请问c选项哪里错了 mutual fund可以trade throughout the day么
问题如下图：
选项：
A. 
B. 
C. 
解释：
发亮_品职助教 · 2020年02月17日
"这个reason2是选择mutual fund的理由吗？
是的。
"为什么？"
Reason 2: Unlike bond mutual funds, bond ETFs can trade at discounts to their underlying indexes, and those discounts can persist.
这个Reason 2更准确的说是Bond ETF的缺点，因此他也是这道题选择Mutual fund的原因。
一般来说，ETF有一级市场的申购与赎回，例如，按照ETF的配比、拿着这一篮子成份债券可以向ETF的发行方申购新的ETF份额；
或者拿着ETF的份额，向ETF的发行方赎回一篮子成份债券；这是一级市场，特许Dealer与ETF发行方之间买卖。
同时，ETF也可以像正常股票一样，在二级市场交易，这一般是“股民”散户之间的交易，ETF有一个内在价值，是各个成份债券算出来的NAV，可以理解成按照ETF的配比，购买一篮子债券实际花费的成本；
同时，因为ETF可以像股票一样交易在二级市场交易，所以他会有一个市场价格，Market price；
理论上ETF在二级市场上的交易价格（Market price）应该和他的内在价值（NAV）相等，不相等的话，套利机制也会促使他们相等；
比如市场价格高于内在价值时，那Dealer可以在2级市场上借入ETF份额，做空，获得Market price，同时，在债券市场上买入一篮子标的债券，向ETF发行方申购ETF份额，买这一篮子花费的价格为NAV，再将期初借入的ETF份额还掉。因为做空赚的Market price更高、构建ETF花费的NAV更低，所以这么做一定有套利收益。
因此，套利行为一定会上ETF的市场价格（Market price）在他的内在价值NAV附近、非常近，小到几乎没有套利空间。
对于股票来说，以上的套利行为比较好做，但是在债券市场上比较难，因为债券市场上很多债券的投资者是持有至到期的，这一类债券交易量小、流动性差，在ETF中非常有可能出现这种交易量小的债券标的，这些标的我们很难购买到，因此就没法进行一级市场的申购与赎回。
所以套利链条就断掉了。所以会存在Bond ETF二级市场的价格偏离内在价值（NAV）较大幅度这种情况，并且这个持续期还比较长。所以Reason 2正确。
Bond mutual fund就不存在这个问题，因为Mutual fund，我们只能买基金份额，基金份额的买卖是以内在价值NAV定价的，所以买卖很公允。
NO.PZ201812020100000308 问题如下 Serenais a risk management specialist with Liability Protection Aisors. Trey, CFOof Kiest Manufacturing, enlists Serena’s help with three projects.Thefirst projeis to fease some of Kiest’s existing fixerate bon tharematuring in eaof the next three years. The bon have no call or putprovisions anpinterest annually. Exhibit 1 presents the paymentschele for the bon.Theseconprojefor Serena is to help Trey immunize a $20 million portfolioof liabilities. The liabilities range from 3.00 years to 8.50 years with aMacaulration of 5.34 years, cash flow yielof 3.25%, portfolio convexityof 33.05, anbasis point value (BPV) of $10,505. Serena suggesteemploying aration-matching strategy using one of the three Aratebonportfoliospresentein Exhibit 2.Serenaexplains to Trey ththe unrlying ration-matching strategy is baseon thefollowing three assumptions.1. Yielcurve shifts in the future will beparallel. 2. Bontypes anquality will closely matchthose of the liabilities. 3. The portfolio will rebalancebuying orselling bon rather thusing rivatives.Thethirprojefor Serena is to make a significant reinvestment in broayversifieglobbon for Kiest’s pension plan. Kiest ha young workforce,anthus, the plha long-term investment horizon. Trey nee Serena’s helpto selea benchmark inx this appropriate for Kiest’s young workforce.Serena scusses three benchmark cantes, presentein Exhibit 3 Withthe benchmark selecte Trey provis guilines to Serena recting her to (1)use the most cost-effective methoto trathe benchmark an(2) provi lowtracking error. Afterproving Trey with aion reinvestment, Serena offerehim aitionalinformation on alternative inreinvestment strategies using (1) bonmutualfun, (2) exchange-trafun (ETFs), an(3) totreturn swaps. Treyexpresses interest in using bonmutufun rather ththe other strategiesfor the following reasons.1. Reason 1: Totreturn swaps have muhighertransaction costs aniniticash outlthbonmutufun. 2. Reason 2: Unlike bonmutufun, bonETFsctra scounts to their unrlying inxes, anthose scounts canpersist. 3. Reason 3: Bonmutufun ctrahroughout the y the net asset value of the unrlying bon. Whichof Trey’s reasons for choosing bonmutufun investment vehicle iscorrect? Reason 1 Reason 2 Reason 3 Bis correct. Although a significant sprebetween the market priof theunrlying fixeincome securities portfolio anETF’s Nshoulive anauthorizeparticipant to engage in arbitrage, many fixeincome securities areeither thinly traor not traall. This situation might allow suavergento persist. 这句话错在 mutufun是买入可以再当日进行，但是赎回不可以当日赎回？
NO.PZ201812020100000308 问题如下 Whichof Trey’s reasons for choosing bonmutufun investment vehicle iscorrect? Reason 1 Reason 2 Reason 3 Bis correct. Although a significant sprebetween the market priof theunrlying fixeincome securities portfolio anETF’s Nshoulive anauthorizeparticipant to engage in arbitrage, many fixeincome securities areeither thinly traor not traall. This situation might allow suavergento persist. 如题
NO.PZ201812020100000308 问题如下 Whichof Trey’s reasons for choosing bonmutufun investment vehicle iscorrect? Reason 1 Reason 2 Reason 3 Bis correct. Although a significant sprebetween the market priof theunrlying fixeincome securities portfolio anETF’s Nshoulive anauthorizeparticipant to engage in arbitrage, many fixeincome securities areeither thinly traor not traall. This situation might allow suavergento persist. 理由1 和理由2都是陈述swap和etf ，不是陈述为什么选择mutufun的理由啊，只有理由3是说了mutufun感觉做题的时候收到了问法的干扰，会选理由3.而且对于throughout这个单词如果稍微理解偏差（如果没理解成intray的话）就不觉得说的不对。
NO.PZ201812020100000308 问题如下 Serenais a risk management specialist with Liability Protection Aisors. Trey, CFOof Kiest Manufacturing, enlists Serena’s help with three projects.Thefirst projeis to fease some of Kiest’s existing fixerate bon tharematuring in eaof the next three years. The bon have no call or putprovisions anpinterest annually. Exhibit 1 presents the paymentschele for the bon.Theseconprojefor Serena is to help Trey immunize a $20 million portfolioof liabilities. The liabilities range from 3.00 years to 8.50 years with aMacaulration of 5.34 years, cash flow yielof 3.25%, portfolio convexityof 33.05, anbasis point value (BPV) of $10,505. Serena suggesteemploying aration-matching strategy using one of the three Aratebonportfoliospresentein Exhibit 2.Serenaexplains to Trey ththe unrlying ration-matching strategy is baseon thefollowing three assumptions.1. Yielcurve shifts in the future will beparallel. 2. Bontypes anquality will closely matchthose of the liabilities. 3. The portfolio will rebalancebuying orselling bon rather thusing rivatives.Thethirprojefor Serena is to make a significant reinvestment in broayversifieglobbon for Kiest’s pension plan. Kiest ha young workforce,anthus, the plha long-term investment horizon. Trey nee Serena’s helpto selea benchmark inx this appropriate for Kiest’s young workforce.Serena scusses three benchmark cantes, presentein Exhibit 3 Withthe benchmark selecte Trey provis guilines to Serena recting her to (1)use the most cost-effective methoto trathe benchmark an(2) provi lowtracking error. Afterproving Trey with aion reinvestment, Serena offerehim aitionalinformation on alternative inreinvestment strategies using (1) bonmutualfun, (2) exchange-trafun (ETFs), an(3) totreturn swaps. Treyexpresses interest in using bonmutufun rather ththe other strategiesfor the following reasons.1. Reason 1: Totreturn swaps have muhighertransaction costs aniniticash outlthbonmutufun. 2. Reason 2: Unlike bonmutufun, bonETFsctra scounts to their unrlying inxes, anthose scounts canpersist. 3. Reason 3: Bonmutufun ctrahroughout the y the net asset value of the unrlying bon. Whichof Trey’s reasons for choosing bonmutufun investment vehicle iscorrect? Reason 1 Reason 2 Reason 3 Bis correct. Although a significant sprebetween the market priof theunrlying fixeincome securities portfolio anETF’s Nshoulive anauthorizeparticipant to engage in arbitrage, many fixeincome securities areeither thinly traor not traall. This situation might allow suavergento persist. 请老师解答open-enMutufunclose-enMutufunETF--到底谁的的liquity 更好？-- 1和2到底能不能intray交易？谢谢！
NO.PZ201812020100000308 问题如下 Whichof Trey’s reasons for choosing bonmutufun investment vehicle iscorrect? Reason 1 Reason 2 Reason 3 Bis correct. Although a significant sprebetween the market priof theunrlying fixeincome securities portfolio anETF’s Nshoulive anauthorizeparticipant to engage in arbitrage, many fixeincome securities areeither thinly traor not traall. This situation might allow suavergento persist. 这句话实际上是说Open-enmutufun资者可以从基金公司以NAV赎回基金，相比而言，ETF的优势就是他还可以像股票一样在二级市场交易，因为是二级市场交易，交易价格非常有可能偏离NAV（scount/Premium），但好处就是可以在二级市场的交易时间内（Trag y）随时交易。而不像Mutufun完成交易需要等待几天。'1.有没有说ETF一定是scount啊？2.Reason 1不对的原因是不是totreturn swap没有initicash flow只中间交换现金流？3.我记得有一种交易是期初也需要交换，是哪种啊？
