NO.PZ2023010903000021
问题如下：
At the next board meeting, Cullen begins by introducing passive investing to Sapphire’s board. He states that open-end mutual funds and exchange-traded funds (ETFs) are appropriate approaches. Both alternatives are readily available, offer a broad spectrum of investment choices, and are easy to buy and sell. He makes the following comments comparing the two alternatives.
l 1 Both mutual funds and ETFs can be purchased on margin.
l 2 Investors can take short positions in ETFs but not in mutual funds.
l 3 Both mutual funds and ETFs have the same degree of liquidity.
In comparing mutual funds and ETFs, Cullen is most accurate in:
选项：
A.
Comment 1
B.
Comment 2
C.
Comment 3
解释：
Only ETF investors can take short positions.
A is incorrect. Only ETF investors can purchase shares on margin.
C is incorrect. Mutual funds and ETFs do not have the same degree of liquidity. Although ETFs allow for inter-day trading they could experience periods of market illiquidity. Mutual fund units are redeemed directly from the mutual fund.
如题，关于ETF可以做空和保证金交易这两点印象很模糊，能否讲解一下？为什么mutual fund就不能做空和保证金交易呢？另外这个purchase in margin指的是ETF的一级市场还是二级市场？
