NO.PZ2019103001000020
问题如下：
After providing Hudgens with advice on direct investment, Soto offered him additional information on alternative indirect investment strategies using (1) bond mutual funds, (2) exchange-traded funds (ETFs), and (3) total return swaps. Hudgens expresses interest in using bond mutual funds rather than the other strategies for the following reasons.
Reason 1：Total return swaps have much higher transaction costs and initial cash outlay than bond mutual funds.
Reason 2：Unlike bond mutual funds, bond ETFs can trade at discounts to their underlying indexes, and those discounts can persist.
Reason 3：Bond mutual funds can be traded throughout the day at the net asset value of the underlying bonds
Which of Hudgens’s reasons for choosing bond mutual funds as an investment vehicle is correct?
选项：
A.Reason 1
Reason 2
Reason 3
解释：
B is correct.
Although a significant spread between the market price of the underlying fixed-income securities portfolio and an ETF’s NAV should drive an authorized participant to engage in arbitrage, many fixed-income securities are either thinly traded or not traded at all. This situation might allow such a divergence to persist.
John Hull 写过一本书，叫期权期货及其他衍生品，这本书很好，我读了3遍。其中有段讲FUND的，他原文是Unlike open-end fund shares, shares of closed-end funds can be bought and sold at any time of day; 所以我第一反应看到reason 3 我觉得是对的，另外关于reason2 ，麻烦老师帮我分析下reason2 在说什么
