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CMFAS M8A Collective Investment Schemes II｜Complete Exam Prep Guide
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121 題 8/22/2026
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Free CMFAS M8A practice with explanations. Covers structured products, risk considerations, derivati…
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免費體驗 20 題A structured product offers one-for-one participation in gains of an underlying asset and no capital floor. Which description best fits those stated terms?
An investor enters into a forward contract when the forward price is $3 and the spot price is $5. The investor is said to be paying at a:
Using basis = cash price − futures price, what is the basis when cash is US$97.10 and futures is US$97.40?
A put has strike price US$3.10 and the underlying market price is US$3.10. What is its intrinsic value?
Which instrument naturally generates scheduled contractual interest cash flows that could help fund regular payouts?
Initial margin is S$2,500 and maintenance margin is S$2,000. Ignoring other adjustments, what loss uses up the entire margin cushion?
A call warrant has a strike price of $2.10 while the underlying asset trades at $2.50. Ignoring any conversion ratio, what is its intrinsic value per warrant?
A structured product manager uses S$60 of each S$100 subscription to buy a zero-coupon bond that is intended to pay S$100 at the product's maturity. Ignoring fees and other costs, what upfront amount remains for the payoff-generating component?
An investor buys one US-dollar-denominated equity-index futures contract at 2,550 points. The stated contract multiplier is US$100 per point and US$1 = S$1.35. The futures price later falls to 2,300 points. Assuming the exchange rate is unchanged, what is the investor's profit or loss in Singapore dollars?
A call option has a strike price of $55 when the underlying market price is $50. What is the option's moneyness, and should the holder exercise it solely for intrinsic value?
A long CFD is opened at the US$565.25 offer for 100 units and closed one day later at the US$593.43 bid. Commission is 0.15% on each trade and the contract states a one-day financing rate of 2.25%/365 on opening notional. What is the nearest net profit?
A Singapore equity portfolio is worth S$3,000,000 and has a beta of 1.3 to its reference index. For this hedge calculation, the relevant index futures price is 1,800 and the stated contract multiplier is S$10 per point. Approximately how many futures contracts should the manager sell to hedge the portfolio?
January futures price for gold is US$1300 per troy ounce, while the spot price is US$1200 per troy ounce. The basis is:
A 9-month oil forward is S$120 while spot is S$115. How is the observed forward differential described?
Carol buys 1,000 shares at $10 each and writes one covered call over all 1,000 shares with a strike price of $13. If the share price rises to $16 and the shares are called away, what is her capital gain on the shares, excluding the unstated option premium?
A bank-issued structured product promises S$12,000 principal at maturity, but the issuer enters liquidation before maturity and no independent guarantee applies. What should the investor expect?
Which product is a bank deposit with returns linked to an underlying asset or formula and exposes the depositor to the issuing bank’s credit?
All else equal, what is the usual trade-off when a structured certificate allocates more value to downside protection?
A bank says it will redeem a five-year structured deposit after 3.25 years and return full capital. What should the investor check to understand why and what is payable?
Megan buys a put option on Alpha Corp. shares for a premium of $1, with an exercise price of $8. Over three days, the share price falls from $7 to $5. What is the percentage change in the intrinsic value of the option?
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