问题如下图：
选项：
A. 
B. 
C. 
解释：
老师，这道题为什么不能理解成：ETF shares 更贵，所以持有人要赎回以获得profit ，相当于现在ETF被高估，所以卖出啊？谢谢
NO.PZ2015121810000057 问题如下 Assuming arbitrage costs are minimal, whiof the following is most likely to occur when the share priof ETF is trang a premium to its intray N? A.New ETF shares will createthe ETF sponsor. B.Remption baskets will receiveAPs from the ETF sponsor. C.Retail investors will exchange baskets of securities ththe ETF tracks for creation units. A is correct. When the share priof ETF is trang a premium to its intray Nanassuming arbitrage costs are minimal, APs will step in antake aantage of the arbitrage. Specifically, APs will step in anbuy the basket of securities ththe ETF tracks (the creation basket) anexchange it with the ETF provir for new ETF shares (a creation unit). These new shares receiveAPs cthen solon the open market to realize arbitrage profits. 老师，这个创设New shares 为什么是 ETF sponsor ？ 不是AP？
NO.PZ2015121810000057 Remption baskets will receiveAPs from the ETF sponsor. Retail investors will exchange baskets of securities ththe ETF tracks for creation units. A is correct. When the share priof ETF is trang a premium to its intray Nanassuming arbitrage costs are minimal, APs will step in antake aantage of the arbitrage. Specifically, APs will step in anbuy the basket of securities ththe ETF tracks (the creation basket) anexchange it with the ETF provir for new ETF shares (a creation unit). These new shares receiveAPs cthen solon the open market to realize arbitrage profits. 题目不是很理解，跪求
NO.PZ2015121810000057 ETF市场价高于NAV，AP会在二级市场上卖ETF，买入一篮子股票，一级市场上向ETF发行人申购，这是个CREATION过程，为什么C不对呢？
老师，请问 B 为什么不对
老师您好，请问ETF sponsor是指etf manager吗？
申赎只存在于AP和ETF issuer得一级市场当中，ETF价格高于股票价格，AP会希望去低价买现在市场上的股票，然后找发行人发行更多的份额，让他去二级市场上卖出，卖出份额的钱和收购股票的钱的差就是实现套利。而AP如果找发行人赎回ETF只能获得便宜得股票，这不合理。