问一道题：NO.PZ2015121810000068

问题如下：

The bid–ask spread for very liquid, high-volume ETFs will be least influenced by the:

选项：

market maker’s desired profit spread.

creation/redemption fees and other direct costs.

likelihood of receiving an offsetting ETF order in a short time frame.

解释：

B is correct. ETF bid–ask spreads are generally less than or equal to the combination of the following:
■ ± Creation/redemption fees and other direct costs, such as brokerage and exchange fees
■ + Bid–ask spread of the underlying securities held by the ETF
■ + Compensation for the risk of hedging or carrying positions by liquidity providers (market makers) for the remainder of the trading day
■ + Market maker’s desired profit spread
■ – Discount related to the likelihood of receiving an offsetting ETF order in a short time frame
For very liquid and high-volume ETFs, buyers and sellers are active throughout the trading day. Therefore, because most of these ETF trades are matched extremely quickly and never involve the creation/redemption process, the first three factors listed do not contribute heavily to their bid–ask spreads. So, creation/redemption fees and other direct costs are not likely to have much influence on these ETFs’ bid–ask spreads.