问题如下图：
选项：
A. 
B. 
C. 
解释：
reason2做题时，理解为选择ETF，由于discount persists的存在，因此有套利机会，因此应该是选择ETF的一个优势，即不应该作为选择mutual fund的理由。
发亮_品职助教 · 2019年04月08日
Reason 2这段话的重点其实在后半句：those discount can persist，一般Equity的ETF可以比较快速的通过交易套利抹平标的股票和ETF之间的价差。
而Bond ETF和标的债券之间的价差，可能很久都不能抹平。原因就有一些Bond交易量太小很难买到，就算有套利机制，也很难执行。
也就是ETF的交易价格存在不能反映标的物真实价值的可能。
套利机制使得ETF价格回归价值是其优点，但是Bond ETF的这个价差有可能会持续是Bond ETF相比较Bond Mutual Fund的缺点。
相比较Mutual Fund在这点上交易价格是NAV，就是其优点了。
Yaq7 · 2019年05月09日
助教，那么mutual fund不会有价差吗？mutual fund的原理是什么，以及为何Reason 1也是错的？谢谢！
SUN · 2019年10月13日
麻烦问下，解释里面的mutual fund 交易价格就是NAV的说法对吗？原版书上有说mutual fund未必能按照NAV的价值赎回，通常有折价，这个是他的缺点
发亮_品职助教 · 2019年10月16日
麻烦问下，解释里面的mutual fund 交易价格就是NAV的说法对吗？
对的，可以参考原版书下文：
bond mutual fund investors enjoy the advantage of being able to redeem holdings at the fund’s NAV rather than facing a need to sell illiquid positions.
这里就是投资者以NAV赎回Fund，这里投资者的交易对手方是基金公司。
原版书上有说mutual fund未必能按照NAV的价值赎回，通常有折价，这个是他的缺点
Investors benefit from greater bond ETF liquidity versus mutual funds given their availability to be purchased or sold throughout the trading day at a discount or premium relative to the NAV of the underlying bonds.是指上面这句话吗？
这句话实际上是说：Open-ended mutual fund投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（Discount/Premium），但好处就是可以在二级市场的交易时间内（Tradng day）随时交易。而不像Mutual fund，完成交易需要等待几天。
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？