NO.PZ2015121810000057
问题如下：
Assuming arbitrage costs are minimal, which of the following is most likely to occur when the share price of an ETF is trading at a premium to its intraday NAV ?
选项：
A. New ETF shares will be created by the ETF sponsor.
B. Redemption baskets will be received by APs from the ETF sponsor.
C. Retail investors will exchange baskets of securities that the ETF tracks for creation units.
解释：
A is correct. When the share price of an ETF is trading at a premium to its intraday NAV and assuming arbitrage costs are minimal, APs will step in and take advantage of the arbitrage. Specifically, APs will step in and buy the basket of securities that the ETF tracks (the creation basket) and exchange it with the ETF provider for new ETF shares (a creation unit). These new shares received by APs can then be sold on the open market to realize arbitrage profits.
