问题
单项选择题
An analyst does research about exchange trade funds (ETFs). Which of the following statements is least accurate to describe exchange trade funds' characteristics（）
A. Portfolio holdings of ETFs are transparent.
B. ETF's structure prevents a significant premium or discount to NAV.
C. Dividends are reinvested annually for open-end ETFs.
答案
参考答案：C
解析：
ETF不收取申购和赎回费用，可以卖空或者融资交易，同时组合的持仓是透明的。ETF的申购和赎回机制使得其交易价格十分接近净资产值，没有显著的溢价或折价。开放式ETF的股利会被立即进行再投资，而不是每年。