NO.PZ2023040301000015
问题如下：
A friend has asked you to explain the differences between open-end and closed-end funds. Which of the following will you most likely include in your explanation?
选项：
A.Closed-end funds are unavailable to new investors
When investors sell the shares of an open-end fund, they can receive a discount or a premium to the fund’s net asset value
When selling shares, investors in an open-end fund sell the shares back to the fund whereas investors in a closed-end fund sell the shares to others in the secondary market
解释：
When investors want to sell their shares, investors of an open-end fund sell the shares back to the fund whereas investors of a closed-end fund sell the shares to others in the secondary market. Closed-end funds are available to new investors but they must purchase shares in the fund in the secondary market. The shares of a closed-end fund trade at a premium or discount to net asset value.
c答案不理解，特别是前面关于开放式基金的说法，When investors want to sell their shares, investors of an open-end fund sell the shares back to the fund whereas investors of a closed-end fund sell the shares to others in the secondary market.
