NO.PZ201809170400000104
问题如下：
The Elmer fund’s management strategy is:
选项：
A.active.
B.passive.
C.blended.
解释：
B is correct. The fund is managed assuming that the market is efficient, and investments are selected to mimic an index. Compared with active strategies, passive strategies generally have lower turnover and generate a higher percentage of long-term gains. An index fund that replicates its benchmark can have minimal rebalancing.
如果是被动投资，要跟踪benchmarrk，那不是应该会有很多rebalance么，要保持一致，cost会高之类的（类似于fix里面liability-based approach）
