NO.PZ2023010903000021
问题如下：
At the next board meeting, Cullen begins by introducing passive investing to Sapphire’s board. He states that open-end mutual funds and exchange-traded funds (ETFs) are appropriate approaches. Both alternatives are readily available, offer a broad spectrum of investment choices, and are easy to buy and sell. He makes the following comments comparing the two alternatives.
l 1 Both mutual funds and ETFs can be purchased on margin.
l 2 Investors can take short positions in ETFs but not in mutual funds.
l 3 Both mutual funds and ETFs have the same degree of liquidity.
In comparing mutual funds and ETFs, Cullen is most accurate in:
选项：
A.Comment 1
Comment 2
Comment 3
解释：
Only ETF investors can take short positions.
A is incorrect. Only ETF investors can purchase shares on margin.
C is incorrect. Mutual funds and ETFs do not have the same degree of liquidity. Although ETFs allow for inter-day trading they could experience periods of market illiquidity. Mutual fund units are redeemed directly from the mutual fund.
etf 会有risk of market illiquid。 但如果跟mutual fund比还是etf流动性更好吧？因为etf有公开市场。为什么李老师解析里说的感觉像是etf流动性更差一样？
