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qyang · 2022年06月20日

请再解释一下答案

NO.PZ2018120301000020

问题如下:

After providing Trey with advice on direct investment, Serena offered him additional information on alternative indirect investment strategies using (1) bond mutual funds, (2) exchange-traded funds (ETFs), and (3) total return swaps.

Trey expresses interest in using bond mutual funds rather than the other strategies for the following reasons.

1. Reason 1: Total return swaps have much higher transaction costs and initial cash outlay than bond mutual funds.

2. Reason 2: Unlike bond mutual funds, bond ETFs can trade at discounts to their underlying indexes, and those discounts can persist.

3. Reason 3: Bond mutual funds can be traded throughout the day at the net asset value of the underlying bonds.

Which of Trey’s reasons for choosing bond mutual funds as an investment vehicle is correct?

选项:

A.

Reason 1

B.

Reason 2

C.

Reason 3

解释:

Correct Answer: B

B is correct. Although a significant spread between the market price of the underlying fixed-income securities portfolio and an ETF’s NAV should drive an authorized participant to engage in arbitrage, many fixed-income securities are either thinly traded or not traded at all. This situation might allow such a divergence to persist.

给出的解释好像语法有错,还是不是很清楚,可以再解释一下吗? 谢谢!

2 个答案
已采纳答案

pzqa015 · 2022年06月28日

嗨,从没放弃的小努力你好:




ETF有value和price,value是NAV,price是它实时交易的价格,这句话说,ETF可以以低于它对应indexes的价格来交易,意思就是说它的price可能会低于NAV,这是没问题的,且这种价差可以持续。正是因为这种价差的存在,才会让ETF的AP有套利空间,进而有动力来做AP。

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加油吧,让我们一起遇见更好的自己!

pzqa015 · 2022年06月20日

嗨,努力学习的PZer你好:


Reason1:错在后半段“have much higher initial cash outlay than bond mutual funds”,total return swap只交换期间现金流,期初没有initial cash outlayha 。

Reason2:B选项是正确的哈,是ETF的特点,当成结论记一下吧。

Reason3:错在mutual funds可以trade throughout the day,这是ETF的特点,可以在日间交易,mutual fund只能在日终收盘后买入或卖出,第二个交易日确认净值。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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