{"id":11441,"date":"2026-09-24T09:00:00","date_gmt":"2026-09-24T00:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/?p=11441"},"modified":"2026-09-24T18:45:01","modified_gmt":"2026-09-24T09:45:01","slug":"cfa-l2-pc-glossary","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l2-pc-glossary\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Portfolio Construction \u7528\u8a9e\u96c6\u3011Portfolio Construction \u306e\u91cd\u8981\u7528\u8a9e49\u8a9e\uff5c\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\u3092\u5358\u5143\u5225\u306b\u6574\u7406"},"content":{"rendered":"<style> .cfagl-nav{background:#f6f7fb;border-radius:6px;padding:1em 1.2em;margin:1em 0;line-height:1.9;word-break:normal;overflow-wrap:anywhere} .cfagl-nav a{display:block;margin:.15em 0} .cfagl-lm{font-size:.9em;margin:.2em 0 1em} .cfagl-t{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.75em 1em;margin:0 0 .8em;background:#fff} .cfagl-t .en{display:block;font-weight:bold;color:#172152;line-height:1.5;word-break:normal;overflow-wrap:anywhere} .cfagl-t .ja{display:block;font-size:.9em;color:#555;margin:.15em 0 .4em;line-height:1.5} .cfagl-t .df{display:block;line-height:1.75} .cfafm-c{border:1px solid #d5d9e3;border-top:4px solid #172152;border-radius:4px;padding:.9em 1em;margin:0 0 1.2em;background:#fff} .cfafm-c .nm{display:block;font-weight:bold;color:#172152;line-height:1.5} .cfafm-c .ne{display:block;font-size:.85em;color:#667;margin-bottom:.5em;word-break:normal;overflow-wrap:anywhere} .cfafm-x{background:#f6f7fb;border-radius:4px;padding:.6em .8em;margin:.4em 0 .7em;overflow-x:auto;overflow-y:hidden;-webkit-overflow-scrolling:touch} .cfafm-x .katex-display{margin:.3em 0!important} .cfafm-lg{margin:.3em 0 .6em;padding:0;font-size:.92em} .cfafm-lg div{display:flex;gap:.8em;padding:.25em 0;border-bottom:1px dotted #d5d9e3;line-height:1.6} .cfafm-lg .s{flex:0 0 auto;min-width:4.5em;max-width:45%;overflow-x:auto} .cfafm-lg .d{flex:1 1 auto} .cfafm-u{display:block;line-height:1.75;font-size:.95em} .cfafm-u b{color:#172152} .cfahub-g{display:grid;grid-template-columns:repeat(auto-fill,minmax(250px,1fr));gap:.8em;margin:1em 0} .cfahub-g a{display:block;border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em;background:#fff;text-decoration:none;color:#172152;line-height:1.5} .cfahub-g a .n{display:block;font-weight:bold} .cfahub-g a .j{display:block;font-size:.88em;color:#555} .cfagl-t p:empty,.cfafm-c p:empty,.cfahub-g p:empty,.cfagl-nav p:empty{display:none} .cfagl-lsc{border:2px solid #c9a227;background:#fffbea;border-radius:6px;padding:.9em 1.1em;margin:1em 0 1.4em;line-height:1.75} .cfagl-lsc b{display:block;color:#8a6d1d;margin-bottom:.3em} .cfagl-lsc a{display:inline-block;margin-top:.4em;font-weight:bold} .cfahub-g a .c{display:block;font-size:.82em;color:#8a6d1d;margin-top:.3em} <\/style>\n<div class=\"box05\">CFA\u00ae\ufe0e Level 2\u300cPortfolio Construction\uff08\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\uff09\u300d\u3067\u4f7f\u308f\u308c\u308b\u91cd\u8981\u7528\u8a9e\u3092\u3001\u5b66\u7fd2\u5358\u5143\uff08Learning Module\uff09\u3054\u3068\u306b<strong>\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473<\/strong>\u306e3\u70b9\u30bb\u30c3\u30c8\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002\u51686\u5358\u5143\u30fb49\u8a9e\u3092\u53ce\u9332\u3057\u3066\u3044\u307e\u3059\u3002\u82f1\u8a9e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u3092\u8aad\u3080\u3068\u304d\u306e\u8f9e\u66f8\u4ee3\u308f\u308a\u306b\u304a\u4f7f\u3044\u304f\u3060\u3055\u3044\u3002<\/div>\n<div class=\"cfagl-lsc\"><b>Leveraged Support Course \u3092\u3054\u5229\u7528\u306e\u65b9\u3078<\/b>FA-Academy \u306e Leveraged Support Course\uff08LSC\uff09\u3092\u3054\u5229\u7528\u306e\u65b9\u306b\u306f\u3001\u3053\u306e\u7528\u8a9e\u96c6\u3068\u516c\u5f0f\u96c6\u3092\u30ec\u30d9\u30eb\u5225\u306b\u6574\u7406\u3057\u305f\u8cc7\u6599\uff08PDF\uff09\u3092\u304a\u6e21\u3057\u3057\u3066\u3044\u307e\u3059\u3002\u30aa\u30d5\u30e9\u30a4\u30f3\u3067\u306e\u78ba\u8a8d\u3084\u8a66\u9a13\u76f4\u524d\u306e\u898b\u76f4\u3057\u306b\u3054\u6d3b\u7528\u304f\u3060\u3055\u3044\u3002<a href=\"https:\/\/triumphmind.com\/cfa\/side_by_side\/\">Level 2 Leveraged Support Course \u306e\u8a73\u7d30\u3092\u898b\u308b<\/a><\/div>\n<h2>\u5358\u5143\uff08LM\uff09\u4e00\u89a7<\/h2>\n<div class=\"cfagl-nav\"><a href=\"#l2-pc-g-lm1\">LM1 \u7d4c\u6e08\u3068\u6295\u8cc7\u5e02\u5834<\/a><a href=\"#l2-pc-g-lm2\">LM2 \u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u5206\u6790<\/a><a href=\"#l2-pc-g-lm3\">LM3 ETF\u306e\u4ed5\u7d44\u307f\u3068\u6d3b\u7528<\/a><a href=\"#l2-pc-g-lm4\">LM4 \u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u6d3b\u7528<\/a><a href=\"#l2-pc-g-lm5\">LM5 \u5e02\u5834\u30ea\u30b9\u30af\u306e\u6e2c\u5b9a\u3068\u7ba1\u7406<\/a><a href=\"#l2-pc-g-lm6\">LM6 \u30d0\u30c3\u30af\u30c6\u30b9\u30c8\u3068\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/a><\/div>\n<h2>Portfolio Construction \u306e\u91cd\u8981\u7528\u8a9e\uff08LM\u5225\uff09<\/h2>\n<h3 id=\"l2-pc-g-lm1\">LM1 Economics and Investment Markets\uff08\u7d4c\u6e08\u3068\u6295\u8cc7\u5e02\u5834\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-pc-lm1\/\">LM1 \u7d4c\u6e08\u3068\u6295\u8cc7\u5e02\u5834<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Real Default-Free Interest Rate<\/div>\n<div class=\"ja\">\u5b9f\u8cea\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30d5\u30ea\u30fc\u91d1\u5229<\/div>\n<div class=\"df\">\u30a4\u30f3\u30d5\u30ec\u3068\u30c7\u30d5\u30a9\u30eb\u30c8\u306e\u30ea\u30b9\u30af\u3092\u542b\u307e\u306a\u3044\u91d1\u5229\u3002\u8cc7\u7523\u306e\u5272\u5f15\u7387\u3092\u69cb\u6210\u3059\u308b\u57fa\u790e\u90e8\u5206\u3067\u3001\u7d4c\u6e08\u306e\u30c8\u30ec\u30f3\u30c9\u6210\u9577\u7387\u3084\u305d\u306e\u4e0d\u78ba\u5b9f\u6027\u3068\u6b63\u306e\u95a2\u4fc2\u306b\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Intertemporal Rate of Substitution<\/div>\n<div class=\"ja\">\u7570\u6642\u70b9\u9593\u306e\u4ee3\u66ff\u7387<\/div>\n<div class=\"df\">\u5c06\u6765\u306e\u6d88\u8cbb\u304b\u3089\u5f97\u3089\u308c\u308b\u9650\u754c\u52b9\u7528\u3068\u73fe\u5728\u306e\u6d88\u8cbb\u304b\u3089\u5f97\u3089\u308c\u308b\u9650\u754c\u52b9\u7528\u306e\u6bd4\u7387\u3002\u5b9f\u8cea\u91d1\u5229\u3084\u8cc7\u7523\u4fa1\u683c\u306e\u6c34\u6e96\u3092\u8aac\u660e\u3059\u308b\u57fa\u790e\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Taylor Rule<\/div>\n<div class=\"ja\">\u30c6\u30a4\u30e9\u30fc\u30fb\u30eb\u30fc\u30eb<\/div>\n<div class=\"df\">\u4e2d\u7acb\u91d1\u5229\u3092\u57fa\u6e96\u306b\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u76ee\u6a19\u306e\u5dee\u3084\u9700\u7d66\u30ae\u30e3\u30c3\u30d7\u306b\u5fdc\u3058\u3066\u653f\u7b56\u91d1\u5229\u3092\u8abf\u6574\u3059\u3079\u304d\u3068\u3059\u308b\u91d1\u878d\u653f\u7b56\u306e\u30eb\u30fc\u30eb\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Neutral Policy Rate<\/div>\n<div class=\"ja\">\u4e2d\u7acb\u91d1\u5229<\/div>\n<div class=\"df\">\u666f\u6c17\u3092\u523a\u6fc0\u3082\u6291\u5236\u3082\u3057\u306a\u3044\u653f\u7b56\u91d1\u5229\u306e\u6c34\u6e96\u3002\u30c8\u30ec\u30f3\u30c9\u6210\u9577\u7387\u3068\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\uff08\u30a4\u30f3\u30d5\u30ec\u76ee\u6a19\uff09\u306e\u548c\u3068\u3057\u3066\u8868\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Break-Even Inflation Rate<\/div>\n<div class=\"ja\">\u30d6\u30ec\u30fc\u30af\u30a4\u30fc\u30d6\u30f3\u30fb\u30a4\u30f3\u30d5\u30ec\u7387<\/div>\n<div class=\"df\">\u540c\u5e74\u9650\u306e\u540d\u76ee\u50b5\u3068\u30a4\u30f3\u30d5\u30ec\u9023\u52d5\u50b5\u306e\u5229\u56de\u308a\u5dee\u3002\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u3068\u30a4\u30f3\u30d5\u30ec\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u542b\u3080\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Inflation Risk Premium<\/div>\n<div class=\"ja\">\u30a4\u30f3\u30d5\u30ec\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0<\/div>\n<div class=\"df\">\u5c06\u6765\u306e\u30a4\u30f3\u30d5\u30ec\u306e\u4e0d\u78ba\u5b9f\u6027\u3092\u8ca0\u62c5\u3059\u308b\u5bfe\u4fa1\u3068\u3057\u3066\u3001\u540d\u76ee\u50b5\u306e\u6295\u8cc7\u5bb6\u304c\u6c42\u3081\u308b\u4e0a\u4e57\u305b\u306e\u5229\u56de\u308a\u3002\u30a4\u30f3\u30d5\u30ec\u306e\u4e0d\u78ba\u5b9f\u6027\u304c\u9ad8\u3044\u307b\u3069\u5927\u304d\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Consumption Hedging<\/div>\n<div class=\"ja\">\u6d88\u8cbb\u30d8\u30c3\u30b8<\/div>\n<div class=\"df\">\u666f\u6c17\u304c\u60aa\u304f\u6d88\u8cbb\u304c\u843d\u3061\u8fbc\u3080\u5c40\u9762\u3067\u4fa1\u5024\u304c\u4e0a\u304c\u308b\u8cc7\u7523\u306e\u6027\u8cea\u3002\u682a\u5f0f\u306f\u3053\u306e\u6027\u8cea\u304c\u5f31\u3044\u305f\u3081\u3001\u9ad8\u3044\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u6c42\u3081\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Equity Risk Premium<\/div>\n<div class=\"ja\">\u682a\u5f0f\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0<\/div>\n<div class=\"df\">\u682a\u5f0f\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u3046\u3061\u3001\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u8cc7\u7523\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u4e0a\u56de\u308b\u90e8\u5206\u3002\u666f\u6c17\u5f8c\u9000\u671f\u306b\u62e1\u5927\u3057\u3084\u3059\u3044\u3002<\/div>\n<\/div>\n<h3 id=\"l2-pc-g-lm2\">LM2 Analysis of Active Portfolio Management\uff08\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u5206\u6790\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-pc-lm2\/\">LM2 \u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u5206\u6790<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Active Weight<\/div>\n<div class=\"ja\">\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30a6\u30a8\u30a4\u30c8<\/div>\n<div class=\"df\">\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u304a\u3051\u308b\u8cc7\u7523\u306e\u30a6\u30a8\u30a4\u30c8\u3068\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306b\u304a\u3051\u308b\u30a6\u30a8\u30a4\u30c8\u306e\u5dee\u3002\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30a6\u30a8\u30a4\u30c8\u306e\u5408\u8a08\u306f\u30bc\u30ed\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Value Added<\/div>\n<div class=\"ja\">\u4ed8\u52a0\u4fa1\u5024\uff08\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3\uff09<\/div>\n<div class=\"df\">\u904b\u7528\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u3068\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u5dee\u3002\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30a6\u30a8\u30a4\u30c8\u3068\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u95a2\u4fc2\u304b\u3089\u751f\u307e\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Active Risk<\/div>\n<div class=\"ja\">\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\uff08\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30a8\u30e9\u30fc\uff09<\/div>\n<div class=\"df\">\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u6a19\u6e96\u504f\u5dee\u3002\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u304b\u3089\u3069\u306e\u7a0b\u5ea6\u3070\u3089\u3064\u304f\u304b\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Information Ratio (IR)<\/div>\n<div class=\"ja\">\u30a4\u30f3\u30d5\u30a9\u30e1\u30fc\u30b7\u30e7\u30f3\u30fb\u30ec\u30b7\u30aa\uff08IR\uff09<\/div>\n<div class=\"df\">\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3\u3092\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u3067\u5272\u3063\u305f\u6307\u6a19\u3002\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u306e\u7d44\u5408\u305b\u6bd4\u7387\u3092\u5909\u3048\u3066\u3082\u5024\u306f\u5909\u308f\u3089\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Fundamental Law of Active Management<\/div>\n<div class=\"ja\">\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u57fa\u672c\u6cd5\u5247<\/div>\n<div class=\"df\">\u671f\u5f85\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3\u3084IR\u3092\u3001\u60c5\u5831\u4fc2\u6570\u3001\u6226\u7565\u306e\u30d6\u30ec\u30b9\u3001\u79fb\u8ee2\u4fc2\u6570\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u306b\u5206\u89e3\u3057\u3066\u8868\u3059\u95a2\u4fc2\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Information Coefficient (IC)<\/div>\n<div class=\"ja\">\u60c5\u5831\u4fc2\u6570\uff08IC\uff09<\/div>\n<div class=\"df\">\u4e88\u6e2c\u3057\u305f\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3\u3068\u5b9f\u73fe\u3057\u305f\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30bf\u30fc\u30f3\u3068\u306e\u76f8\u95a2\u3002\u904b\u7528\u8005\u306e\u4e88\u6e2c\u306e\u7cbe\u5ea6\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Breadth (BR)<\/div>\n<div class=\"ja\">\u30d6\u30ec\u30b9\uff08BR\uff09<\/div>\n<div class=\"df\">1\u5e74\u9593\u306b\u884c\u308f\u308c\u308b\u3001\u4e92\u3044\u306b\u72ec\u7acb\u3057\u305f\u30a2\u30af\u30c6\u30a3\u30d6\u306a\u5224\u65ad\u306e\u6570\u3002\u5224\u65ad\u304c\u72ec\u7acb\u3067\u306a\u3051\u308c\u3070\u5b9f\u8cea\u7684\u306a\u30d6\u30ec\u30b9\u306f\u5c0f\u3055\u304f\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Transfer Coefficient (TC)<\/div>\n<div class=\"ja\">\u79fb\u8ee2\u4fc2\u6570\uff08TC\uff09<\/div>\n<div class=\"df\">\u4e88\u6e2c\u304c\u6700\u9069\u306a\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30a6\u30a8\u30a4\u30c8\u306b\u3069\u306e\u7a0b\u5ea6\u53cd\u6620\u3055\u308c\u3066\u3044\u308b\u304b\u3092\u793a\u3059\u4fc2\u6570\u3002\u5236\u7d04\u304c\u306a\u3051\u308c\u30701\u3067\u3001\u30ed\u30f3\u30b0\u30fb\u30aa\u30f3\u30ea\u30fc\u306a\u3069\u306e\u5236\u7d04\u3067\u4f4e\u4e0b\u3059\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l2-pc-g-lm3\">LM3 Exchange-Traded Funds: Mechanics and Applications\uff08ETF\u306e\u4ed5\u7d44\u307f\u3068\u6d3b\u7528\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-pc-lm3\/\">LM3 ETF\u306e\u4ed5\u7d44\u307f\u3068\u6d3b\u7528<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Creation\/Redemption Mechanism<\/div>\n<div class=\"ja\">\u8a2d\u5b9a\u30fb\u4ea4\u63db\u306e\u4ed5\u7d44\u307f<\/div>\n<div class=\"df\">\u6307\u5b9a\u53c2\u52a0\u8005\u304c\u30d0\u30b9\u30b1\u30c3\u30c8\u3068\u5f15\u304d\u63db\u3048\u306bETF\u53d7\u76ca\u6a29\u3092\u8a2d\u5b9a\u3057\u3001\u307e\u305f\u306f\u53d7\u76ca\u6a29\u3092\u8fd4\u5374\u3057\u3066\u30d0\u30b9\u30b1\u30c3\u30c8\u3092\u53d7\u3051\u53d6\u308b\u4ed5\u7d44\u307f\u3002\u4fa1\u683c\u3068NAV\u306e\u4e56\u96e2\u3092\u6291\u3048\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Authorized Participant (AP)<\/div>\n<div class=\"ja\">\u6307\u5b9a\u53c2\u52a0\u8005\uff08AP\uff09<\/div>\n<div class=\"df\">ETF\u306e\u767a\u884c\u4f53\u3068\u76f4\u63a5\u3001\u53d7\u76ca\u6a29\u306e\u8a2d\u5b9a\u30fb\u4ea4\u63db\u3092\u884c\u3046\u3053\u3068\u304c\u8a8d\u3081\u3089\u308c\u305f\u4e00\u90e8\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3002\u88c1\u5b9a\u3092\u901a\u3058\u3066\u4fa1\u683c\u3092NAV\u306b\u8fd1\u3065\u3051\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Tracking Difference<\/div>\n<div class=\"ja\">\u30c8\u30e9\u30c3\u30ad\u30f3\u30b0\u30fb\u30c7\u30a3\u30d5\u30a1\u30ec\u30f3\u30b9<\/div>\n<div class=\"df\">\u4e00\u5b9a\u306e\u4fdd\u6709\u671f\u9593\u306b\u304a\u3051\u308bETF\u306e\u30ea\u30bf\u30fc\u30f3\u3068\u6307\u6570\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u5dee\u3002\u7d4c\u8cbb\u306e\u307b\u304b\u3001\u30b5\u30f3\u30d7\u30ea\u30f3\u30b0\u3084\u6307\u6570\u5909\u66f4\u306a\u3069\u304b\u3089\u751f\u3058\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Representative Sampling<\/div>\n<div class=\"ja\">\u4ee3\u8868\u30b5\u30f3\u30d7\u30ea\u30f3\u30b0<\/div>\n<div class=\"df\">\u6307\u6570\u306e\u5168\u69cb\u6210\u9298\u67c4\u3067\u306f\u306a\u304f\u3001\u6307\u6570\u306e\u7279\u6027\u3092\u4ee3\u8868\u3059\u308b\u4e00\u90e8\u306e\u9298\u67c4\u3092\u4fdd\u6709\u3057\u3066\u6307\u6570\u3078\u306e\u9023\u52d5\u3092\u56f3\u308b\u624b\u6cd5\u3002\u6307\u6570\u3068\u306e\u4e56\u96e2\u306e\u8981\u56e0\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Intraday NAV (iNAV)<\/div>\n<div class=\"ja\">\u63a8\u5b9aNAV\uff08iNAV\uff09<\/div>\n<div class=\"df\">\u53d6\u5f15\u6642\u9593\u4e2d\u306b\u7b97\u51fa\u3055\u308c\u308bETF\u306e\u63a8\u5b9a\u7d14\u8cc7\u7523\u4fa1\u5024\u3002\u58f2\u8cb7\u306e\u76ee\u5b89\u3068\u306a\u308b\u304c\u3001\u53e4\u3044\u4fa1\u683c\u306b\u57fa\u3065\u304f\u3053\u3068\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">ETF Premium\/Discount<\/div>\n<div class=\"ja\">ETF\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u30fb\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/div>\n<div class=\"df\">ETF\u306e\u5e02\u5834\u4fa1\u683c\u304cNAV\u3092\u4e0a\u56de\u308b\u3001\u307e\u305f\u306f\u4e0b\u56de\u308b\u7a0b\u5ea6\u3002\u6642\u5dee\u3084\u539f\u8cc7\u7523\u306e\u6d41\u52d5\u6027\u306e\u4f4e\u3055\u3001\u5e02\u5834\u30b9\u30c8\u30ec\u30b9\u306a\u3069\u3067\u62e1\u5927\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Cash Equitization<\/div>\n<div class=\"ja\">\u30ad\u30e3\u30c3\u30b7\u30e5\u306e\u30a8\u30af\u30a4\u30bf\u30a4\u30bc\u30fc\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u5f85\u6a5f\u8cc7\u91d1\u3092ETF\u306a\u3069\u306b\u6295\u8cc7\u3057\u3066\u5e02\u5834\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u6301\u305f\u305b\u3001\u73fe\u91d1\u4fdd\u6709\u306b\u3088\u308b\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u306e\u4e56\u96e2\u3092\u6291\u3048\u308b\u624b\u6cd5\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Exchange-Traded Note (ETN)<\/div>\n<div class=\"ja\">\u4e0a\u5834\u6295\u8cc7\u8a3c\u5238\uff08ETN\uff09<\/div>\n<div class=\"df\">\u767a\u884c\u4f53\u304c\u6307\u6570\u306a\u3069\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u652f\u6255\u3044\u3092\u7d04\u675f\u3059\u308b\u4e0a\u5834\u306e\u50b5\u52d9\u8a3c\u5238\u3002\u767a\u884c\u4f53\u306e\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u8ca0\u3046\u70b9\u304cETF\u3068\u7570\u306a\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l2-pc-g-lm4\">LM4 Using Multifactor Models\uff08\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u6d3b\u7528\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-pc-lm4\/\">LM4 \u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u6d3b\u7528<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Arbitrage Pricing Theory (APT)<\/div>\n<div class=\"ja\">\u88c1\u5b9a\u4fa1\u683c\u7406\u8ad6\uff08APT\uff09<\/div>\n<div class=\"df\">\u8cc7\u7523\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u8907\u6570\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u3078\u306e\u611f\u5fdc\u5ea6\u306e\u7dda\u5f62\u95a2\u6570\u3068\u3057\u3066\u8868\u3059\u5747\u8861\u7406\u8ad6\u3002\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u7279\u5b9a\u3092\u5fc5\u8981\u3068\u305b\u305a\u3001CAPM\u3088\u308a\u524d\u63d0\u304c\u5f31\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Factor Portfolio<\/div>\n<div class=\"ja\">\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa<\/div>\n<div class=\"df\">\u7279\u5b9a\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u5bfe\u3059\u308b\u611f\u5fdc\u5ea6\u304c1\u3001\u305d\u306e\u4ed6\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u5bfe\u3059\u308b\u611f\u5fdc\u5ea6\u304c0\u3068\u306a\u308b\u3088\u3046\u306b\u7d44\u3093\u3060\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Factor Risk Premium<\/div>\n<div class=\"ja\">\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0<\/div>\n<div class=\"df\">\u7279\u5b9a\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u5bfe\u3057\u3066\u611f\u5fdc\u5ea61\u306e\u30ea\u30b9\u30af\u3092\u8ca0\u3046\u3053\u3068\u3078\u306e\u5bfe\u4fa1\u3068\u3057\u3066\u671f\u5f85\u3055\u308c\u308b\u4e0a\u4e57\u305b\u306e\u30ea\u30bf\u30fc\u30f3\u3002APT\u306e\u5f0f\u3067\u03bb\u3068\u3057\u3066\u8868\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Macroeconomic Factor Model<\/div>\n<div class=\"ja\">\u30de\u30af\u30ed\u7d4c\u6e08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u30a4\u30f3\u30d5\u30ec\u7387\u3084GDP\u6210\u9577\u7387\u306a\u3069\u306e\u30de\u30af\u30ed\u5909\u6570\u306e\u30b5\u30d7\u30e9\u30a4\u30ba\uff08\u5b9f\u7e3e \u2212 \u4e88\u60f3\uff09\u3092\u30d5\u30a1\u30af\u30bf\u30fc\u3068\u3059\u308b\u30e2\u30c7\u30eb\u3002\u611f\u5fdc\u5ea6\u306f\u6642\u7cfb\u5217\u56de\u5e30\u3067\u63a8\u5b9a\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Fundamental Factor Model<\/div>\n<div class=\"ja\">\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u30d0\u30ea\u30e5\u30fc\u3001\u898f\u6a21\u3001\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u306a\u3069\u4f01\u696d\u3084\u682a\u5f0f\u306e\u5c5e\u6027\u3092\u30d5\u30a1\u30af\u30bf\u30fc\u3068\u3059\u308b\u30e2\u30c7\u30eb\u3002\u6a19\u6e96\u5316\u3057\u305f\u5c5e\u6027\u3092\u611f\u5fdc\u5ea6\u3068\u3057\u3066\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Statistical Factor Model<\/div>\n<div class=\"ja\">\u7d71\u8a08\u7684\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u56e0\u5b50\u5206\u6790\u3084\u4e3b\u6210\u5206\u5206\u6790\u306a\u3069\u306e\u7d71\u8a08\u624b\u6cd5\u3067\u30ea\u30bf\u30fc\u30f3\u304b\u3089\u30d5\u30a1\u30af\u30bf\u30fc\u3092\u62bd\u51fa\u3059\u308b\u30e2\u30c7\u30eb\u3002\u5f53\u3066\u306f\u307e\u308a\u306f\u826f\u3044\u304c\u7d4c\u6e08\u7684\u306a\u89e3\u91c8\u304c\u96e3\u3057\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Active Factor Risk<\/div>\n<div class=\"ja\">\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30b9\u30af<\/div>\n<div class=\"df\">\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u611f\u5fdc\u5ea6\u306e\u9055\u3044\u304b\u3089\u751f\u3058\u308b\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u306e\u90e8\u5206\u3002\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30d9\u30c3\u30c8\u306e\u5927\u304d\u3055\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Active Specific Risk<\/div>\n<div class=\"ja\">\u30a2\u30af\u30c6\u30a3\u30d6\u56fa\u6709\u30ea\u30b9\u30af<\/div>\n<div class=\"df\">\u30d5\u30a1\u30af\u30bf\u30fc\u3067\u306f\u8aac\u660e\u3067\u304d\u306a\u3044\u3001\u500b\u5225\u9298\u67c4\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30a6\u30a8\u30a4\u30c8\u304b\u3089\u751f\u3058\u308b\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30ea\u30b9\u30af\u306e\u90e8\u5206\u3002<\/div>\n<\/div>\n<h3 id=\"l2-pc-g-lm5\">LM5 Measuring and Managing Market Risk\uff08\u5e02\u5834\u30ea\u30b9\u30af\u306e\u6e2c\u5b9a\u3068\u7ba1\u7406\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-pc-lm5\/\">LM5 \u5e02\u5834\u30ea\u30b9\u30af\u306e\u6e2c\u5b9a\u3068\u7ba1\u7406<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Value at Risk (VaR)<\/div>\n<div class=\"ja\">\u30d0\u30ea\u30e5\u30fc\u30fb\u30a2\u30c3\u30c8\u30fb\u30ea\u30b9\u30af\uff08VaR\uff09<\/div>\n<div class=\"df\">\u4e00\u5b9a\u306e\u671f\u9593\u306b\u3001\u4e00\u5b9a\u306e\u78ba\u7387\u3067\u767a\u751f\u3059\u308b\u3068\u4e88\u60f3\u3055\u308c\u308b\u6700\u5c0f\u306e\u640d\u5931\u984d\u307e\u305f\u306f\u640d\u5931\u7387\u3002\u640d\u5931\u984d\u3001\u78ba\u7387\u3001\u671f\u9593\u306e3\u8981\u7d20\u3067\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Parametric Method<\/div>\n<div class=\"ja\">\u30d1\u30e9\u30e1\u30c8\u30ea\u30c3\u30af\u6cd5<\/div>\n<div class=\"df\">\u30ea\u30bf\u30fc\u30f3\u304c\u6b63\u898f\u5206\u5e03\u306b\u5f93\u3046\u3068\u4eee\u5b9a\u3057\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u6a19\u6e96\u504f\u5dee\u304b\u3089VaR\u3092\u63a8\u5b9a\u3059\u308b\u65b9\u6cd5\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u306a\u3069\u975e\u7dda\u5f62\u306e\u5546\u54c1\u306b\u306f\u5411\u304b\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Historical Simulation Method<\/div>\n<div class=\"ja\">\u30d2\u30b9\u30c8\u30ea\u30ab\u30eb\u30fb\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u6cd5<\/div>\n<div class=\"df\">\u904e\u53bb\u306e\u5b9f\u969b\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u73fe\u5728\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u5f53\u3066\u306f\u3081\u3066VaR\u3092\u63a8\u5b9a\u3059\u308b\u65b9\u6cd5\u3002\u5206\u5e03\u306e\u4eee\u5b9a\u306f\u4e0d\u8981\u3060\u304c\u904e\u53bb\u304c\u5c06\u6765\u3092\u4ee3\u8868\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Monte Carlo Simulation Method<\/div>\n<div class=\"ja\">\u30e2\u30f3\u30c6\u30ab\u30eb\u30ed\u30fb\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u6cd5<\/div>\n<div class=\"df\">\u4eee\u5b9a\u3057\u305f\u5206\u5e03\u304b\u3089\u591a\u6570\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u4e71\u6570\u3067\u751f\u6210\u3057\u3066VaR\u3092\u63a8\u5b9a\u3059\u308b\u65b9\u6cd5\u3002\u975e\u7dda\u5f62\u5546\u54c1\u306b\u3082\u5bfe\u5fdc\u3067\u304d\u308b\u304c\u8a08\u7b97\u8ca0\u8377\u304c\u5927\u304d\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Conditional VaR (CVaR)<\/div>\n<div class=\"ja\">\u6761\u4ef6\u4ed8\u304dVaR\uff08CVaR\uff09<\/div>\n<div class=\"df\">VaR\u3092\u8d85\u3048\u308b\u640d\u5931\u304c\u751f\u3058\u305f\u5834\u5408\u306e\u5e73\u5747\u7684\u306a\u640d\u5931\u984d\u3002VaR\u3067\u306f\u6349\u3048\u3089\u308c\u306a\u3044\u30c6\u30fc\u30eb\u306e\u5927\u304d\u3055\u3092\u8868\u3059\u3002\u671f\u5f85\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb\u3068\u3082\u547c\u3076\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Incremental VaR (IVaR)<\/div>\n<div class=\"ja\">\u5897\u5206VaR\uff08IVaR\uff09<\/div>\n<div class=\"df\">\u7279\u5b9a\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u8ffd\u52a0\u3001\u524a\u9664\u307e\u305f\u306f\u5909\u66f4\u3057\u305f\u3053\u3068\u306b\u3088\u3063\u3066\u751f\u3058\u308b\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306eVaR\u306e\u5909\u5316\u984d\u3002\u65b0\u898f\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u5f71\u97ff\u8a55\u4fa1\u306b\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Marginal VaR (MVaR)<\/div>\n<div class=\"ja\">\u9650\u754cVaR\uff08MVaR\uff09<\/div>\n<div class=\"df\">\u7279\u5b9a\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u308f\u305a\u304b\u306b\u5909\u5316\u3055\u305b\u305f\u3068\u304d\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306eVaR\u306e\u5909\u5316\u7387\u3002\u30dd\u30b8\u30b7\u30e7\u30f3\u3054\u3068\u306e\u30ea\u30b9\u30af\u5bc4\u4e0e\u306e\u628a\u63e1\u306b\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Reverse Stress Testing<\/div>\n<div class=\"ja\">\u30ea\u30d0\u30fc\u30b9\u30fb\u30b9\u30c8\u30ec\u30b9\u30fb\u30c6\u30b9\u30c8<\/div>\n<div class=\"df\">\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u3068\u3063\u3066\u8010\u3048\u3089\u308c\u306a\u3044\u640d\u5931\u3092\u5148\u306b\u60f3\u5b9a\u3057\u3001\u305d\u308c\u3092\u751f\u3058\u3055\u305b\u308b\u6761\u4ef6\u3084\u30b7\u30ca\u30ea\u30aa\u3092\u9006\u7b97\u3057\u3066\u7279\u5b9a\u3059\u308b\u624b\u6cd5\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Risk Budgeting<\/div>\n<div class=\"ja\">\u30ea\u30b9\u30af\u30fb\u30d0\u30b8\u30a7\u30c3\u30c6\u30a3\u30f3\u30b0<\/div>\n<div class=\"df\">\u7d44\u7e54\u5168\u4f53\u3067\u8a31\u5bb9\u3059\u308b\u30ea\u30b9\u30af\u306e\u7dcf\u91cf\u3092\u6c7a\u3081\u3001\u305d\u308c\u3092\u90e8\u9580\u3084\u904b\u7528\u8005\u3001\u6226\u7565\u3054\u3068\u306b\u914d\u5206\u3057\u3066\u7ba1\u7406\u3059\u308b\u624b\u6cd5\u3002\u30ea\u30b9\u30af\u8cc7\u672c\u306e\u914d\u5206\u306b\u3082\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l2-pc-g-lm6\">LM6 Backtesting and Simulation\uff08\u30d0\u30c3\u30af\u30c6\u30b9\u30c8\u3068\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-pc-lm6\/\">LM6 \u30d0\u30c3\u30af\u30c6\u30b9\u30c8\u3068\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Backtesting<\/div>\n<div class=\"ja\">\u30d0\u30c3\u30af\u30c6\u30b9\u30c8<\/div>\n<div class=\"df\">\u904e\u53bb\u306e\u30c7\u30fc\u30bf\u3092\u7528\u3044\u3066\u6295\u8cc7\u6226\u7565\u3092\u5b9f\u969b\u306b\u904b\u7528\u3057\u305f\u304b\u306e\u3088\u3046\u306b\u518d\u73fe\u3057\u3001\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u7279\u6027\u3092\u8a55\u4fa1\u3059\u308b\u624b\u6cd5\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Rolling Window Backtesting<\/div>\n<div class=\"ja\">\u30ed\u30fc\u30ea\u30f3\u30b0\u30fb\u30a6\u30a3\u30f3\u30c9\u30a6\u30fb\u30d0\u30c3\u30af\u30c6\u30b9\u30c8<\/div>\n<div class=\"df\">\u305d\u306e\u6642\u70b9\u307e\u3067\u306e\u30c7\u30fc\u30bf\u3067\u30e2\u30c7\u30eb\u3092\u63a8\u5b9a\u3057\u3001\u6b21\u306e\u671f\u9593\u3067\u691c\u8a3c\u3059\u308b\u4f5c\u696d\u3092\u3001\u63a8\u5b9a\u671f\u9593\u3092\u305a\u3089\u3057\u306a\u304c\u3089\u7e70\u308a\u8fd4\u3059\u65b9\u5f0f\u3002\u30a6\u30a9\u30fc\u30af\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u3068\u3082\u547c\u3076\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Survivorship Bias<\/div>\n<div class=\"ja\">\u751f\u5b58\u8005\u30d0\u30a4\u30a2\u30b9<\/div>\n<div class=\"df\">\u5206\u6790\u6642\u70b9\u3067\u5b58\u7d9a\u3057\u3066\u3044\u308b\u4f01\u696d\u3084\u30d5\u30a1\u30f3\u30c9\u306e\u307f\u3092\u5bfe\u8c61\u3068\u3059\u308b\u3053\u3068\u3067\u3001\u6d88\u6ec5\u3057\u305f\u5bfe\u8c61\u304c\u9664\u5916\u3055\u308c\u3001\u6210\u679c\u304c\u904e\u5927\u306b\u8a55\u4fa1\u3055\u308c\u308b\u504f\u308a\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Look-Ahead Bias<\/div>\n<div class=\"ja\">\u5148\u8aad\u307f\u30d0\u30a4\u30a2\u30b9<\/div>\n<div class=\"df\">\u305d\u306e\u6642\u70b9\u3067\u306f\u5165\u624b\u3067\u304d\u306a\u304b\u3063\u305f\u60c5\u5831\u3092\u7528\u3044\u3066\u5206\u6790\u3059\u308b\u3053\u3068\u3067\u751f\u3058\u308b\u504f\u308a\u3002\u6c7a\u7b97\u306e\u516c\u8868\u9045\u308c\u3084\u4e8b\u5f8c\u4fee\u6b63\u3055\u308c\u305f\u30c7\u30fc\u30bf\u304c\u539f\u56e0\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Data Snooping<\/div>\n<div class=\"ja\">\u30c7\u30fc\u30bf\u30fb\u30b9\u30cc\u30fc\u30d4\u30f3\u30b0<\/div>\n<div class=\"df\">\u591a\u6570\u306e\u4eee\u8aac\u3084\u30e2\u30c7\u30eb\u3092\u8a66\u3057\u3001\u5076\u7136\u826f\u3044\u7d50\u679c\u304c\u51fa\u305f\u3082\u306e\u3092\u9078\u3076\u3053\u3068\u3067\u3001\u6226\u7565\u306e\u6709\u52b9\u6027\u3092\u904e\u5927\u8a55\u4fa1\u3057\u3066\u3057\u307e\u3046\u554f\u984c\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Tail Dependence<\/div>\n<div class=\"ja\">\u30c6\u30fc\u30eb\u4f9d\u5b58\u6027<\/div>\n<div class=\"df\">\u6975\u7aef\u306a\u4e0b\u843d\u306a\u3069\u306e\u30c6\u30fc\u30eb\u5c40\u9762\u3067\u3001\u8907\u6570\u306e\u8cc7\u7523\u3084\u30d5\u30a1\u30af\u30bf\u30fc\u304c\u540c\u6642\u306b\u5927\u304d\u304f\u52d5\u304f\u50be\u5411\u3002\u5e73\u5e38\u6642\u306e\u76f8\u95a2\u3067\u306f\u6349\u3048\u306b\u304f\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Regime<\/div>\n<div class=\"ja\">\u30ec\u30b8\u30fc\u30e0<\/div>\n<div class=\"df\">\u666f\u6c17\u62e1\u5927\u671f\u3068\u5f8c\u9000\u671f\u3001\u9ad8\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u671f\u3068\u4f4e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u671f\u306a\u3069\u3001\u5e02\u5834\u3084\u7d4c\u6e08\u306e\u6027\u8cea\u304c\u7570\u306a\u308b\u5c40\u9762\u3002\u6226\u7565\u306e\u6210\u679c\u3092\u5c40\u9762\u5225\u306b\u8a55\u4fa1\u3059\u308b\u969b\u306e\u533a\u5206\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Bootstrapping (Simulation)<\/div>\n<div class=\"ja\">\u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\uff08\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff09<\/div>\n<div class=\"df\">\u904e\u53bb\u306e\u30c7\u30fc\u30bf\u304b\u3089\u5fa9\u5143\u62bd\u51fa\u3092\u7e70\u308a\u8fd4\u3057\u3066\u30b7\u30ca\u30ea\u30aa\u3092\u751f\u6210\u3059\u308b\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u624b\u6cd5\u3002\u5206\u5e03\u306e\u95a2\u6570\u5f62\u3092\u4eee\u5b9a\u3059\u308b\u5fc5\u8981\u304c\u306a\u3044\u3002<\/div>\n<\/div>\n<h2>\u3042\u308f\u305b\u3066\u4f7f\u3044\u305f\u3044\u30da\u30fc\u30b8<\/h2>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l2-pc-formulas\/\">CFA\u00ae\ufe0e Level 2 Portfolio Construction \u516c\u5f0f\u96c6\uff08\u8a18\u53f7\u306e\u610f\u5473\u3068\u4f7f\u3044\u3069\u3053\u308d\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-level2-glossary\/\">CFA\u00ae\ufe0e Level 2 \u7528\u8a9e\u96c6\uff08\u5168\u79d1\u76ee\u306e\u4e00\u89a7\uff09<\/a><\/li>\n<li><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><\/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\u3001\u7528\u8a9e\u3084\u516c\u5f0f\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<li><a href=\"https:\/\/triumphmind.com\/cfa\/side_by_side\/\" target=\"_blank\" rel=\"noopener\">Level 2 Leveraged Support Course\uff08\u7528\u8a9e\u96c6\u30fb\u516c\u5f0f\u96c6\u306e\u6574\u7406\u8cc7\u6599\u3064\u304d\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 2 Portfolio Construction\uff08\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\uff09\u306e\u91cd\u8981\u7528\u8a9e49\u8a9e\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306e\u5358\u5143\uff08LM\uff09\u5225\u306b\u3001\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\u306e3\u70b9\u30bb\u30c3\u30c8\u3067\u6574\u7406\u3057\u305f\u7528\u8a9e\u96c6\u3067\u3059\u3002<\/p>\n","protected":false},"author":1,"featured_media":11617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[101],"tags":[],"class_list":["post-11441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-glossary"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11441","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=11441"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11441\/revisions"}],"predecessor-version":[{"id":11562,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11441\/revisions\/11562"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11617"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}