请问老师

问题如下：

Which of the following is least likely to be an example of a derivative?

选项：

A.

An exchange-traded fund

B.

A contract to sell Alphabet Inc.’s shares at a fixed price

C.

A contract to buy Australian dollars at a predetermined exchange rate

解释：

A is correct. Although an exchange-traded fund derives its value from the underlying assets it holds, it does not transform the performance of those assets and so is not a derivative.

B is incorrect. A contract to sell Alphabet Inc.’s shares transforms the performance of the underlying shares of Alphabet Inc and is an example of an option derivative.

C is incorrect. A contract to buy Australian dollars transforms the performance of the underlying currency and is an example of a currency derivative.