pooled investment

问题如下：

The Standard & Poor's Depositary Receipts (SPDRs) is an investment that tracks the S&P 500 stock market index. Purchases and sales of SPDRs during an average trading day are best described as:

选项：

A.

primary market transactions in a pooled investment

B.

secondary market transactions in a pooled investment

C.

secondary market transactions in an actively managed investment

解释：

SPDRs trade in the secondary market and are a pooled investment vehicle.