单选题 An analyst does research about characteristics of various funds. All other factors being equal, a substantial difference between the market price of a fund and the net asset value of that fund is most likely to occur for a(n):
A. open-end fund.
B. closed-end fund.
C. exchange traded fund (ETF).

【正确答案】 B
【答案解析】[解析] 封闭式基金市场价格由买卖供求决定,而资产价值由所持有的有价资产价值决定。封闭式基金的市场价格与净值相比,通常有较大的折价或者溢价;而开放式基金的市场价格与净值一致。ETF由于特殊的申购与赎回机制,其市场价格与净值的折价或者溢价的幅度非常小,否则就可能发生套利。