NO.PZ201812020100000308
问题如下：
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：
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.
这句话实际上是说：Open-ended mutual fund投资者可以从基金公司以NAV赎回基金，相比而言，ETF的优势就是他还可以像股票一样在二级市场交易，因为是二级市场交易，交易价格非常有可能偏离NAV（Discount/Premium），但好处就是可以在二级市场的交易时间内（Tradng day）随时交易。而不像Mutual fund，完成交易需要等待几天。'
1.有没有说ETF一定是discount啊？
2.Reason 1不对的原因是不是total return swap没有initial cash flow只中间交换现金流？
3.我记得有一种交易是期初也需要交换，是哪种啊？
