{"id":10856,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-pc-lm3\/"},"modified":"2026-09-22T07:07:21","modified_gmt":"2026-09-21T22:07:21","slug":"cfa-l2-pc-lm3","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-pc-lm3\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Portfolio Construction LM3\u3011Exchange-Traded Funds: Mechanics and Applications \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u8a2d\u5b9a\u30fb\u4ea4\u63db\u30fb\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff0f\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fbETF\u306e\u6d3b\u7528"},"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 3\u300cExchange-Traded Funds: Mechanics and Applications\uff08ETF\u306e\u4ed5\u7d44\u307f\u3068\u6d3b\u7528\uff09\u300d\u306f\u3001ETF\u306e\u8a2d\u5b9a\u30fb\u4ea4\u63db\u306e\u4ed5\u7d44\u307f\u3068\u6307\u5b9a\u53c2\u52a0\u8005\uff08AP\uff09\u306e\u5f79\u5272\u3001\u6d41\u901a\u5e02\u5834\u3067\u306e\u53d6\u5f15\u3001\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u306e\u539f\u56e0\u3001\u58f2\u8cb7\u30b9\u30d7\u30ec\u30c3\u30c9\u3068NAV\u306b\u5bfe\u3059\u308b\u30d7\u30ec\u30df\u30a2\u30e0\u30fb\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306e\u8981\u56e0\u3001\u4fdd\u6709\u30b3\u30b9\u30c8\u3001ETF\u306e\u30ea\u30b9\u30af\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3067\u306e\u6d3b\u7528\u6cd5\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>LM3\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\u3002LM3\u306b\u306f8\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1aETF\u306e\u8a2d\u5b9a\u30fb\u4ea4\u63db\u306e\u30d7\u30ed\u30bb\u30b9\u3068\u6307\u5b9a\u53c2\u52a0\u8005\uff08AP\uff09\u306e\u6a5f\u80fd\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the creation\/redemption process of ETFs and the function of authorized participants<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1aETF\u304c\u6d41\u901a\u5e02\u5834\u3067\u3069\u306e\u3088\u3046\u306b\u53d6\u5f15\u3055\u308c\u308b\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe how ETFs are traded in secondary markets<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1aETF\u306e\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u306e\u539f\u56e0\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe sources of tracking error for ETFs<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1aETF\u306e\u58f2\u8cb7\u30b9\u30d7\u30ec\u30c3\u30c9\u306b\u5f71\u97ff\u3059\u308b\u8981\u56e0\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe factors affecting ETF bid\u2013ask spreads<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1aETF\u306eNAV\u306b\u5bfe\u3059\u308b\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306e\u539f\u56e0\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe sources of ETF premiums and discounts to NAV<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1aETF\u306e\u4fdd\u6709\u30b3\u30b9\u30c8\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe costs of owning an ETF<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1aETF\u306e\u30ea\u30b9\u30af\u306e\u7a2e\u985e\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe types of ETF risk<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1aETF\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u304a\u3051\u308b\u6d3b\u7528\u6cd5\u3092\u7279\u5b9a\u30fb\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">identify and describe portfolio uses of ETFs<\/span><\/li>\n<\/ol>\n<h2>LM3\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>ETF\u306f\u8a2d\u5b9a\u30fb\u4ea4\u63db\uff08\u30af\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\uff0f\u30ea\u30c7\u30f3\u30d7\u30b7\u30e7\u30f3\uff09\u306e\u4ed5\u7d44\u307f\u306b\u3088\u308a\u3001\u53d7\u76ca\u6a29\u306e\u7d99\u7d9a\u7684\u306a\u8a2d\u5b9a\u3068\u4ea4\u63db\u304c\u53ef\u80fd<\/li>\n<li>ETF\u306e\u65b0\u898f\u8a2d\u5b9a\u30fb\u4ea4\u63db\u304c\u3067\u304d\u308b\u306e\u306f\u3001\u6307\u5b9a\u53c2\u52a0\u8005\uff08AP\uff09\u3068\u547c\u3070\u308c\u308b\u4e00\u90e8\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306b\u9650\u3089\u308c\u308b<\/li>\n<li>ETF\u306f\u767a\u884c\u4f53\u3068AP\u306e\u9593\u306e\u767a\u884c\u5e02\u5834\u3068\u3001\u53d6\u5f15\u6240\u3084\u5e97\u982d\u3067\u58f2\u8cb7\u3055\u308c\u308b\u6d41\u901a\u5e02\u5834\u306e\u4e21\u65b9\u3067\u53d6\u5f15\u3055\u308c\u3001\u6700\u7d42\u6295\u8cc7\u5bb6\u306f\u6d41\u901a\u5e02\u5834\u3067\u682a\u5f0f\u306e\u3088\u3046\u306b\u58f2\u8cb7\u3059\u308b<\/li>\n<li>\u4fdd\u6709\u671f\u9593\u30d9\u30fc\u30b9\u306e\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30c7\u30a3\u30d5\u30a1\u30ec\u30f3\u30b9\u306f\u3001\u65e5\u6b21\u30ea\u30bf\u30fc\u30f3\u5dee\u306e\u6a19\u6e96\u504f\u5dee\u3067\u3042\u308b\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u3088\u308a\u3082\u6709\u7528<\/li>\n<li>\u6307\u6570\u3068\u306e\u4e56\u96e2\u306e\u539f\u56e0\u306f\u3001\u624b\u6570\u6599\u30fb\u7d4c\u8cbb\u3001\u4ee3\u8868\u30b5\u30f3\u30d7\u30ea\u30f3\u30b0\u3001\u9810\u8a17\u8a3c\u5238\u3084\u4ed6ETF\u306e\u5229\u7528\u3001\u6307\u6570\u306e\u5909\u66f4\u3001\u30d5\u30a1\u30f3\u30c9\u306e\u4f1a\u8a08\u51e6\u7406\u3001\u898f\u5236\u30fb\u7a0e\u5236\u4e0a\u306e\u8981\u4ef6\u3001\u904b\u7528\u4f1a\u793e\u306e\u696d\u52d9\u306a\u3069<\/li>\n<li>ETF\u306f\u73fe\u7269\u3067\u306e\u4ea4\u63db\u306b\u3088\u308a\u58f2\u8cb7\u3092\u4f34\u308f\u305a\u306b\u8cc7\u91d1\u306e\u51fa\u5165\u308a\u306b\u5bfe\u5fdc\u3067\u304d\u3001\u6295\u8cc7\u4fe1\u8a17\u3088\u308a\u7a0e\u52b9\u7387\u304c\u9ad8\u304f\u306a\u308a\u3084\u3059\u3044<\/li>\n<li>\u58f2\u8cb7\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u6d41\u52d5\u6027\u304c\u9ad8\u3044\u9298\u67c4\u307b\u3069\u72ed\u304f\u3001\u50b5\u5238ETF\u306f\u682a\u5f0fETF\u3088\u308a\u5e83\u3044\u50be\u5411<\/li>\n<li>ETF\u306f\u52b9\u7387\u7684\u306a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u7ba1\u7406\u3001\u8cc7\u7523\u30af\u30e9\u30b9\u3084\u30d5\u30a1\u30af\u30bf\u30fc\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u53d6\u5f97\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u624b\u6bb5\u306a\u3069\u591a\u69d8\u306b\u6d3b\u7528\u3055\u308c\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\u8a2d\u5b9a\u30fb\u4ea4\u63db\u306e\u4ed5\u7d44\u307f\u3068AP\u306e\u5f79\u5272<\/h3>\n<p>ETF\u306f<strong>\u6307\u5b9a\u53c2\u52a0\u8005\uff08AP\uff09<\/strong>\u304c\u539f\u8cc7\u7523\u306e\u30d0\u30b9\u30b1\u30c3\u30c8\u3092\u767a\u884c\u4f53\u306b\u62e0\u51fa\u3057\u3066ETF\u53d7\u76ca\u6a29\u3092\u53d7\u3051\u53d6\u308b<strong>\u8a2d\u5b9a<\/strong>\u3068\u3001\u305d\u306e\u9006\u306e<strong>\u4ea4\u63db<\/strong>\u306b\u3088\u3063\u3066\u53d7\u76ca\u6a29\u6570\u304c\u5897\u6e1b\u3057\u307e\u3059\u3002AP\u306e\u88c1\u5b9a\u53d6\u5f15\u306b\u3088\u308a\u3001ETF\u306e\u5e02\u5834\u4fa1\u683c\u306fNAV\u306e\u8fd1\u304f\u306b\u4fdd\u305f\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8a2d\u5b9a\uff1aAP\u304c\u30d0\u30b9\u30b1\u30c3\u30c8\uff08\u307e\u305f\u306f\u73fe\u91d1\uff09\u3092\u62e0\u51fa\u3057\u3001ETF\u53d7\u76ca\u6a29\u3092\u53d7\u3051\u53d6\u308b<\/li>\n<li>\u4ea4\u63db\uff1aAP\u304cETF\u53d7\u76ca\u6a29\u3092\u8fd4\u5374\u3057\u3001\u30d0\u30b9\u30b1\u30c3\u30c8\uff08\u307e\u305f\u306f\u73fe\u91d1\uff09\u3092\u53d7\u3051\u53d6\u308b<\/li>\n<li>ETF\u4fa1\u683c \uff1e NAV\uff1aAP\u306fETF\u3092\u8a2d\u5b9a\u3057\u3066\u5e02\u5834\u3067\u58f2\u308b<\/li>\n<li>ETF\u4fa1\u683c \uff1c NAV\uff1aAP\u306f\u5e02\u5834\u3067ETF\u3092\u8cb7\u3063\u3066\u4ea4\u63db\u3059\u308b<\/li>\n<li>\u73fe\u7269\u306b\u3088\u308b\u8a2d\u5b9a\u30fb\u4ea4\u63db\u306f\u30d5\u30a1\u30f3\u30c9\u5185\u90e8\u306e\u58f2\u8cb7\u3092\u6e1b\u3089\u3057\u3001\u7a0e\u52b9\u7387\u3092\u9ad8\u3081\u308b<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u6d41\u901a\u5e02\u5834\u3067\u306e\u53d6\u5f15<\/h3>\n<p>\u6700\u7d42\u6295\u8cc7\u5bb6\u306f\u53d6\u5f15\u6240\u3084\u5e97\u982d\u306e<strong>\u6d41\u901a\u5e02\u5834<\/strong>\u3067\u3001\u682a\u5f0f\u3068\u540c\u69d8\u306bETF\u3092\u58f2\u8cb7\u3057\u307e\u3059\u3002\u591a\u304f\u306e\u53d6\u5f15\u306f\u6d41\u901a\u5e02\u5834\u306e\u6295\u8cc7\u5bb6\u540c\u58eb\u3067\u6210\u7acb\u3057\u3001\u767a\u884c\u5e02\u5834\u3067\u306e\u8a2d\u5b9a\u30fb\u4ea4\u63db\u306f\u5fc5\u8981\u306a\u5834\u5408\u306b\u306e\u307f\u884c\u308f\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u767a\u884c\u5e02\u5834\uff1aAP\u3068\u767a\u884c\u4f53\u306e\u9593\u306e\u53d6\u5f15<\/li>\n<li>\u6d41\u901a\u5e02\u5834\uff1a\u53d6\u5f15\u6240\u3084\u5e97\u982d\u3067\u306e\u6295\u8cc7\u5bb6\u9593\u306e\u58f2\u8cb7<\/li>\n<li>\u6307\u5024\u6ce8\u6587\u30fb\u6210\u884c\u6ce8\u6587\u306a\u3069\u304c\u4f7f\u3048\u308b<\/li>\n<li>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30e1\u30fc\u30ab\u30fc\u3084\u6d41\u52d5\u6027\u4f9b\u7d66\u8005\u304c\u58f2\u8cb7\u3092\u4ef2\u4ecb<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u306e\u539f\u56e0<\/h3>\n<p>ETF\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u6307\u6570\u3068\u5b8c\u5168\u306b\u306f\u4e00\u81f4\u3057\u307e\u305b\u3093\u3002<strong>\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc<\/strong>\u306f\u65e5\u6b21\u30ea\u30bf\u30fc\u30f3\u5dee\u306e\u6a19\u6e96\u504f\u5dee\u3001<strong>\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30c7\u30a3\u30d5\u30a1\u30ec\u30f3\u30b9<\/strong>\u306f\u4fdd\u6709\u671f\u9593\u306e\u30ea\u30bf\u30fc\u30f3\u5dee\u3067\u3001\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u5f8c\u8005\u304c\u3088\u308a\u6709\u7528\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u624b\u6570\u6599\u30fb\u7d4c\u8cbb\uff08\u4e3b\u306b\u30de\u30a4\u30ca\u30b9\u65b9\u5411\u306e\u4e56\u96e2\uff09<\/li>\n<li>\u4ee3\u8868\u30b5\u30f3\u30d7\u30ea\u30f3\u30b0\u30fb\u6700\u9069\u5316\u306b\u3088\u308b\u90e8\u5206\u7684\u306a\u8907\u88fd<\/li>\n<li>\u9810\u8a17\u8a3c\u5238\u3084\u4ed6\u306eETF\u306e\u5229\u7528<\/li>\n<li>\u6307\u6570\u306e\u69cb\u6210\u9298\u67c4\u5909\u66f4\u306b\u4f34\u3046\u53d6\u5f15<\/li>\n<li>\u30d5\u30a1\u30f3\u30c9\u306e\u4f1a\u8a08\u51e6\u7406\uff08\u8a55\u4fa1\u6642\u70b9\u306e\u9055\u3044\u306a\u3069\uff09\u3001\u898f\u5236\u30fb\u7a0e\u5236\u4e0a\u306e\u8981\u4ef6<\/li>\n<li>\u8a3c\u5238\u8cb8\u4ed8\u53ce\u5165\u306a\u3069\u306e\u904b\u7528\u4f1a\u793e\u306e\u696d\u52d9\uff08\u30d7\u30e9\u30b9\u65b9\u5411\u306e\u8981\u56e0\u306b\u3082\uff09<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u58f2\u8cb7\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u6c7a\u5b9a\u8981\u56e0<\/h3>\n<p>\u6d41\u52d5\u6027\u304c\u9ad8\u304f\u53cc\u65b9\u5411\u306e\u6ce8\u6587\u304c\u591a\u3044ETF\u3067\u306f\u58f2\u8cb7\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u72ed\u304f\u306a\u308a\u307e\u3059\u3002\u6d41\u52d5\u6027\u304c\u4f4e\u3044ETF\u3067\u306f\u3001<strong>\u8a2d\u5b9a\u30fb\u4ea4\u63db\u30b3\u30b9\u30c8<\/strong>\u3001<strong>\u539f\u8cc7\u7523\u306e\u58f2\u8cb7\u30b9\u30d7\u30ec\u30c3\u30c9<\/strong>\u3001<strong>\u30d8\u30c3\u30b8\u306e\u30ea\u30b9\u30af<\/strong>\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30e1\u30fc\u30ab\u30fc\u306e\u76ee\u6a19\u5229\u76ca\u304c\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u6c7a\u3081\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8a2d\u5b9a\u30fb\u4ea4\u63db\u30b3\u30b9\u30c8\u3001\u58f2\u8cb7\u59d4\u8a17\u624b\u6570\u6599\u30fb\u53d6\u5f15\u6240\u624b\u6570\u6599<\/li>\n<li>\u539f\u8cc7\u7523\u306e\u58f2\u8cb7\u30b9\u30d7\u30ec\u30c3\u30c9<\/li>\n<li>\u6d41\u52d5\u6027\u4f9b\u7d66\u8005\u306e\u30d8\u30c3\u30b8\u3084\u30ad\u30e3\u30ea\u30fc\u306e\u30ea\u30b9\u30af<\/li>\n<li>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30e1\u30fc\u30ab\u30fc\u306e\u76ee\u6a19\u5229\u76ca<\/li>\n<li>\u50b5\u5238ETF\uff1a\u539f\u8cc7\u7523\u304c\u30c7\u30a3\u30fc\u30e9\u30fc\u5e02\u5834\u3067\u53d6\u5f15\u3055\u308c\u30d8\u30c3\u30b8\u304c\u96e3\u3057\u3044\u305f\u3081\u5e83\u3081<\/li>\n<li>\u6d77\u5916\u682aETF\uff1a\u539f\u8cc7\u7523\u5e02\u5834\u304c\u958b\u3044\u3066\u3044\u308b\u6642\u9593\u5e2f\u306b\u72ed\u304f\u306a\u308b<\/li>\n<\/ul>\n<h3>LOS 5\uff1aNAV\u306b\u5bfe\u3059\u308b\u30d7\u30ec\u30df\u30a2\u30e0\u30fb\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/h3>\n<p>ETF\u306e\u5e02\u5834\u4fa1\u683c\u3068NAV\u306e\u5dee\u304c<strong>\u30d7\u30ec\u30df\u30a2\u30e0\u30fb\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/strong>\u3067\u3059\u3002\u4e3b\u306a\u539f\u56e0\u306f\u3001<strong>\u8a55\u4fa1\u6642\u70b9\u306e\u9055\u3044<\/strong>\u3001\u539f\u8cc7\u7523\u306e\u6d41\u52d5\u6027\u306e\u4f4e\u3055\u3001\u5e02\u5834\u30b9\u30c8\u30ec\u30b9\u306a\u3069\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u6642\u5dee\uff1a\u6d77\u5916\u8cc7\u7523\u306e\u5e02\u5834\u304c\u9589\u307e\u3063\u3066\u3044\u308b\u3068\u3001NAV\u306f\u53e4\u3044\u4fa1\u683c\u306b\u57fa\u3065\u304f<\/li>\n<li>\u50b5\u5238ETF\uff1aNAV\u304c\u6c17\u914d\u5024\u30d9\u30fc\u30b9\u306a\u3069\u539f\u8cc7\u7523\u306e\u8a55\u4fa1\u304c\u4e0d\u6b63\u78ba\u306b\u306a\u308a\u3046\u308b<\/li>\n<li>\u5e02\u5834\u30b9\u30c8\u30ec\u30b9\u6642\u3084\u539f\u8cc7\u7523\u306e\u6d41\u52d5\u6027\u304c\u4f4e\u3044\u3068\u4e56\u96e2\u304c\u62e1\u5927<\/li>\n<li>AP\u306b\u3088\u308b\u88c1\u5b9a\u304c\u50cd\u304d\u306b\u304f\u3044\u3068\u4e56\u96e2\u304c\u5927\u304d\u304f\u306a\u308b<\/li>\n<li>iNAV\uff08\u63a8\u5b9aNAV\uff09\u306f\u30b6\u30e9\u5834\u306e\u76ee\u5b89\u3060\u304c\u53e4\u3044\u4fa1\u683c\u306b\u57fa\u3065\u304f\u3053\u3068\u304c\u3042\u308b<\/li>\n<\/ul>\n<h3>LOS 6\uff1aETF\u306e\u4fdd\u6709\u30b3\u30b9\u30c8<\/h3>\n<p>ETF\u306e\u4fdd\u6709\u30b3\u30b9\u30c8\u306b\u306f<strong>\u7d4c\u8cbb\u7387<\/strong>\u306a\u3069\u306e\u7d99\u7d9a\u7684\u306a\u30b3\u30b9\u30c8\u3068\u3001<strong>\u58f2\u8cb7\u59d4\u8a17\u624b\u6570\u6599<\/strong>\u3084<strong>\u58f2\u8cb7\u30b9\u30d7\u30ec\u30c3\u30c9<\/strong>\u3001\u30d7\u30ec\u30df\u30a2\u30e0\u30fb\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306a\u3069\u306e\u58f2\u8cb7\u6642\u306e\u30b3\u30b9\u30c8\u304c\u3042\u308a\u307e\u3059\u3002\u4fdd\u6709\u671f\u9593\u304c\u9577\u3044\u307b\u3069\u7d4c\u8cbb\u7387\u3001\u77ed\u3044\u307b\u3069\u58f2\u8cb7\u30b3\u30b9\u30c8\u306e\u5f71\u97ff\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7d4c\u8cbb\u7387\uff08\u904b\u7528\u7ba1\u7406\u8cbb\u7528\uff09<\/li>\n<li>\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30c7\u30a3\u30d5\u30a1\u30ec\u30f3\u30b9\uff08\u7d4c\u8cbb\u4ee5\u5916\u306e\u4e56\u96e2\u3082\u542b\u3080\uff09<\/li>\n<li>\u58f2\u8cb7\u59d4\u8a17\u624b\u6570\u6599\u3068\u58f2\u8cb7\u30b9\u30d7\u30ec\u30c3\u30c9<\/li>\n<li>\u58f2\u8cb7\u6642\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u30fb\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/li>\n<li>\u8a3c\u5238\u8cb8\u4ed8\u306b\u3088\u308b\u53ce\u5165\u306f\u30b3\u30b9\u30c8\u3092\u76f8\u6bba\u3057\u3046\u308b<\/li>\n<li>\u7a0e\u30b3\u30b9\u30c8\uff08\u7a0e\u52b9\u7387\u306e\u9055\u3044\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u4fdd\u6709\u30b3\u30b9\u30c8 \u2252 \u5e74\u9593\u7d4c\u8cbb\u7387 \u00d7 \u4fdd\u6709\u671f\u9593 \uff0b \u5f80\u5fa9\u306e\u58f2\u8cb7\u30b3\u30b9\u30c8\uff08\u624b\u6570\u6599 \uff0b \u30b9\u30d7\u30ec\u30c3\u30c9\uff09<\/div>\n<h3>LOS 7\uff1aETF\u306e\u30ea\u30b9\u30af<\/h3>\n<p>ETF\u306b\u306f\u3001\u539f\u8cc7\u7523\u306e\u5e02\u5834\u30ea\u30b9\u30af\u4ee5\u5916\u306b\u3082\u3001<strong>\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fb\u30ea\u30b9\u30af<\/strong>\u3001<strong>\u30d5\u30a1\u30f3\u30c9\u306e\u9589\u9396\u30ea\u30b9\u30af<\/strong>\u3001<strong>\u5546\u54c1\u69cb\u9020\u306b\u3088\u308b\u30ea\u30b9\u30af<\/strong>\u3001<strong>\u6295\u8cc7\u5bb6\u306e\u8aa4\u89e3\u306b\u3088\u308b\u30ea\u30b9\u30af<\/strong>\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\uff1a\u30b9\u30ef\u30c3\u30d7\u578bETF\u3084ETN\uff08\u4e0a\u5834\u6295\u8cc7\u8a3c\u5238\uff09\u3067\u767a\u884c\u4f53\u30fb\u53d6\u5f15\u76f8\u624b\u306e\u4fe1\u7528\u30ea\u30b9\u30af<\/li>\n<li>\u8a3c\u5238\u8cb8\u4ed8\u306b\u4f34\u3046\u53d6\u5f15\u76f8\u624b\u306e\u30ea\u30b9\u30af<\/li>\n<li>\u9589\u9396\u30ea\u30b9\u30af\uff1a\u8cc7\u7523\u898f\u6a21\u306e\u5c0f\u3055\u3044ETF\u306e\u511f\u9084\u3001\u898f\u5236\u5909\u66f4<\/li>\n<li>\u30ec\u30d0\u30ec\u30c3\u30b8\u578b\u30fb\u30a4\u30f3\u30d0\u30fc\u30b9\u578b\uff1a\u65e5\u6b21\u30ea\u30d0\u30e9\u30f3\u30b9\u306b\u3088\u308a\u9577\u671f\u30ea\u30bf\u30fc\u30f3\u304c\u500d\u7387\u3069\u304a\u308a\u306b\u306a\u3089\u306a\u3044<\/li>\n<li>\u671f\u5f85\u3068\u7570\u306a\u308b\u52d5\u304d\uff08\u8aa4\u89e3\uff09\u3084\u30d5\u30e9\u30c3\u30b7\u30e5\u30fb\u30af\u30e9\u30c3\u30b7\u30e5\u306a\u3069\u5e02\u5834\u53d6\u5f15\u4e0a\u306e\u30ea\u30b9\u30af<\/li>\n<\/ul>\n<h3>LOS 8\uff1aETF\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3067\u306e\u6d3b\u7528<\/h3>\n<p>ETF\u306f<strong>\u52b9\u7387\u7684\u306a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u7ba1\u7406<\/strong>\u3001<strong>\u8cc7\u7523\u30af\u30e9\u30b9\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc<\/strong>\u3001<strong>\u30d5\u30a1\u30af\u30bf\u30fc\uff08\u30b9\u30de\u30fc\u30c8\u30fb\u30d9\u30fc\u30bf\uff09\u6295\u8cc7<\/strong>\u3001<strong>\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u3084\u6226\u8853\u7684\u914d\u5206<\/strong>\u306a\u3069\u591a\u69d8\u306b\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u306e\u30a8\u30af\u30a4\u30bf\u30a4\u30bc\u30fc\u30b7\u30e7\u30f3\uff08\u5f85\u6a5f\u8cc7\u91d1\u306e\u5e02\u5834\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u5316\uff09<\/li>\n<li>\u30ea\u30d0\u30e9\u30f3\u30b9\u3084\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u4ea4\u4ee3\u6642\u306e\u79fb\u884c\u7ba1\u7406<\/li>\n<li>\u6d41\u52d5\u6027\u7ba1\u7406\u3001\u30d8\u30c3\u30b8\uff08\u7a7a\u58f2\u308a\uff09<\/li>\n<li>\u8cc7\u7523\u30af\u30e9\u30b9\uff08\u30b3\u30a2\u3001\u50b5\u5238\u3001\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u3001\u901a\u8ca8\uff09\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u30fbETF\u3092\u4f7f\u3063\u305f\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u8abf\u6574<\/li>\n<li>\u6226\u8853\u7684\u8cc7\u7523\u914d\u5206\u3084\u30c0\u30a4\u30ca\u30df\u30c3\u30af\u30fb\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3<\/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\/level2movie\/\" target=\"_blank\" rel=\"noopener\">Level 2 \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-l2-pc-lm2\/\">LM2 Analysis of Active Portfolio Management\uff08\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u5206\u6790\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-pc-lm4\/\">LM4 Using Multifactor Models\uff08\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u6d3b\u7528\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l2-pc\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 2 Portfolio Construction\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 2 Portfolio Construction LM3\u300cExchange-Traded Funds: Mechanics and Applications\uff08ETF\u306e\u4ed5\u7d44\u307f\u3068\u6d3b\u7528\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":11202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[99],"tags":[],"class_list":["post-10856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level2-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10856","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=10856"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10856\/revisions"}],"predecessor-version":[{"id":11029,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10856\/revisions\/11029"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11202"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}