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六姑娘 · 2023年08月08日

请问B选项有哪里讲义提到吗?为什么是这样的情况?

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

B.

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

C.

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.

请问B选项有哪里讲义提到吗?为什么是这样的情况?

1 个答案

王园圆_品职助教 · 2023年08月08日

同学你好,B选项是close-end fund的特征而非open-end fund的,请看以下讲义截图黄色部分

因为封闭式基金在运作期间,基金公司并不会允许投资者赎回或是新买入基金,所以投资者只能在二级市场上自己交易已经购入的封闭式基金的基金份额,此时如果二级市场投资者认为封闭式基金流动性不足或价值偏高,那交易价格相对NAV就会有折价;反之,如果投资者认为NAV被低估了,那交易价格就会有溢价