问题如下：
Which of the following statements is not the advantage of a special purpose vehicle (SPV) ?
选项：
A. Reduction of liquidity risk for investors.
B. Protecting investors from the issuer's bankruptcy.
C. Securitization can have lower credit cost than a corporate bond secured by the same collateral when a company is reorganized.
解释：
A is correct.
SPV is a bankruptcy-remote vehicle. Aseets belong to the SPV, not to the entity that sold the assets to the SPV in exchange for funds. Funding cost of issuing an asset-backed bond is less than that of issuing a corporate bond.
B选项是应该保护的issure而非invester吧。
