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15288973619 · 2023年08月08日

c

NO.PZ2023032703000053

问题如下:

Serena Soto is a risk management specialist with Liability Protection Advisors. Trey Hudgens, CFO of Kiest Manufacturing, enlists Soto’s help with three projects. The third project for Soto is to make a significant direct investment in broadly diversified global bonds for Kiest’s pension plan.

After providing Hudgens with advice on direct investment, Soto offered him additional information on alternative indirect investment strategies using (1) bond mutual funds, (2) exchange-traded funds (ETFs), and (3) total return swaps. Hudgens expresses interest in using bond mutual funds rather than the other strategies for the following reasons.

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

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

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

Which of Hudgens’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 to a much greater degree for a bond ETF than might be the case in the equity market.

出C 为什么不对

1 个答案

pzqa31 · 2023年08月09日

嗨,爱思考的PZer你好:


C错在Throughout the day。

共同基金的交易对手方是基金公司,投资者通过申购、赎回进行基金份额的交易。一般交易有一个Time-lag,我们原版书是给了1天的时滞,也就是今天赎回,每天才能到账。所以不是日内交易(不是Trading throughout the day)。

和他相对应的是ETF,ETF可以像股票一样在二级市场交易,交易对手方是市场上的其他投资者,所以可以实现日内交易(Throughout the day).

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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