{"id":40219,"date":"2024-08-11T17:32:17","date_gmt":"2024-08-11T17:32:17","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=40219"},"modified":"2026-08-07T10:18:18","modified_gmt":"2026-08-07T10:18:18","slug":"using-derivatives-to-achieve-targeted-equity","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/using-derivatives-to-achieve-targeted-equity\/","title":{"rendered":"Using Derivatives to Achieve Targeted Equity"},"content":{"rendered":"<p><script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Deepak Krocha engages in systematic volatility-selling strategies on the S&P 500 Index. He has sold a one-year variance swap on the S&P 500 with a notional value of $75,000 vega, structured at a strike level of 25% (expressed as annual volatility). After six months, the S&P 500 has seen a realized volatility of 18% annually. On this same day, the market fair strike for a new six-month variance swap on the S&P 500 stands at 22%. Determine the current value of the variance swap sold by Krocha (note that the annual interest rate is 3.5%).\",\n    \"text\": \"Options:\\nA. -$325,798.\\nB. $325,798.\\nC. $327,000.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is A. The variance swap value is calculated as: Variance notional \u00d7 PV factor \u00d7 { (t\/T \u00d7 realized volatility\u00b2) + ((T\u2212t)\/T \u00d7 implied volatility\u00b2) \u2212 strike\u00b2 }. The volatility strike is 25%, giving a variance strike of 625. The realized volatility contribution is 18%\u00b2 = 324, and the implied volatility contribution for the remaining period is 22%\u00b2 = 484. With t = 6 months, T = 12 months, and a present value interest factor of approximately 0.9828, the current swap value is approximately -$325,798. Although the contract value is negative from the swap valuation perspective, Krocha is the seller (short position), so the mark-to-market value is favorable to him by approximately $325,798.\"\n    }\n  }\n}\n<\/script><\/p>\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/wRBWKK69oS0\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2>Equity Swaps<\/h2>\n<p>Equity swaps offer a valuable solution for clients who wish to capitalize on the appreciation of their stocks but are not yet ready to sell. This situation may arise due to concerns about increasing tax costs from selling. Instead of selling the stock, clients can enter into an equity swap to exchange the total return of their stock position for a different fixed, floating, or index return. This allows them to benefit from their stock&#8217;s value without immediate selling.<\/p>\n<p><strong>Example:<\/strong><\/p>\n<p>A client holds a long-standing position in Sears &amp; Roebuck Corporation inherited from their family. The holding has appreciated to $350 per share over time. While the client wishes to diversify their portfolio, they are reluctant to sell the shares. To achieve this, the client can consider an equity swap where they pay the total return (including dividends and capital gains) in exchange for a fixed rate, such as 4.5% annually. For instance, if the stock provides $6.00 in dividends and $6.00 in capital appreciation during the first six months:<\/p>\n<p>$6.00 + $6.00 \/ $350 = 3.43% return.<\/p>\n<p>The 4.5% annual rate would equal a 2.25% return over six months, bringing the amount to:<\/p>\n<p>The calculation for the payment to the client&#8217;s counterparty is as follows: \\((3.43\\% &#8211; 2.25\\%) \\times \\$350 = \\$4.13 \\) per share. With a holding of 100,000 shares, the total payment would amount to $413,000. It&#8217;s important to note that if the shares had underperformed the fixed annual rate, the payment direction would have been reversed, with the counterparty paying the client instead.<\/p>\n<div style=\"text-align: center; margin: 28px 0;\"><a style=\"display: inline-block; padding: 14px 28px; border-radius: 9999px; background: #1a73e8; color: #ffffff; font-size: 16px; font-weight: 500; line-height: 1.2; text-decoration: none;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"> Explore targeted equity strategies using derivatives with our Free Trial. <\/a><\/div>\n<h2>Cash Equitization<\/h2>\n<p>Cash equitization refers to a process in which investors have significant cash positions and wish to increase the yield on these assets. The term \u201cequitizing\u201d refers to converting cash into equity. In this approach, investors purchase derivatives to increase the beta of their holdings, thus aiming to benefit from potential market gains. Forwards, futures, and options are utilized as they offer leverage, allowing investors to acquire the desired equity exposure with only a portion of the total value. This concept is similar to pre-investing, or getting a head start in the markets when an investor knows they will soon receive wealth.<\/p>\n<p><strong>Example:<\/strong><\/p>\n<p>An investor expects to receive $11,000,000 from a recent lawsuit at the end of the year. They have discussed this with their financial advisor. Instead of immediately using the entire $11,000,000, the investor and the client prefer to keep the principal invested in cash notes. However, they want to replicate a $11,000,000 portfolio using futures contracts. The selected near-term index contracts have a price of $8,200, and each contract is valued at $10 per index point, making the total contract worth $82,000.<\/p>\n<p><strong>The formula for calculating exposure:<\/strong><\/p>\n<p>$$ N_f = \\left( \\frac {B_T}{B_f}\\right) \\times \\left(\\frac {S}{F} \\right) $$<\/p>\n<p><strong>Where:<\/strong><\/p>\n<p>\\(N_f\\) = The number of futures contracts.<\/p>\n<p>\\(B_T\\) = Target beta of the portfolio.<\/p>\n<p>\\(B_f\\) = Beta of a futures contract.<\/p>\n<p>\\(S\\) = Size of the portfolio ($&#8217; s).<\/p>\n<p>\\(F\\) = Price of a futures contract.<\/p>\n<p>\\(N_f = \\left(\\frac {1.0}{1.0} \\right) \\times \\left(\\frac {\\$11,000,000}{\\$82,000} \\right) = 134.14.\\) The advisor should purchase 134 contracts on the index to replicate a $11,000,000 investment in the underlying.<\/p>\n<blockquote>\n<h2>Question<\/h2>\n<p>An investor is approaching retirement and has accumulated a significant position in his company&#8217;s stock (Ticker: KPO), which trades on the ESP 500 Exchange. Anticipating a lower tax bracket in the coming years, he wants to hedge his position without selling the stock. The <em>least likely<\/em> strategy for this investor involves:<\/p>\n<ol type=\"A\">\n<li>Selling futures on KPO Stock.<\/li>\n<li>Buying futures on KPO.<\/li>\n<li>A pay KPO; Receive ESP 500 swap.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p><strong>The correct answer is B.<\/strong><\/p>\n<p>In this scenario, the investor wants to hedge his position in the stock to mitigate potential losses. The most suitable strategy for achieving this hedge is to buy futures on the stock. By buying futures, the investor can protect himself against a decline in the stock&#8217;s value. This is because gains in the long futures position will offset stock price losses. Therefore, option B is the least appropriate strategy, while options A and C could be effective in this situation.<\/p>\n<\/blockquote>\n<p><strong>Derivatives and Risk Management: Learning Module 2: Swaps, Forwards, and Futures Strategies;<\/strong> Los 2(e) Demonstrate the use of derivatives to achieve targeted equity and interest rate risk exposures<\/p>\n<div style=\"text-align: center; margin: 32px 0;\"><a style=\"display: inline-block; padding: 14px 26px; border-radius: 9999px; background: #1a73e8; color: #ffffff; font-size: 16px; font-weight: 600; line-height: 1.2; text-decoration: none;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"> Start Free Trial \u2192 <\/a><\/p>\n<p style=\"max-width: 720px; margin: 28px auto 0; font-size: 16px; line-height: 1.6; text-align: center;\">Strengthen your understanding of equity derivatives, cash equitization, portfolio exposure management, and targeted equity strategies with CFA Level III study notes, practice questions, mock exams, and video lessons.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Equity Swaps Equity swaps offer a valuable solution for clients who wish to capitalize on the appreciation of their stocks but are not yet ready to sell. This situation may arise due to concerns about increasing tax costs from selling&#8230;.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[571],"tags":[],"class_list":["post-40219","post","type-post","status-publish","format-standard","hentry","category-cfa-level-iii","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Using Derivatives for Targeted Equity Exposure | CFA L3<\/title>\n<meta name=\"description\" content=\"Learn how equity derivatives, basket swaps, and equitization strategies help investors manage exposure, hedge positions, and invest cash efficiently.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/using-derivatives-to-achieve-targeted-equity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Using Derivatives for Targeted Equity Exposure | CFA L3\" \/>\n<meta property=\"og:description\" content=\"Learn how equity derivatives, basket swaps, and equitization strategies help investors manage exposure, hedge positions, and invest cash efficiently.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/using-derivatives-to-achieve-targeted-equity\/\" \/>\n<meta property=\"og:site_name\" content=\"CFA, FRM, and Actuarial Exams Study Notes\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-11T17:32:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-07T10:18:18+00:00\" \/>\n<meta name=\"author\" content=\"Nicolas Joyce\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nicolas Joyce\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-iii\\\/using-derivatives-to-achieve-targeted-equity\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-iii\\\/using-derivatives-to-achieve-targeted-equity\\\/\"},\"author\":{\"name\":\"Nicolas Joyce\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/#\\\/schema\\\/person\\\/393e8b0a7757cde1d197fb0c060af25f\"},\"headline\":\"Using Derivatives to Achieve Targeted Equity\",\"datePublished\":\"2024-08-11T17:32:17+00:00\",\"dateModified\":\"2026-08-07T10:18:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-iii\\\/using-derivatives-to-achieve-targeted-equity\\\/\"},\"wordCount\":727,\"articleSection\":[\"Level III of the CFA\u00ae Program\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-iii\\\/using-derivatives-to-achieve-targeted-equity\\\/\",\"url\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-iii\\\/using-derivatives-to-achieve-targeted-equity\\\/\",\"name\":\"Using Derivatives for Targeted Equity Exposure | CFA L3\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/#website\"},\"datePublished\":\"2024-08-11T17:32:17+00:00\",\"dateModified\":\"2026-08-07T10:18:18+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/#\\\/schema\\\/person\\\/393e8b0a7757cde1d197fb0c060af25f\"},\"description\":\"Learn how equity derivatives, basket swaps, and equitization strategies help investors manage exposure, hedge positions, and invest cash efficiently.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-iii\\\/using-derivatives-to-achieve-targeted-equity\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-iii\\\/using-derivatives-to-achieve-targeted-equity\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-iii\\\/using-derivatives-to-achieve-targeted-equity\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Using Derivatives to Achieve Targeted Equity\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/#website\",\"url\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/\",\"name\":\"CFA, FRM, and Actuarial Exams Study Notes\",\"description\":\"Question Bank and Study Notes for the CFA, FRM, and Actuarial exams\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/#\\\/schema\\\/person\\\/393e8b0a7757cde1d197fb0c060af25f\",\"name\":\"Nicolas Joyce\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/684508c19e959bb01da12a9dc741428f559e4e5df43fc41ed68efa7f2d3b2b9d?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/684508c19e959bb01da12a9dc741428f559e4e5df43fc41ed68efa7f2d3b2b9d?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/684508c19e959bb01da12a9dc741428f559e4e5df43fc41ed68efa7f2d3b2b9d?s=96&d=mm&r=g\",\"caption\":\"Nicolas Joyce\"},\"url\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/author\\\/kajal\\\/\"}]}<\/script>\n<meta property=\"og:video\" content=\"https:\/\/www.youtube.com\/embed\/wRBWKK69oS0\" \/>\n<meta property=\"og:video:type\" content=\"text\/html\" \/>\n<meta property=\"og:video:duration\" content=\"3400\" \/>\n<meta property=\"og:video:width\" content=\"480\" \/>\n<meta property=\"og:video:height\" content=\"270\" \/>\n<meta property=\"ya:ovs:adult\" content=\"false\" \/>\n<meta property=\"ya:ovs:upload_date\" content=\"2024-08-11T17:32:17+00:00\" \/>\n<meta property=\"ya:ovs:allow_embed\" content=\"true\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Using Derivatives for Targeted Equity Exposure | CFA L3","description":"Learn how equity derivatives, basket swaps, and equitization strategies help investors manage exposure, hedge positions, and invest cash efficiently.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/using-derivatives-to-achieve-targeted-equity\/","og_locale":"en_US","og_type":"article","og_title":"Using Derivatives for Targeted Equity Exposure | CFA L3","og_description":"Learn how equity derivatives, basket swaps, and equitization strategies help investors manage exposure, hedge positions, and invest cash efficiently.","og_url":"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/using-derivatives-to-achieve-targeted-equity\/","og_site_name":"CFA, FRM, and Actuarial Exams Study Notes","article_published_time":"2024-08-11T17:32:17+00:00","article_modified_time":"2026-08-07T10:18:18+00:00","author":"Nicolas Joyce","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Nicolas Joyce","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/using-derivatives-to-achieve-targeted-equity\/#article","isPartOf":{"@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/using-derivatives-to-achieve-targeted-equity\/"},"author":{"name":"Nicolas Joyce","@id":"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/393e8b0a7757cde1d197fb0c060af25f"},"headline":"Using Derivatives to Achieve Targeted Equity","datePublished":"2024-08-11T17:32:17+00:00","dateModified":"2026-08-07T10:18:18+00:00","mainEntityOfPage":{"@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/using-derivatives-to-achieve-targeted-equity\/"},"wordCount":727,"articleSection":["Level III of the CFA\u00ae Program"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/using-derivatives-to-achieve-targeted-equity\/","url":"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/using-derivatives-to-achieve-targeted-equity\/","name":"Using Derivatives for Targeted Equity Exposure | CFA L3","isPartOf":{"@id":"https:\/\/analystprep.com\/study-notes\/#website"},"datePublished":"2024-08-11T17:32:17+00:00","dateModified":"2026-08-07T10:18:18+00:00","author":{"@id":"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/393e8b0a7757cde1d197fb0c060af25f"},"description":"Learn how equity derivatives, basket swaps, and equitization strategies help investors manage exposure, hedge positions, and invest cash efficiently.","breadcrumb":{"@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/using-derivatives-to-achieve-targeted-equity\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/using-derivatives-to-achieve-targeted-equity\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-iii\/using-derivatives-to-achieve-targeted-equity\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/analystprep.com\/study-notes\/"},{"@type":"ListItem","position":2,"name":"Using Derivatives to Achieve Targeted Equity"}]},{"@type":"WebSite","@id":"https:\/\/analystprep.com\/study-notes\/#website","url":"https:\/\/analystprep.com\/study-notes\/","name":"CFA, FRM, and Actuarial Exams Study Notes","description":"Question Bank and Study Notes for the CFA, FRM, and Actuarial exams","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/analystprep.com\/study-notes\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/393e8b0a7757cde1d197fb0c060af25f","name":"Nicolas Joyce","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/684508c19e959bb01da12a9dc741428f559e4e5df43fc41ed68efa7f2d3b2b9d?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/684508c19e959bb01da12a9dc741428f559e4e5df43fc41ed68efa7f2d3b2b9d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/684508c19e959bb01da12a9dc741428f559e4e5df43fc41ed68efa7f2d3b2b9d?s=96&d=mm&r=g","caption":"Nicolas Joyce"},"url":"https:\/\/analystprep.com\/study-notes\/author\/kajal\/"}]},"og_video":"https:\/\/www.youtube.com\/embed\/wRBWKK69oS0","og_video_type":"text\/html","og_video_duration":"3400","og_video_width":"480","og_video_height":"270","ya_ovs_adult":"false","ya_ovs_upload_date":"2024-08-11T17:32:17+00:00","ya_ovs_allow_embed":"true"},"_links":{"self":[{"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/posts\/40219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/comments?post=40219"}],"version-history":[{"count":4,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/posts\/40219\/revisions"}],"predecessor-version":[{"id":45192,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/posts\/40219\/revisions\/45192"}],"wp:attachment":[{"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/media?parent=40219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/categories?post=40219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/tags?post=40219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}