提问

问题如下：

An investment that tracks the S&P 500 stock market index is the Standard & Poor’s Depositary Receipts (SPDRs). Which of the following statements is correct?

选项：

A.

Purchases and sales of SPDRs during an average trading day are best described as primary market transactions in a pooled investment.

B.

Purchases and sales of SPDRs during an average trading day are best described as secondary market transactions in a pooled investment.

C.

Purchases and sales of SPDRs during an average trading day are best described as secondary market transactions in an actively managed investment.

解释：

B is correct.

SPDRs is a pooled investment vehicle and trading in the secondary market.

考点：Non-domestic Equity Securities

SPDRs是跟踪标普500指数的存托凭证，简单来说你买SPDR，就相当于买标普500指数了，所以它属于（pooled investment vehicles）一篮子证券的集合理财产品而非买卖单一股票。这道题就是问关于你买卖SPDRs这个交易，下列描述正确的是？

A：买卖SPDRs可以被看作是在一级市场买卖集合理财产品

B：买卖SPDRs可以被看作是在二级市场买卖集合理财产品

C：买卖SPDRs可以被看作是在二级市场做主动投资

第一个考点是需要区分一级市场和二级市场，我们知道一级市场是证券发行的市场，二级市场才是证券交易的市场，所以A肯定不选。第二题干很明确说SPDRs是一个被动追踪大盘指数的证券（买SPDRs就相当于买指数了），所以C说主动投资就可以排除了。