\u304c\u751f\u3058\u308b<\/li>\n<li>\u7121\u30ea\u30b9\u30af\u306e\u30d8\u30c3\u30b8\u306b\u3088\u308b\u8a55\u4fa1\u306f\u3001\u5b9f\u969b\u306e\u78ba\u7387\u3067\u306f\u306a\u304f\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387\u3092\u4f7f\u3063\u3066\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u671f\u5f85\u30da\u30a4\u30aa\u30d5\u3092\u5272\u308a\u5f15\u304f\u3053\u3068\u3068\u540c\u3058<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u6c7a\u5b9a\u306b\u306f\u3001\u539f\u8cc7\u7523\u306e\u4fa1\u683c\u4e0a\u6607\u30fb\u4e0b\u843d\u306e\u5b9f\u969b\u306e\uff08\u73fe\u5b9f\u4e16\u754c\u306e\uff09\u78ba\u7387\u3082\u3001\u539f\u8cc7\u7523\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3082\u5fc5\u8981\u306a\u3044<\/li>\n<li>1\u671f\u9593\u4e8c\u9805\u30e2\u30c7\u30eb\u306f\u591a\u671f\u9593\u306b\u62e1\u5f35\u3067\u304d\u3001\u3088\u308a\u8907\u96d1\u306a\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\u306e\u8a55\u4fa1\u306b\u3082\u4f7f\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\uff1a1\u671f\u9593\u4e8c\u9805\u30e2\u30c7\u30eb\u306b\u3088\u308b\u8a55\u4fa1<\/h3>\n<p>\u539f\u8cc7\u7523\u4fa1\u683c\u304c1\u671f\u9593\u5f8c\u306b\u4e0a\u6607\u304b\u4e0b\u843d\u306e2\u901a\u308a\u3057\u304b\u306a\u3044\u3068\u4eee\u5b9a\u3057\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u539f\u8cc7\u7523\u3092<strong>\u30d8\u30c3\u30b8\u6bd4\u7387<\/strong>\u3067\u7d44\u307f\u5408\u308f\u305b\u3066\u3001\u3069\u3061\u3089\u306b\u306a\u3063\u3066\u3082\u4fa1\u5024\u304c\u540c\u3058\u306b\u306a\u308b<strong>\u7121\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa<\/strong>\u3092\u4f5c\u308a\u307e\u3059\u3002\u3053\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u7121\u30ea\u30b9\u30af\u91d1\u5229\u3067\u6210\u9577\u3059\u308b\u306f\u305a\u306a\u306e\u3067\u3001\u305d\u3053\u304b\u3089\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u73fe\u5728\u4fa1\u5024\u304c\u6c42\u307e\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4e0a\u6607\u6642\u306e\u539f\u8cc7\u7523\u4fa1\u683c S\u2081\u1d58 = S\u2080 \u00d7 Ru\u3001\u4e0b\u843d\u6642 S\u2081\u1d48 = S\u2080 \u00d7 Rd<\/li>\n<li>\u6e80\u671f\u6642\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\uff1a\u4e0a\u6607\u6642 c\u2081\u1d58\u3001\u4e0b\u843d\u6642 c\u2081\u1d48\uff08\u30da\u30a4\u30aa\u30d5\u306e\u5f0f\u304b\u3089\uff09<\/li>\n<li>\u30d8\u30c3\u30b8\u6bd4\u7387 h = (c\u2081\u1d58 \u2212 c\u2081\u1d48)\/(S\u2081\u1d58 \u2212 S\u2081\u1d48)<\/li>\n<li>\u30b3\u30fc\u30eb\u306e\u58f2\u308a1\u5358\u4f4d\uff0b\u539f\u8cc7\u7523 h \u5358\u4f4d\u306e\u8cb7\u3044\uff1d\u7121\u30ea\u30b9\u30af<\/li>\n<li>\u7121\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u7121\u30ea\u30b9\u30af\u91d1\u5229\u3067\u5272\u308a\u5f15\u3044\u3066\u8a55\u4fa1<\/li>\n<li>\u30b3\u30fc\u30eb\u306e\u8907\u88fd\uff1a\u539f\u8cc7\u7523 h \u5358\u4f4d\u306e\u8cb7\u3044\uff0b\u501f\u5165<\/li>\n<\/ul>\n<div class=\"cfalm-f\">h = (c\u2081\u1d58 \u2212 c\u2081\u1d48)\/(S\u2081\u1d58 \u2212 S\u2081\u1d48)<\/div>\n<h3>LOS 2\uff1a\u30ea\u30b9\u30af\u4e2d\u7acb\u6027\u3068\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387<\/h3>\n<p>\u7121\u30ea\u30b9\u30af\u30fb\u30d8\u30c3\u30b8\u306b\u3088\u308b\u8a55\u4fa1\u306f\u3001<strong>\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387<\/strong>\u3067\u8a08\u7b97\u3057\u305f\u671f\u5f85\u30da\u30a4\u30aa\u30d5\u3092<strong>\u7121\u30ea\u30b9\u30af\u91d1\u5229\u3067\u5272\u308a\u5f15\u304f<\/strong>\u3053\u3068\u3068\u540c\u3058\u3067\u3059\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u8a08\u7b97\u306b\u3001\u5b9f\u969b\u306e\u4e0a\u6607\u30fb\u4e0b\u843d\u78ba\u7387\u3084\u539f\u8cc7\u7523\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3001\u6295\u8cc7\u5bb6\u306e\u30ea\u30b9\u30af\u9078\u597d\u306f\u5fc5\u8981\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<ul>\n<li>\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387 \u03c0 \u306f Ru\u3001Rd \u3068\u7121\u30ea\u30b9\u30af\u91d1\u5229\u3060\u3051\u3067\u6c7a\u307e\u308b<\/li>\n<li>\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387\u306f\u5b9f\u969b\u306e\u78ba\u7387\u3067\u306f\u306a\u3044<\/li>\n<li>\u671f\u5f85\u30da\u30a4\u30aa\u30d5\u306f\u7121\u30ea\u30b9\u30af\u91d1\u5229\u3067\u5272\u308a\u5f15\u304f\uff08\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u52a0\u3048\u306a\u3044\uff09<\/li>\n<li>\u6295\u8cc7\u5bb6\u306e\u30ea\u30b9\u30af\u56de\u907f\u5ea6\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306b\u5f71\u97ff\u3057\u306a\u3044<\/li>\n<li>\u591a\u671f\u9593\u306e\u4e8c\u9805\u30e2\u30c7\u30eb\u306b\u62e1\u5f35\u53ef\u80fd<\/li>\n<\/ul>\n<div class=\"cfalm-f\">c\u2080 = [\u03c0 \u00d7 c\u2081\u1d58 + (1 \u2212 \u03c0) \u00d7 c\u2081\u1d48]\/(1 + r)\u3001\u03c0 = (1 + r \u2212 Rd)\/(Ru \u2212 Rd)<\/div>\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-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 LM10\u300cValuing a Derivative Using a One-Period Binomial Model\uff081\u671f\u9593\u4e8c\u9805\u30e2\u30c7\u30eb\u306b\u3088\u308b\u8a55\u4fa1\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":11140,"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-10794","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\/10794","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=10794"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10794\/revisions"}],"predecessor-version":[{"id":10967,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10794\/revisions\/10967"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11140"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}