csc v2 chapter19

第一题：
Sampling is the process by which the portfolio manager selects securities and their
weighting to best match the performance of the index. This method is typically used to
construct portfolios of fixed-income and some international and small cap equity ETFs. The
purpose of sampling with fixed-income ETFs is to achieve an outcome that replicates the
performance of a large number of bonds that may not be accessible in the open markets.
这是书上原文，sampling的用处
不可以是indexing，是因为你很难找到像题里提到的由fixed income ETF和international equity 组合的index去做indexing，并且你也不能保证这个index的return和global bond 可以一致

第二题
The liquidity of ETFs is derived from the underlying securities, rather than the ETF units themselves. Because an ETF
is just a basket of securities, and the basket is exchangeable for the underlying assets, the volume of the underlying
assets is the true indication of the ETF’s liquidity.  ETF 有underlying asset，而mutual fund 没有，这里的volume指的是underlying asset

第三题
A leveraged ETF is designed to achieve returns that are multiples of the performance of the underlying index they
track. The use of leverage, or borrowed capital, makes them more sensitive to market movements. The fund uses
borrowed capital, in addition to investor equity, to provide a higher level of exposure to the underlying index.
原文概念

第四题选项A，In terms of advisor compensation, ETF purchasers pay a commission. In contrast, mutual funds have a wide
variety of advisor compensation structures, including front-end, back-end, and low-load options.
选项B,
Unlike open-end mutual funds, units of an exchange-traded fund trust are listed and traded on a stock exchange
or an alternative trading system, much like individual stocks. Because they are traded on an exchange, exchangetraded
funds can be bought on margin and sold short, and some have options trading on them.
ETF 像股票交易，value不是由NAVPS 决定