{"id":10897,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm1\/"},"modified":"2026-09-22T07:44:50","modified_gmt":"2026-09-21T22:44:50","slug":"cfa-l3-pmp-lm1","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm1\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 PM Pathway LM1\u3011Index-Based Equity Strategies \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30fb\u5b8c\u5168\u6cd5\u3068\u30b5\u30f3\u30d7\u30ea\u30f3\u30b0\u30fb\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc"},"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 1\u300cIndex-Based Equity Strategies\uff08\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u578b\u306e\u682a\u5f0f\u6226\u7565\uff09\u300d\u306f\u3001\u6642\u4fa1\u7dcf\u984d\u52a0\u91cd\u3068\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6226\u7565\u306e\u6bd4\u8f03\u3001\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30fb\u30d5\u30a1\u30f3\u30c9\u30fbETF\u30fb\u81ea\u524d\u904b\u7528\u30fb\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306b\u3088\u308b\u5b9f\u884c\u65b9\u6cd5\u3001\u5b8c\u5168\u6cd5\u30fb\u5c64\u5316\u62bd\u51fa\u6cd5\u30fb\u6700\u9069\u5316\u6cd5\u306b\u3088\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\u3001\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u306e\u539f\u56e0\u3068\u7ba1\u7406\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u904b\u7528\u306e\u30ea\u30bf\u30fc\u30f3\u3068\u30ea\u30b9\u30af\u306e\u6e90\u6cc9\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>LM1\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\u3002LM1\u306b\u306f6\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\u306e\u6226\u7565\u3068\u6642\u4fa1\u7dcf\u984d\u52a0\u91cd\u306e\u30a4\u30f3\u30c7\u30af\u30b7\u30f3\u30b0\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare factor-based strategies to market-capitalization-weighted indexing<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u578b\u306e\u682a\u5f0f\u6226\u7565\u306e\u3055\u307e\u3056\u307e\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare different approaches to index-based equity strategies<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u578b\u306e\u682a\u5f0f\u6295\u8cc7\u306e\u3055\u307e\u3056\u307e\u306a\u65b9\u6cd5\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare different approaches to index-based equity investing<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u578b\u682a\u5f0f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u69cb\u7bc9\u306b\u304a\u3051\u308b\u5b8c\u5168\u6cd5\uff08\u30d5\u30eb\u30fb\u30ec\u30d7\u30ea\u30b1\u30fc\u30b7\u30e7\u30f3\uff09\u3001\u5c64\u5316\u62bd\u51fa\u6cd5\u3001\u6700\u9069\u5316\u6cd5\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare the full replication, stratified sampling, and optimization approaches for the construction of index-based equity portfolios<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u578b\u682a\u5f0f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u306e\u6f5c\u5728\u7684\u306a\u539f\u56e0\u3068\u3001\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u3092\u7ba1\u7406\u3059\u308b\u65b9\u6cd5\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss potential causes of tracking error and methods to control tracking error for index-based equity portfolios<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u578b\u682a\u5f0f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u3068\u30ea\u30b9\u30af\u306e\u6e90\u6cc9\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain sources of return and risk to an index-based equity portfolio<\/span><\/li>\n<\/ol>\n<h2>LM1\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>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u578b\u306e\u6226\u7565\u306f\u3001\u5e02\u5834\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u52a0\u3048\u3001\u898f\u6a21\u30fb\u30b9\u30bf\u30a4\u30eb\u30fb\u5229\u56de\u308a\u30fb\u30e2\u30e1\u30f3\u30bf\u30e0\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30af\u30aa\u30ea\u30c6\u30a3\u306a\u3069\u3001\u3055\u307e\u3056\u307e\u306a\u30ea\u30b9\u30af\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u5f97\u308b\u624b\u6bb5\u3068\u3057\u3066\u5e83\u304c\u3063\u3066\u3044\u308b<\/li>\n<li>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u904b\u7528\u306e\u76ee\u6a19\u306f\u3001\u73fe\u5b9f\u7684\u306a\u5236\u7d04\u306e\u4e0b\u3067\u3001\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3089\u306a\u3044\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u3068\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u306e\u6700\u5c0f\u5316\u3002\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u306f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u30ea\u30bf\u30fc\u30f3\u5dee\u306e\u6a19\u6e96\u504f\u5dee<\/li>\n<li>\u5b9f\u884c\u65b9\u6cd5\u306b\u306f\u3001\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30fb\u30d5\u30a1\u30f3\u30c9\u3084ETF\u306a\u3069\u306e\u30d7\u30fc\u30eb\u578b\u6295\u8cc7\u3001\u500b\u5225\u9298\u67c4\u3092\u81ea\u3089\u4fdd\u6709\u3059\u308b\u65b9\u6cd5\u3001\u5148\u7269\u3084\u30b9\u30ef\u30c3\u30d7\u306a\u3069\u306e\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u5229\u7528\u304c\u3042\u308b<\/li>\n<li>\u5b8c\u5168\u6cd5\u306f\u5168\u69cb\u6210\u9298\u67c4\u3092\u4fdd\u6709\u3057\u3001\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u3092\u4f4e\u304f\u6291\u3048\u308b\u304c\u3001\u5927\u304d\u306a\u904b\u7528\u898f\u6a21\u3068\u69cb\u6210\u9298\u67c4\u306e\u8cea\u306e\u9ad8\u3044\u60c5\u5831\u304c\u5fc5\u8981\u3002\u5c64\u5316\u62bd\u51fa\u6cd5\u306f\u53d6\u5f15\u30b3\u30b9\u30c8\u3092\u6291\u3048\u3001\u6700\u9069\u5316\u6cd5\u306f\u6307\u6570\u306e\u7279\u6027\u3068\u6210\u679c\u306b\u3067\u304d\u308b\u3060\u3051\u5408\u308f\u305b\u308b<\/li>\n<li>\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u306e\u4e3b\u306a\u539f\u56e0\u306f\u3001\u624b\u6570\u6599\u3001\u53d6\u5f15\u30b3\u30b9\u30c8\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30c9\u30e9\u30c3\u30b0\uff08\u73fe\u91d1\u4fdd\u6709\u306b\u3088\u308b\u30ea\u30bf\u30fc\u30f3\u306e\u5e0c\u8584\u5316\uff09<\/li>\n<li>\u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u6700\u5c0f\u5316\u3001\u8cc7\u91d1\u6d41\u51fa\u5165\u306e\u76f8\u6bba\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306b\u3088\u308b\u30a8\u30af\u30a4\u30bf\u30a4\u30bc\u30fc\u30b7\u30e7\u30f3\u3067\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u3092\u7ba1\u7406\u3059\u308b<\/li>\n<li>\u4fdd\u6709\u9298\u67c4\u306e\u8cb8\u682a\u53ce\u5165\u306f\u904b\u7528\u30b3\u30b9\u30c8\u3092\u76f8\u6bba\u3057\u3001\u6295\u8cc7\u5bb6\u306e\u5b9f\u8cea\u7684\u306a\u624b\u6570\u6599\u3092\u4e0b\u3052\u308b<\/li>\n<li>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u904b\u7528\u8005\u3082\u3001\u8b70\u6c7a\u6a29\u884c\u4f7f\u3084\u7d4c\u55b6\u9663\u3068\u306e\u5bfe\u8a71\u306a\u3069\u306e\u30a8\u30f3\u30b2\u30fc\u30b8\u30e1\u30f3\u30c8\u3092\u901a\u3058\u3066\u3001\u6295\u8cc7\u5148\u4f01\u696d\u306b\u50cd\u304d\u304b\u3051\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\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\u3068\u6642\u4fa1\u7dcf\u984d\u52a0\u91cd\u306e\u6bd4\u8f03<\/h3>\n<p><strong>\u6642\u4fa1\u7dcf\u984d\u52a0\u91cd<\/strong>\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306f\u5e02\u5834\u5168\u4f53\u3092\u305d\u306e\u307e\u307e\u53cd\u6620\u3057\u3001\u58f2\u8cb7\u56de\u8ee2\u304c\u4f4e\u304f\u30b3\u30b9\u30c8\u3082\u5c0f\u3055\u3044\u306e\u304c\u7279\u5fb4\u3067\u3059\u3002<strong>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9<\/strong>\uff08\u30b9\u30de\u30fc\u30c8\u30fb\u30d9\u30fc\u30bf\uff09\u306e\u6226\u7565\u306f\u3001\u30eb\u30fc\u30eb\u306b\u3082\u3068\u3065\u3044\u3066\u7279\u5b9a\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u50be\u3051\u308b\u3053\u3068\u3067\u3001\u5e02\u5834\u3068\u306f\u7570\u306a\u308b\u30ea\u30bf\u30fc\u30f3\u3084\u30ea\u30b9\u30af\u306e\u7279\u6027\u3092\u72d9\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6642\u4fa1\u7dcf\u984d\u52a0\u91cd\uff1a\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u4ee3\u7406\u3001\u4f4e\u30b3\u30b9\u30c8\u30fb\u4f4e\u56de\u8ee2\u3001\u5272\u9ad8\u9298\u67c4\u306e\u6bd4\u91cd\u304c\u5927\u304d\u304f\u306a\u308a\u3084\u3059\u3044<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\uff1a\u898f\u6a21\u3001\u30d0\u30ea\u30e5\u30fc\u3001\u30e2\u30e1\u30f3\u30bf\u30e0\u3001\u4f4e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3001\u30af\u30aa\u30ea\u30c6\u30a3\u3001\u5229\u56de\u308a\u306a\u3069<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u6226\u7565\u306f\u900f\u660e\u306a\u30eb\u30fc\u30eb\u3067\u904b\u7528\u3055\u308c\u308b\u304c\u3001\u5e02\u5834\u306b\u5bfe\u3059\u308b\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u3092\u4f34\u3046<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u304c\u9577\u671f\u9593\u306b\u308f\u305f\u308a\u5e02\u5834\u3092\u4e0b\u56de\u308b\u5c40\u9762\u304c\u3042\u308b<\/li>\n<li>\u6642\u4fa1\u7dcf\u984d\u52a0\u91cd\u3088\u308a\u56de\u8ee2\u7387\u30fb\u30b3\u30b9\u30c8\u304c\u9ad8\u304f\u306a\u308a\u3084\u3059\u3044<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u578b\u682a\u5f0f\u6226\u7565\u306e\u30a2\u30d7\u30ed\u30fc\u30c1<\/h3>\n<p>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30fc\u30b9\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6226\u7565\u306f\u3001\u76ee\u7684\u306b\u3088\u3063\u3066<strong>\u30ea\u30bf\u30fc\u30f3\u91cd\u8996\u578b<\/strong>\u3001<strong>\u30ea\u30b9\u30af\u91cd\u8996\u578b<\/strong>\u3001<strong>\u5206\u6563\u91cd\u8996\u578b<\/strong>\u306b\u5206\u3051\u3066\u8003\u3048\u3089\u308c\u307e\u3059\u3002\u3069\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u3001\u3069\u306e\u7a0b\u5ea6\u3001\u3069\u306e\u30eb\u30fc\u30eb\u3067\u50be\u3051\u308b\u304b\u306b\u3088\u3063\u3066\u3001\u5f97\u3089\u308c\u308b\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u7279\u6027\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ea\u30bf\u30fc\u30f3\u91cd\u8996\u578b\uff1a\u914d\u5f53\u5229\u56de\u308a\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u52a0\u91cd\u3001\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u3001\u30e2\u30e1\u30f3\u30bf\u30e0\u306a\u3069<\/li>\n<li>\u30ea\u30b9\u30af\u91cd\u8996\u578b\uff1a\u4f4e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3001\u6700\u5c0f\u5206\u6563\u306a\u3069<\/li>\n<li>\u5206\u6563\u91cd\u8996\u578b\uff1a\u7b49\u91d1\u984d\u52a0\u91cd\u3001\u6700\u5927\u5206\u6563\u306a\u3069<\/li>\n<li>\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u52a0\u91cd\uff1a\u58f2\u4e0a\u30fb\u5229\u76ca\u306a\u3069\u4fa1\u683c\u4ee5\u5916\u306e\u6307\u6a19\u3067\u52a0\u91cd<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u610f\u56f3\u3057\u306a\u3044\u504f\u308a\u3084\u96c6\u4e2d\u306b\u6ce8\u610f<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u306e\u5b9f\u884c\u65b9\u6cd5<\/h3>\n<p>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306f\u3001<strong>\u30d7\u30fc\u30eb\u578b\u6295\u8cc7<\/strong>\uff08\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30fb\u30d5\u30a1\u30f3\u30c9\u3001ETF\uff09\u3001<strong>\u81ea\u3089\u500b\u5225\u9298\u67c4\u3092\u4fdd\u6709\u3059\u308b\u65b9\u6cd5<\/strong>\uff08\u5206\u5225\u7ba1\u7406\u53e3\u5ea7\u306a\u3069\uff09\u3001<strong>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6<\/strong>\uff08\u5148\u7269\u3001\u30b9\u30ef\u30c3\u30d7\uff09\u3067\u5f97\u3089\u308c\u307e\u3059\u3002\u30b3\u30b9\u30c8\u3001\u7a0e\u3001\u900f\u660e\u6027\u3001\u904b\u7528\u898f\u6a21\u3001\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u306e\u5fc5\u8981\u6027\u306b\u3088\u3063\u3066\u4f7f\u3044\u5206\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30aa\u30fc\u30d7\u30f3\u30a8\u30f3\u30c9\u578b\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30fb\u30d5\u30a1\u30f3\u30c9\uff1a\u4f4e\u30b3\u30b9\u30c8\u3001\u65e5\u6b21\u3067\u57fa\u6e96\u4fa1\u984d\u306b\u3088\u308b\u58f2\u8cb7<\/li>\n<li>ETF\uff1a\u7d4c\u8cbb\u7387\u306f\u4f4e\u3044\u304c\u58f2\u8cb7\u6642\u306b\u59d4\u8a17\u624b\u6570\u6599\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u304b\u304b\u308b\u3001\u65e5\u4e2d\u306b\u53d6\u5f15\u53ef\u80fd<\/li>\n<li>\u81ea\u524d\u904b\u7528\u30fb\u5206\u5225\u7ba1\u7406\u53e3\u5ea7\uff1a\u5927\u898f\u6a21\u6295\u8cc7\u5bb6\u5411\u3051\u3001\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u53ef\u80fd\u3060\u304c\u904b\u7528\u4f53\u5236\u304c\u5fc5\u8981<\/li>\n<li>\u5148\u7269\uff1a\u5c11\u306a\u3044\u8cc7\u91d1\u3067\u8fc5\u901f\u306b\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u5f97\u3089\u308c\u308b\u304c\u3001\u30ed\u30fc\u30eb\u30fb\u30b3\u30b9\u30c8\u3084\u8a3c\u62e0\u91d1\u7ba1\u7406\u304c\u5fc5\u8981<\/li>\n<li>\u30b9\u30ef\u30c3\u30d7\uff1a\u67d4\u8edf\u306a\u6761\u4ef6\u8a2d\u5b9a\u304c\u53ef\u80fd\u3060\u304c\u3001\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u3092\u4f34\u3046<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u5b8c\u5168\u6cd5\u30fb\u5c64\u5316\u62bd\u51fa\u6cd5\u30fb\u6700\u9069\u5316\u6cd5<\/h3>\n<p><strong>\u5b8c\u5168\u6cd5<\/strong>\u306f\u6307\u6570\u306e\u5168\u69cb\u6210\u9298\u67c4\u3092\u6307\u6570\u3068\u540c\u3058\u6bd4\u7387\u3067\u4fdd\u6709\u3057\u3001\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u3092\u6700\u3082\u4f4e\u304f\u6291\u3048\u307e\u3059\u3002<strong>\u5c64\u5316\u62bd\u51fa\u6cd5<\/strong>\u306f\u6307\u6570\u3092\u30bb\u30af\u30bf\u30fc\u3084\u898f\u6a21\u306a\u3069\u306e\u5c64\u306b\u5206\u3051\u3066\u4ee3\u8868\u9298\u67c4\u3092\u4fdd\u6709\u3057\u3001\u53d6\u5f15\u30b3\u30b9\u30c8\u3092\u6291\u3048\u307e\u3059\u3002<strong>\u6700\u9069\u5316\u6cd5<\/strong>\u306f\u30ea\u30b9\u30af\u30fb\u30e2\u30c7\u30eb\u3092\u4f7f\u3044\u3001\u6307\u6570\u3068\u306e\u4e88\u60f3\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u3092\u6700\u5c0f\u5316\u3059\u308b\u3088\u3046\u306b\u9298\u67c4\u3068\u6bd4\u7387\u3092\u6c7a\u3081\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5b8c\u5168\u6cd5\uff1a\u9298\u67c4\u6570\u304c\u5c11\u306a\u304f\u6d41\u52d5\u6027\u306e\u9ad8\u3044\u6307\u6570\u306b\u9069\u3059\u308b\u3001\u5927\u304d\u306a\u904b\u7528\u898f\u6a21\u3068\u69cb\u6210\u9298\u67c4\u306e\u60c5\u5831\u304c\u5fc5\u8981<\/li>\n<li>\u5c64\u5316\u62bd\u51fa\u6cd5\uff1a\u69cb\u6210\u9298\u67c4\u304c\u591a\u3044\u3001\u307e\u305f\u306f\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u9298\u67c4\u3092\u542b\u3080\u6307\u6570\u306b\u9069\u3059\u308b<\/li>\n<li>\u6700\u9069\u5316\u6cd5\uff1a\u30d5\u30a1\u30af\u30bf\u30fc\u611f\u5fdc\u5ea6\u3092\u5408\u308f\u305b\u308b\u3001\u30ea\u30b9\u30af\u30fb\u30e2\u30c7\u30eb\u306e\u7cbe\u5ea6\u306b\u4f9d\u5b58\u3057\u3001\u983b\u7e41\u306a\u30ea\u30d0\u30e9\u30f3\u30b9\u304c\u5fc5\u8981\u306b\u306a\u308a\u3084\u3059\u3044<\/li>\n<li>\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\uff1a\u6d41\u52d5\u6027\u306e\u9ad8\u3044\u5927\u578b\u682a\u306f\u5b8c\u5168\u6cd5\u3001\u5c0f\u578b\u682a\u306f\u62bd\u51fa\u6cd5\u306a\u3069<\/li>\n<li>\u9298\u67c4\u6570\u3092\u6e1b\u3089\u3059\u307b\u3069\u53d6\u5f15\u30b3\u30b9\u30c8\u306f\u4e0b\u304c\u308b\u304c\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u306f\u4e0a\u304c\u308b<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u306e\u539f\u56e0\u3068\u7ba1\u7406<\/h3>\n<p>\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\u306e\u4e3b\u306a\u539f\u56e0\u306f<strong>\u624b\u6570\u6599<\/strong>\u3001<strong>\u53d6\u5f15\u30b3\u30b9\u30c8<\/strong>\u3001<strong>\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30c9\u30e9\u30c3\u30b0<\/strong>\u3067\u3059\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30c9\u30e9\u30c3\u30b0\u306f\u73fe\u91d1\u4fdd\u6709\u306b\u3088\u3063\u3066\u682a\u5f0f\u90e8\u5206\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u8584\u307e\u308b\u3053\u3068\u3067\u3001\u914d\u5f53\u53d7\u53d6\u304b\u3089\u518d\u6295\u8cc7\u307e\u3067\u306e\u9045\u308c\u3067\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002\u904b\u7528\u8005\u306f\u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u6291\u5236\u3001\u8cc7\u91d1\u6d41\u51fa\u5165\u306e\u76f8\u6bba\u3001\u5148\u7269\u306a\u3069\u306b\u3088\u308b<strong>\u30a8\u30af\u30a4\u30bf\u30a4\u30bc\u30fc\u30b7\u30e7\u30f3<\/strong>\u3067\u5bfe\u5fdc\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u539f\u56e0\uff1a\u904b\u7528\u624b\u6570\u6599\u3001\u58f2\u8cb7\u30b3\u30b9\u30c8\u3001\u73fe\u91d1\u4fdd\u6709\u3001\u6307\u6570\u3068\u306e\u9298\u67c4\u30fb\u6bd4\u7387\u306e\u9055\u3044\u3001\u6307\u6570\u306e\u5165\u66ff\u3048\u30fb\u30ea\u30d0\u30e9\u30f3\u30b9<\/li>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30c9\u30e9\u30c3\u30b0\uff1a\u4e0a\u6607\u76f8\u5834\u3067\u30de\u30a4\u30ca\u30b9\u306b\u52b9\u304f<\/li>\n<li>\u5bfe\u7b56\uff1a\u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u6700\u5c0f\u5316\u3001\u6295\u8cc7\u5bb6\u306e\u8cc7\u91d1\u6d41\u5165\u3068\u89e3\u7d04\u306e\u76f8\u6bba<\/li>\n<li>\u5bfe\u7b56\uff1a\u5148\u7269\u306a\u3069\u3067\u73fe\u91d1\u90e8\u5206\u306b\u3082\u682a\u5f0f\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u6301\u305f\u305b\u308b<\/li>\n<li>\u8cb8\u682a\u53ce\u5165\u3067\u624b\u6570\u6599\u3092\u76f8\u6bba\uff08\u4e00\u65b9\u3067\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc = \u03c3(R\u209a \u2212 R_B)<\/div>\n<h3>LOS 6\uff1a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u578b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u3068\u30ea\u30b9\u30af\u306e\u6e90\u6cc9<\/h3>\n<p>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u3001\u57fa\u672c\u7684\u306b<strong>\u6307\u6570\u305d\u306e\u3082\u306e\u306e\u52d5\u304d<\/strong>\u3067\u6c7a\u307e\u308a\u3001\u305d\u3053\u306b\u624b\u6570\u6599\u30fb\u53d6\u5f15\u30b3\u30b9\u30c8\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30c9\u30e9\u30c3\u30b0\u306a\u3069\u306e\u5dee\u3068\u3001<strong>\u8cb8\u682a\u53ce\u5165<\/strong>\u304c\u52a0\u308f\u308a\u307e\u3059\u3002\u30ea\u30b9\u30af\u9762\u3067\u306f\u6307\u6570\u306e\u30ea\u30b9\u30af\u306b\u52a0\u3048\u3001\u6307\u6570\u3068\u306e\u305a\u308c\uff08\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30ea\u30b9\u30af\uff09\u3092\u7ba1\u7406\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ea\u30bf\u30fc\u30f3\uff1a\u6307\u6570\u30ea\u30bf\u30fc\u30f3\u00b1\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u306e\u5dee\uff08\u624b\u6570\u6599\u30fb\u30b3\u30b9\u30c8\u30fb\u73fe\u91d1\u4fdd\u6709\uff09<\/li>\n<li>\u8cb8\u682a\u53ce\u5165\uff1a\u904b\u7528\u30b3\u30b9\u30c8\u3092\u76f8\u6bba\u3057\u3001\u5b9f\u8cea\u7684\u306a\u624b\u6570\u6599\u3092\u4f4e\u4e0b<\/li>\n<li>\u30a2\u30c8\u30ea\u30d3\u30e5\u30fc\u30b7\u30e7\u30f3\u5206\u6790\uff1a\u56fd\u3001\u30bb\u30af\u30bf\u30fc\u3001\u898f\u6a21\u306a\u3069\u306e\u8981\u56e0\u3054\u3068\u306b\u30ea\u30bf\u30fc\u30f3\u30fb\u30ea\u30b9\u30af\u3092\u5206\u89e3<\/li>\n<li>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\u5bb6\u306e\u30a2\u30af\u30c6\u30a3\u30d3\u30ba\u30e0\uff1a\u8b70\u6c7a\u6a29\u884c\u4f7f\u3001\u5f79\u54e1\u5831\u916c\u3084\u30ac\u30d0\u30ca\u30f3\u30b9\u306b\u3064\u3044\u3066\u306e\u5bfe\u8a71<\/li>\n<li>\u6295\u8cc7\u5bb6\u306e\u30cb\u30fc\u30ba\u3001\u6307\u6570\u306e\u69cb\u7bc9\u65b9\u6cd5\u3001\u8ffd\u968f\u306e\u65b9\u6cd5\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u304c\u524d\u63d0<\/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\/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\">\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmp-lm2\/\">LM2 Active Equity Investing: Strategies\uff08\u30a2\u30af\u30c6\u30a3\u30d6\u682a\u5f0f\u6295\u8cc7\uff1a\u6226\u7565\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l3-pmp\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 3 Portfolio Management Pathway\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 3 Portfolio Management Pathway LM1\u300cIndex-Based Equity Strategies\uff08\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u578b\u306e\u682a\u5f0f\u6226\u7565\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":11243,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[100],"tags":[],"class_list":["post-10897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level3-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10897","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=10897"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10897\/revisions"}],"predecessor-version":[{"id":11386,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10897\/revisions\/11386"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11243"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}