问题
单项选择题
An analyst does research about different types of funds. Which ofthe following is least likely to hold an in-kind creation and redemption process（）
A. Closed-end funds.
B. Grantor trusts.
C. Managed investment companies.
答案
参考答案：A
解析：
Grantor trusts和Managed investment companies都属于不同法律结构下的交易型股票指 数基金(EFT)，所以都有特殊的创设和赎回机制，而封闭式基金则没有。