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过程 · 2021年05月03日

Reason 3 (选项C)

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NO.PZ201812020100000308

问题如下:

Which of Hudgens’s reasons for choosing bond mutual funds as an investment vehicle is correct?

选项:

A.

Reason 1

B.

Reason 2

C.

Reason 3

解释:

B is correct. Although a significant spread between the market price of the underlying fixed-income securities portfolio and an ETF’s NAV should drive an authorized participant to engage in arbitrage, many fixed-income securities are either thinly traded or not traded at all. This situation might allow such a divergence to persist to a much greater degree for a bond ETF than might be the case in the equity market

Reason 3:Bond mutual funds can be traded throughout the day at the net asset value of the underlying bonds.

辅导员您好,我对C选项,即这个Reason3的表述和题目问题的针对点有些疑惑。

我知道trading mutual fund有个一天的滞后(one day lag),但是我认为这个一天滞后的描述 和reason 3说的can be traded throughout the day没有矛盾啊 -mutual fund可以在第T天trade,在T+1天收到钱,我觉得题目木可以这么理解,而且没问题。

或者是题目错的原因在于,Reason3里最后说的“at the net asset value of the underlying bonds”描述不对,所以C错?

请指教,谢谢。

1 个答案
已采纳答案

pzqa015 · 2021年05月04日

嗨,从没放弃的小努力你好:


是的同学,你的理解是对的,与ETF不同,Mutual Fund的Net Asset Value在throughout the day是没有实时数据的,都是在closed market以后,才会计算当天Fund的Net Asset Value,所以以NAV在白天交易时间进行交易是不正确的。

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