想要在CFA考试中取得高分，刷题是必不可少的，那么小编下面也给大家分享一道在CFA二级权益投资中的题目，跟着小编一起来看看吧！
A frequently traded ETF is constructed using only a sample of the securities in its benchmark index. A portion of the portfolio consists of foreign shares with daily closing times earlier than the ETF. Historically, the ETF manager has observed meaningful differences between the ETF market price and its NAV. Which of the following best explains the observed differences?
A The portfolio construction approach
B The level of liquidity in the ETF shares
C The closing times of some of its underlying securities
解析：
A.Incorrect because representative sampling is a source of tracking error but not a source of discount/premium to NAV. Representative sampling enhances or detracts from fund returns relative to the index depending on whether the ETF portfolio holdings outperform or underperform those in the index. However, it does not create a discrepancy between the prices of the underlying securities and the price of the ETF.
B.Incorrect because the ETF is frequently traded and is likely to trade at a price close to the ETF's NAV.
C.Correct because differences in closing times between an ETF and its underlying securities can lead to the ETF trading at a premium/discount to its NAV. Premiums/discounts are driven by a number of factors, including timing differences and stale pricing. NAV is often a poor fair value indicator for ETFs that hold foreign securities because of differences in exchange closing times between the underlying (e.g., foreign stocks, bonds, or commodities) and the exchange where the ETF trades.
