Portfolio Rebalancing和Portfolio Completion有什么区别呢？

问题如下：

Mives wants to maintain the current blended stock and bond benchmark allocations following his portfolio’s transition from individual stocks and bonds to active and passive ETFs. Sorrill states that whenever active ETF managers implement active views, gaps with respect to desired market exposures may result. For Mives’s portfolio, Sorrill plans to use passive ETFs to maintain benchmark exposure should any of the active ETF managers implement active views that cause changes in the portfolio’s industry sector weightings. Passive ETFs will enable Sorrill to maintain benchmark exposure while not necessarily replacing an active ETF manager.

Sorrill’s explanation of benchmark exposure most likely describes portfolio:

选项：

rebalancing.

completion strategies.

liquidity management.

解释：

B is correct. Sorrill’s explanation of benchmark exposure describes portfolio completion. ETFs can be used to fill a temporary gap in exposure to an asset class. Gaps may arise whenever an active manager transitions a portfolio away from a desired market exposure (for example, the portfolio’s benchmark). An investor may use a passive ETF to maintain the exposure while retaining the manager.

A is incorrect. Sorrill’s explanation describes completion strategies, not portfolio rebalancing. Portfolio rebalancing describes how ETFs are used by investors to remain fully invested according to target weights whenever changes in market values cause a portfolio’s segments to deviate from target weights.

C is incorrect. Sorrill’s explanation describes completion strategies, not portfolio liquidity management. Portfolio liquidity management describes how ETFs are used by investors to efficiently invest excess cash balances, which reduces a portfolio’s cash drag.