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kevinzhu · 2021年02月22日

选项c

NO.PZ2015121810000054

问题如下:

Which of the following statements regarding exchange-traded funds (ETFs) is correct? ETFs:

选项:

A.

disclose their holdings on a quarterly basis

B.

trade in both primary and secondary markets.

C.

offer a creation/redemption mechanism that allows any investor to create or redeem shares.

解释:

B is correct. ETFs trade in both primary and secondary markets. The primary market for ETF trading is that which exists on an over-the-counter basis between authorized participants (APs), a special group of institutional investors, and the ETF issuer or sponsor. This process is referred to as creation/redemption, and it is only through these primary market transactions that shares of the ETF can be created or destroyed. ETFs also trade in the secondary market on exchanges. Secondary market trading happens between any pair of market participants—individual or institutional investors, market makers, and so on.

求解释一下选项c,知识点是哪里的

1 个答案
已采纳答案

星星_品职助教 · 2021年02月22日

同学你好,

C选项说“ creation/redemption”的过程是“any investor”都可以参与的。

而creation/redemption的过程是在ETF的一级市场发生的,这个市场中,只有特定投资者(Autorized participants,APs)才可以参与。普通投资者参与不了。

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这个知识点考察的是ETF在一级和二级市场上交易的整个流程。建议看课程的开端部分老师直接在空白ppt上画的流程图,之后的内容都是围绕这个图展开的。