【每日一题】CFA一级其他投资

Which of the following fund can be shorted?

A.open-end fund

B.closed-end fund

C.Exchange-traded fund

Solution: C

Trading ETFs is similar to trading a basket ofstocks and therefore ETFs can be shorted.

Exchange-traded funds (ETFs) and exchange-tradednotes (ETNs) are open-ended funds that investors can trade among themselves insecondary markets. The prices at which ETFs trade rarely differ much from netasset values because a class of investors, known as authorized participants(APs), has the option of trading directly with the ETF. If the market price ofan equity ETF is sufficiently below its net asset value, APs will buy shares inthe secondary market at market price and redeem shares at net asset value withthe fund. Conversely, if the price of an ETF is sufficiently above its netasset value, APs will buy shares from the fund at net asset value and sellshares in the secondary market at market price. As a result, the market priceand net asset values of ETFs tend to converge.

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