{"id":10885,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-drm-lm2\/"},"modified":"2026-09-22T07:44:42","modified_gmt":"2026-09-21T22:44:42","slug":"cfa-l3-drm-lm2","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-drm-lm2\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 Derivatives and Risk Management LM2\u3011Swaps, Forwards, and Futures Strategies \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u91d1\u5229\u30b9\u30ef\u30c3\u30d7\u30fb\u901a\u8ca8\u30b9\u30ef\u30c3\u30d7\u30fb\u682a\u5f0f\u5148\u7269\u30fb\u5206\u6563\u30b9\u30ef\u30c3\u30d7\u30fb\u5e02\u5834\u4e88\u60f3\u306e\u63a8\u5b9a"},"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\u300cSwaps, Forwards, and Futures Strategies\uff08\u30b9\u30ef\u30c3\u30d7\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u5148\u7269\u306e\u6226\u7565\uff09\u300d\u306f\u3001\u91d1\u5229\u30fb\u901a\u8ca8\u30fb\u682a\u5f0f\u306e\u30b9\u30ef\u30c3\u30d7\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u3001\u5148\u7269\u306b\u3088\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u8abf\u6574\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3068\u5206\u6563\u30b9\u30ef\u30c3\u30d7\u3001\u76ee\u6a19\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u5b9f\u73fe\u3001\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3068\u30ea\u30d0\u30e9\u30f3\u30b9\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u304b\u3089\u306e\u5e02\u5834\u4e88\u60f3\u306e\u63a8\u5b9a\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\u306f6\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u91d1\u5229\u30b9\u30ef\u30c3\u30d7\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u3001\u5148\u7269\u3092\u4f7f\u3063\u3066\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u3092\u8abf\u6574\u3059\u308b\u65b9\u6cd5\u3092\u793a\u3059<\/span><span class=\"en\">demonstrate how interest rate swaps, forwards, and futures can be used to modify a portfolio\u2019s risk and return<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u901a\u8ca8\u30b9\u30ef\u30c3\u30d7\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u3001\u5148\u7269\u3092\u4f7f\u3063\u3066\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u3092\u8abf\u6574\u3059\u308b\u65b9\u6cd5\u3092\u793a\u3059<\/span><span class=\"en\">demonstrate how currency swaps, forwards, and futures can be used to modify a portfolio\u2019s risk and return<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u682a\u5f0f\u30b9\u30ef\u30c3\u30d7\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u3001\u5148\u7269\u3092\u4f7f\u3063\u3066\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u3092\u8abf\u6574\u3059\u308b\u65b9\u6cd5\u3092\u793a\u3059<\/span><span class=\"en\">demonstrate how equity swaps, forwards, and futures can be used to modify a portfolio\u2019s risk and return<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3068\u5206\u6563\u30b9\u30ef\u30c3\u30d7\u306e\u5229\u7528\u65b9\u6cd5\u3092\u793a\u3059<\/span><span class=\"en\">demonstrate the use of volatility derivatives and variance swaps<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u76ee\u6a19\u3068\u3059\u308b\u682a\u5f0f\u30fb\u91d1\u5229\u306e\u30ea\u30b9\u30af\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306e\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u5229\u7528\u3092\u793a\u3059<\/span><span class=\"en\">demonstrate the use of derivatives to achieve targeted equity and interest rate risk exposures<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3001\u30ea\u30d0\u30e9\u30f3\u30b9\u3001\u5e02\u5834\u4e88\u60f3\u306e\u63a8\u5b9a\u306b\u304a\u3051\u308b\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u5229\u7528\u3092\u793a\u3059<\/span><span class=\"en\">demonstrate the use of derivatives in asset allocation, rebalancing, and inferring market expectations<\/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>\u91d1\u5229\u30fb\u901a\u8ca8\u30fb\u682a\u5f0f\u306e\u30b9\u30ef\u30c3\u30d7\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u3001\u5148\u7269\u306f\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u7279\u6027\u3092\u5909\u3048\u308b\u3053\u3068\u3067\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u3092\u8abf\u6574\u3067\u304d\u308b<\/li>\n<li>\u91d1\u5229\u30b9\u30ef\u30c3\u30d7\u3067\u306f\u56fa\u5b9a\u91d1\u5229\u3068\u5909\u52d5\u91d1\u5229\u3092\u4ea4\u63db\u3057\u3001\u56fa\u5b9a\uff08\u5909\u52d5\uff09\u306e\u30ea\u30b9\u30af\u3084\u50b5\u52d9\u3092\u5b9f\u8cea\u7684\u306b\u5909\u52d5\uff08\u56fa\u5b9a\uff09\u306b\u8ee2\u63db\u3067\u304d\u308b<\/li>\n<li>\u50b5\u5238\u5148\u7269\u3067\u91d1\u5229\u30ea\u30b9\u30af\u3092\u30d8\u30c3\u30b8\u3059\u308b\u5834\u5408\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u76ee\u6a19\u306eBPV\u3001\u6700\u5272\u5b89\u9298\u67c4\uff08CTD\uff09\u306eBPV\u3068\u4ea4\u63db\u6bd4\u7387\uff08CF\uff09\u304b\u3089\u5fc5\u8981\u679a\u6570\u3092\u6c42\u3081\u308b<\/li>\n<li>\u30af\u30ed\u30b9\u30fb\u30ab\u30ec\u30f3\u30b7\u30fc\u30fb\u30d9\u30fc\u30b7\u30b9\u30fb\u30b9\u30ef\u30c3\u30d7\u3092\u4f7f\u3048\u3070\u3001\u81ea\u56fd\u901a\u8ca8\u3067\u6709\u5229\u306b\u8cc7\u91d1\u8abf\u9054\u3057\u3001\u5fc5\u8981\u306a\u5916\u8ca8\u306b\u4ea4\u63db\u3067\u304d\u308b<\/li>\n<li>\u682a\u5f0f\u30b9\u30ef\u30c3\u30d7\u306b\u306f\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u53d7\u3051\u30fb\u56fa\u5b9a\u6255\u3044\u3001\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u53d7\u3051\u30fb\u5909\u52d5\u6255\u3044\u3001\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u53d7\u3051\u30fb\u4ed6\u306e\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u6255\u3044\u306e3\u7a2e\u985e\u304c\u3042\u308b\u3002\u30c8\u30fc\u30bf\u30eb\u30fb\u30ea\u30bf\u30fc\u30f3\u30fb\u30b9\u30ef\u30c3\u30d7\u306f\u914d\u5f53\u3082\u542b\u3080<\/li>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30a8\u30af\u30a4\u30bf\u30a4\u30bc\u30fc\u30b7\u30e7\u30f3\u306f\u3001\u610f\u56f3\u305b\u305a\u4fdd\u6709\u3057\u3066\u3044\u308b\u73fe\u91d1\u3092\u682a\u4fa1\u6307\u6570\u5148\u7269\u306a\u3069\u3067\u682a\u5f0f\u5316\u3057\u3066\u30ea\u30bf\u30fc\u30f3\u3092\u9ad8\u3081\u308b\u6226\u7565<\/li>\n<li>VIX\u5148\u7269\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3084\u5206\u6563\u30b9\u30ef\u30c3\u30d7\u3067\u3001\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3084\u5b9f\u73fe\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3078\u306e\u898b\u901a\u3057\u3092\u8868\u73fe\u3067\u304d\u308b<\/li>\n<li>CPI\u30b9\u30ef\u30c3\u30d7\u306f\u30a4\u30f3\u30d5\u30ec\u4e88\u60f3\u3001VIX\u5148\u7269\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e88\u60f3\u3001FF\u91d1\u5229\u5148\u7269\u306f\u6b21\u56deFOMC\u3067\u306e\u653f\u7b56\u91d1\u5229\u5909\u66f4\u306e\u78ba\u7387\u306e\u63a8\u5b9a\u306b\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\uff1a\u91d1\u5229\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306b\u3088\u308b\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u8abf\u6574<\/h3>\n<p><strong>\u91d1\u5229\u30b9\u30ef\u30c3\u30d7<\/strong>\u3067\u56fa\u5b9a\u53d7\u3051\u306b\u3059\u308b\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u304c\u4f38\u3073\u3001\u56fa\u5b9a\u6255\u3044\u306b\u3059\u308b\u3068\u77ed\u304f\u306a\u308a\u307e\u3059\u3002\u77ed\u671f\u306e\u91d1\u5229\u5148\u7269\u3084FRA\u3001\u9577\u671f\u306e\u50b5\u5238\u5148\u7269\u3067\u3082\u91d1\u5229\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u8abf\u6574\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u56fa\u5b9a\u53d7\u3051\u30fb\u5909\u52d5\u6255\u3044\u30b9\u30ef\u30c3\u30d7\uff1a\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u5ef6\u3070\u3059<\/li>\n<li>\u56fa\u5b9a\u6255\u3044\u30fb\u5909\u52d5\u53d7\u3051\u30b9\u30ef\u30c3\u30d7\uff1a\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u7e2e\u3081\u308b<\/li>\n<li>\u50b5\u5238\u5148\u7269\uff1a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u76ee\u6a19\u306eBPV\u306e\u5dee\u3092\u3001CTD\u306eBPV\u3068\u4ea4\u63db\u6bd4\u7387\uff08CF\uff09\u3067\u5148\u7269\u679a\u6570\u306b\u63db\u7b97<\/li>\n<li>\u77ed\u671f\u91d1\u5229\u5148\u7269\u30fbFRA\uff1a\u77ed\u671f\u91d1\u5229\u306e\u5909\u52d5\u3092\u30d8\u30c3\u30b8<\/li>\n<\/ul>\n<div class=\"cfalm-f\">BPVHR = (BPV_T \u2212 BPV_P) \/ BPV_CTD \u00d7 CF<\/div>\n<h3>LOS 2\uff1a\u901a\u8ca8\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306b\u3088\u308b\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u8abf\u6574<\/h3>\n<p>\u901a\u8ca8\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u5148\u7269\u3067\u5916\u8ca8\u5efa\u3066\u8cc7\u7523\u306e<strong>\u70ba\u66ff\u30ea\u30b9\u30af\u3092\u30d8\u30c3\u30b8<\/strong>\u3067\u304d\u307e\u3059\u3002<strong>\u30af\u30ed\u30b9\u30fb\u30ab\u30ec\u30f3\u30b7\u30fc\u30fb\u30d9\u30fc\u30b7\u30b9\u30fb\u30b9\u30ef\u30c3\u30d7<\/strong>\u306f\u3001\u5143\u672c\u3068\u91d1\u5229\u3092\u7570\u306a\u308b\u901a\u8ca8\u3067\u4ea4\u63db\u3057\u3001\u5916\u8ca8\u306e\u8cc7\u91d1\u8abf\u9054\u3084\u70ba\u66ff\u30ea\u30b9\u30af\u306e\u7ba1\u7406\u306b\u4f7f\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u901a\u8ca8\u30d5\u30a9\u30ef\u30fc\u30c9\uff1a\u5916\u8ca8\u306e\u58f2\u308a\u4e88\u7d04\u3067\u70ba\u66ff\u30ea\u30b9\u30af\u3092\u30d8\u30c3\u30b8<\/li>\n<li>\u30af\u30ed\u30b9\u30fb\u30ab\u30ec\u30f3\u30b7\u30fc\u30fb\u30d9\u30fc\u30b7\u30b9\u30fb\u30b9\u30ef\u30c3\u30d7\uff1a\u671f\u521d\u3068\u671f\u672b\u306b\u5143\u672c\u3092\u4ea4\u63db\u3057\u3001\u671f\u4e2d\u306f\u5404\u901a\u8ca8\u306e\u5909\u52d5\u91d1\u5229\u3092\u4ea4\u63db<\/li>\n<li>\u81ea\u56fd\u901a\u8ca8\u3067\u6709\u5229\u306b\u8abf\u9054\u3057\u3001\u5fc5\u8981\u306a\u5916\u8ca8\u306b\u4ea4\u63db\u3067\u304d\u308b<\/li>\n<li>\u30d9\u30fc\u30b7\u30b9\uff1a\u30ab\u30d0\u30fc\u4ed8\u304d\u91d1\u5229\u5e73\u4fa1\u304b\u3089\u306e\u4e56\u96e2\u3092\u53cd\u6620<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u682a\u5f0f\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306b\u3088\u308b\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u8abf\u6574<\/h3>\n<p><strong>\u682a\u5f0f\u30b9\u30ef\u30c3\u30d7<\/strong>\u3084<strong>\u682a\u4fa1\u6307\u6570\u5148\u7269<\/strong>\u3092\u4f7f\u3048\u3070\u3001\u73fe\u7269\u3092\u58f2\u8cb7\u305b\u305a\u306b\u682a\u5f0f\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u5897\u6e1b\u3067\u304d\u307e\u3059\u3002\u5148\u7269\u306e\u5fc5\u8981\u679a\u6570\u306f\u30d9\u30fc\u30bf\u306e\u5dee\u3068\u5148\u7269\u4fa1\u683c\u304b\u3089\u6c42\u3081\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u682a\u5f0f\u30b9\u30ef\u30c3\u30d7\u306e3\u7a2e\u985e\uff1a\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u53d7\u3051\u30fb\u56fa\u5b9a\u6255\u3044\u3001\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u53d7\u3051\u30fb\u5909\u52d5\u6255\u3044\u3001\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u53d7\u3051\u30fb\u4ed6\u306e\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u6255\u3044<\/li>\n<li>\u30c8\u30fc\u30bf\u30eb\u30fb\u30ea\u30bf\u30fc\u30f3\u30fb\u30b9\u30ef\u30c3\u30d7\uff1a\u914d\u5f53\u3082\u542b\u3081\u305f\u30ea\u30bf\u30fc\u30f3\u3092\u4ea4\u63db<\/li>\n<li>\u682a\u4fa1\u6307\u6570\u5148\u7269\uff1a\u53d6\u5f15\u6240\u4e0a\u5834\u30fb\u6a19\u6e96\u5316\u3001\u6e80\u671f\u6642\u306f\u73fe\u91d1\u6c7a\u6e08<\/li>\n<li>\u30d9\u30fc\u30bf\u3092\u76ee\u6a19\u5024\u306b\u8abf\u6574\u3059\u308b\u305f\u3081\u306e\u679a\u6570\u8a08\u7b97<\/li>\n<\/ul>\n<div class=\"cfalm-f\">N_f = (\u03b2_T \u2212 \u03b2_S) \/ \u03b2_f \u00d7 (S \/ F)<\/div>\n<h3>LOS 4\uff1a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3068\u5206\u6563\u30b9\u30ef\u30c3\u30d7<\/h3>\n<p><strong>VIX\u5148\u7269\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3<\/strong>\u306f\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u5909\u5316\u306b\u5bfe\u3059\u308b\u898b\u901a\u3057\u3092\u8868\u73fe\u3057\u307e\u3059\u3002<strong>\u5206\u6563\u30b9\u30ef\u30c3\u30d7<\/strong>\u306f\u3001\u5b9f\u73fe\u5206\u6563\u3068\u5951\u7d04\u6642\u306e\u5206\u6563\u30b9\u30c8\u30e9\u30a4\u30af\u306e\u5dee\u3092\u3001\u5206\u6563\u30ce\u30fc\u30b7\u30e7\u30ca\u30eb\u306b\u639b\u3051\u3066\u6c7a\u6e08\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>VIX\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u306fVIX\u5148\u7269\u304b\u3089\u6c7a\u307e\u308b<\/li>\n<li>VIX\u5148\u7269\u3067\u3001\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u5909\u5316\u306e\u6642\u671f\u3068\u5927\u304d\u3055\u306b\u5bfe\u3059\u308b\u898b\u901a\u3057\u3092\u8868\u73fe<\/li>\n<li>\u5206\u6563\u30b9\u30ef\u30c3\u30d7\u306e\u8cb7\u3044\u624b\uff1a\u5b9f\u73fe\u5206\u6563\u304c\u30b9\u30c8\u30e9\u30a4\u30af\u3092\u4e0a\u56de\u308c\u3070\u5229\u76ca<\/li>\n<li>\u5206\u6563\u30ce\u30fc\u30b7\u30e7\u30ca\u30eb \uff1d \u30d9\u30ac\u30fb\u30ce\u30fc\u30b7\u30e7\u30ca\u30eb \u00f7\uff082\u00d7\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b9\u30c8\u30e9\u30a4\u30af\uff09<\/li>\n<li>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u3068\u5b9f\u73fe\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u5dee\u306b\u8ced\u3051\u3089\u308c\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u5206\u6563\u30b9\u30ef\u30c3\u30d7\u306e\u6c7a\u6e08\u984d = \u5206\u6563\u30ce\u30fc\u30b7\u30e7\u30ca\u30eb \u00d7 (\u03c3\u00b2_\u5b9f\u73fe \u2212 \u03c3\u00b2_\u30b9\u30c8\u30e9\u30a4\u30af)<\/div>\n<h3>LOS 5\uff1a\u76ee\u6a19\u3068\u3059\u308b\u682a\u5f0f\u30fb\u91d1\u5229\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u5b9f\u73fe<\/h3>\n<p>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3092\u4f7f\u3048\u3070\u3001\u73fe\u7269\u3092\u5927\u304d\u304f\u58f2\u8cb7\u3059\u308b\u3053\u3068\u306a\u304f\u3001<strong>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30d9\u30fc\u30bf\u3084\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u76ee\u6a19\u5024\u306b\u8abf\u6574<\/strong>\u3067\u304d\u307e\u3059\u3002\u53d6\u5f15\u30b3\u30b9\u30c8\u304c\u4f4e\u304f\u3001\u5b9f\u884c\u304c\u901f\u3044\u3053\u3068\u304c\u5229\u70b9\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u682a\u4fa1\u6307\u6570\u5148\u7269\u3067\u30d9\u30fc\u30bf\u3092\u5f15\u304d\u4e0a\u3052\u30fb\u5f15\u304d\u4e0b\u3052<\/li>\n<li>\u91d1\u5229\u30b9\u30ef\u30c3\u30d7\u30fb\u50b5\u5238\u5148\u7269\u3067\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u8abf\u6574<\/li>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30a8\u30af\u30a4\u30bf\u30a4\u30bc\u30fc\u30b7\u30e7\u30f3\uff1a\u610f\u56f3\u3057\u306a\u3044\u73fe\u91d1\u3092\u682a\u4fa1\u6307\u6570\u5148\u7269\u306a\u3069\u3067\u682a\u5f0f\u5316<\/li>\n<li>\u73fe\u7269\u306e\u58f2\u5374\u306b\u4f34\u3046\u53d6\u5f15\u30b3\u30b9\u30c8\u3084\u8ab2\u7a0e\u3092\u56de\u907f\u3067\u304d\u308b<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u3001\u30ea\u30d0\u30e9\u30f3\u30b9\u3001\u5e02\u5834\u4e88\u60f3\u306e\u63a8\u5b9a<\/h3>\n<p>\u682a\u4fa1\u6307\u6570\u5148\u7269\u3068\u50b5\u5238\u5148\u7269\u3092\u7d44\u307f\u5408\u308f\u305b\u308c\u3070\u3001\u73fe\u7269\u3092\u52d5\u304b\u3055\u305a\u306b<strong>\u8cc7\u7523\u914d\u5206\u306e\u5909\u66f4\u3084\u30ea\u30d0\u30e9\u30f3\u30b9<\/strong>\u304c\u3067\u304d\u307e\u3059\u3002\u307e\u305f\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u4fa1\u683c\u304b\u3089<strong>\u5e02\u5834\u53c2\u52a0\u8005\u306e\u4e88\u60f3<\/strong>\u3092\u8aad\u307f\u53d6\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8cc7\u7523\u914d\u5206\u306e\u5909\u66f4\uff1a\u682a\u5f0f\u5148\u7269\u306e\u58f2\u308a\uff0b\u50b5\u5238\u5148\u7269\u306e\u8cb7\u3044\u306a\u3069<\/li>\n<li>\u30ea\u30d0\u30e9\u30f3\u30b9\uff1a\u76ee\u6a19\u914d\u5206\u304b\u3089\u306e\u4e56\u96e2\u3092\u5148\u7269\u3067\u8abf\u6574<\/li>\n<li>CPI\u30b9\u30ef\u30c3\u30d7\uff1a\u30a4\u30f3\u30d5\u30ec\u4e88\u60f3<\/li>\n<li>VIX\u5148\u7269\uff1a\u5e02\u5834\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e88\u60f3<\/li>\n<li>FF\u91d1\u5229\u5148\u7269\uff1a\u6b21\u56deFOMC\u3067\u306e\u653f\u7b56\u91d1\u5229\u5909\u66f4\u306e\u78ba\u7387<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u5909\u66f4\u78ba\u7387 = (\u5148\u7269\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u91d1\u5229 \u2212 \u73fe\u5728\u306e\u5b9f\u52b9\u91d1\u5229) \/ (\u5909\u66f4\u5f8c\u306e\u91d1\u5229 \u2212 \u73fe\u5728\u306e\u5b9f\u52b9\u91d1\u5229)<\/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\/level3-mail\/\" target=\"_blank\" rel=\"noopener\">Level 3 \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-l3-drm-lm1\/\">LM1 Options Strategies\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\u6226\u7565\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-drm-lm3\/\">LM3 Currency Management: An Introduction\uff08\u901a\u8ca8\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u5165\u9580\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l3-drm\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 3 Derivatives and Risk Management\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 3 Derivatives and Risk Management LM2\u300cSwaps, Forwards, and Futures 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