NO.PZ2018120301000020
问题如下：
After
providing Trey with advice on direct investment, Serena offered him additional
information on alternative indirect investment strategies using (1) bond mutual
funds, (2) exchange-traded funds (ETFs), and (3) total return swaps.
Trey
expresses interest in using bond mutual funds rather than the other strategies
for the following reasons.
1.
Reason 1: Total return swaps have much higher
transaction costs and initial cash outlay than bond mutual funds.
2.
Reason 2: Unlike bond mutual funds, bond ETFs
can trade at discounts to their underlying indexes, and those discounts can
persist.
3.
Reason 3: Bond mutual funds can be traded
throughout the day at the net asset value of the underlying bonds.
Which of Trey’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：
Correct Answer: B
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.
给出的解释好像语法有错，还是不是很清楚，可以再解释一下吗？ 谢谢！
