$.$ Consider a U$.$K$.$ index fund that trades on a U$.$S$.$ exchange. This fund is indexed on aBritish stock index based on several stocks that trade on the London stock exchange.The different time zones of the U$.$K$.$ and the U$.$S$.$ markets result in four distinct timeperiods in a $24-$hour period: $($a$)$ a $6-$hour time period prior to the U$.$S$.$ open, when themarket in London is open but the market in the United States is not; $($b$)$ a $2-$hourperiod between $9$:$30$ A$.$M$.$ and $11$:$30$ A$.$M$.$ in New York, when both London and New Yorkmarkets are open; $($c$)$ a $4\mathrm{.}5-$hour time period between $11$:$30$ A$.$M$.$ and $4$:$00$ PM$.$ in New York,when the New York market is open but the London market is not; $($d$)$ the subsequent period when the both markets are closed. For each of these periods, discuss how British pound NAV and the U$.$S dollar price of the fund would flunctuate