NO.PZ2023112401000008
问题如下：
Which of the following statements about SMAs is least accurate?
选项：
A.
SMAs are a preferred choice of high-net-worth investors with specific investment mandates because they are highly customizable.
B.
SMAs provide better transparency for the investor than other fund structures.
C.
SMAs are characterized by simpler fee structures compared to mutual funds.
D.
The potential for conflicts of interest exists for SMAs since managers are not personally invested in the funds and the regulation requirements are light.
解释：
C is correct because it is the least accurate statement. Mutual fund fees are clearly disclosed in the fund prospectus. The SMA fees are negotiated with the manager for each account and require sufficient care to structure in a way to incentivize the manager.
C和D选项怎么理解？
