NO.PZ2015122802000014
问题如下：
The Standard & Poor’s Depository 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：
B is correct.
SPDRs trade in the secondary market and are a pooled investment vehicle.
考点：Non-domestic Equity Securities
SPDRs是跟踪标普500指数的存托凭证，简单来说你买SPDR，就相当于买标普500指数了，所以它属于（pooled investment vehicles）一篮子证券的集合理财产品而非买卖单一股票。这道题就是问关于你买卖SPDRs这个交易，下列描述正确的是？
A：在一级市场买集合理财产品
B：在二级市场买集合理财产品
C：在二级市场做主动投资
第一个考点是需要区分一级市场和二级市场，我们知道一级市场是证券发行的市场，二级市场才是证券交易的市场，所以A肯定不选。第二题干很明确说SPDRs是一个被动追踪大盘指数的证券（买SPDRs就相当于买指数了），所以C说主动投资就可以排除了。
虽然是跟踪指数，但是也会择时买卖指数，为啥是被动？
