不是很理解

问题如下：

Which type of ETF has Dupuis least likely associated correctly with the risks described in his executive summary in Exhibit 1?

选项：

A.A.ETNs

B.B.Synthetic ETFs

C.C.Leveraged and inverse funds

解释：

1. Correct because Dupuis has correctly identified a number of risks that investors face when investing in ETFs. Certain risk are more closely associated with specific types of ETFs. He correctly notes the risks associated with leveraged and inverse funds, which are intended to deliver their expected return relative to their exposure over very short periods. These are not intended to be buy-and-hold investments for periods generally longer than a month or even days in some cases without rebalancing of the position. He also correctly associates synthetic ETFs, such as swap-based funds that use OTC derivatives to gain exposure and are subject to both counterparty and settlement risk. Dupuis has incorrectly associated ETNs with settlement risk, which is the result of counterparty risk between settlement periods. ETNs do not hold underlying securities but rather are unsecured obligations of the institutions that issue them and therefore are subject to counterparty risk.

2. Incorrect because Dupuis has correctly described the risks associated with synthetic ETFs.

3. Incorrect because Dupuis has correctly described the risks associated with leveraged and inverse funds.

• describe types of ETF risk