FRM公式对于备考中的考生重要吗？这是备考FRM中所遇到考生咨询zui多的问题，因为在考试中有大量的计算题，因此，FRM公式是很重要的，考生一定要熟记并且会熟练运用！
Delta-Neutral Hedging：》》》戳：免费领取FRM各科视频讲义+历年真题+21年原版书（PDF版）
•To completely hedge a long stock/short call position, purchase shares of stock equal to delta x number of options sold.
•Only appropriate for small changes in the value of the underlying asset.
•Gamma can correct hedging error by protecting against large movements in asset price.
•Gamma-neutral positions are created by matching portfolio gamma with an offsetting option position.
Yield to Maturity (YTM)：》》》点我咨询21年FRM备考技巧
The YTM of a fixed-income security is equivalent to its internal rate of return. The YTM is the
discount rate that equates the present value of all cash flows associated with the instrument to its price. The yield to maturity assumes cash flows will be reinvested at the YTM and assumes that the bond will be held until maturity.
Relationship Between YTM and Coupon：
The bond with the smaller coupon will be more sensitive to interest rate changes. With all else being equal.【资料下载】[融跃财经]FRM一级ya题-pdf版
• the lower the coupon rate, the greater the interest rate risk.
• the higher the coupon rate, the lower the interest rate risk.
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