开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

Hahahahaha · 2021年12月26日

trading frequency

* 问题详情,请 查看题干

NO.PZ202110140100000105

问题如下:

Which ETF in Exhibit 2 is most likely to trade at the largest premium or discount relative to NAV?

选项:

A.ETF 5 B.ETF 6
C.ETF 7

解释:

C is correct.

ETFs that trade infrequently may have large premiums or discounts to NAV, because the ETF may not have traded in the hours leading up to the market close and NAV may have significantly risen or fallen during that time because of market movement. Furthermore, NAV is often a poor fair value indicator for ETFs holding foreign securities because of differences in exchange closing times between the underlying (e.g., foreign stocks, bonds, or commodities) and the exchange where the ETF trades. Therefore, ETF 7 is most likely to have the largest discount or premium because it has a low trading frequency and has the highest percentage of foreign holdings among the three ETFs.

A is incorrect because ETF 5 has the lowest percentage of foreign holdings among the three ETFs and is the one ETF with a high trading frequency. Therefore, relative to ETF 7, with its low trading frequency and high foreign holdings, ETF 5 is likely to trade at smaller premiums or discounts.

B is incorrect because ETF 6 has a lower percentage of foreign holdings than ETF 7. Even though both ETF 6 and ETF 7 have the same low trading frequency, the lower percentage of foreign holdings for ETF 6 is likely to result in it trading at smaller premiums or discounts.

这道题trading frequency的影响是什么

1 个答案

星星_品职助教 · 2021年12月27日

同学你好,

参见答案解析:

"ETFs that trade infrequently may have large premiums or discounts to NAV, because the ETF may not have traded in the hours leading up to the market close and NAV may have significantly risen or fallen during that time because of market movement"

这句话的意思是NAV可能已经产生了很大变化了,但是由于这个时候ETF的价格没变化(因为trading infrequently导致没有产生ETF的交易),所以就会导致ETF的价格和NAV产生很大的偏离。

  • 1

    回答
  • 0

    关注
  • 435

    浏览
相关问题