Consider a U.K. index fund that trades on a U.S. exchange. This fund is indexed on a British 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 time periods in a 24-hour period: (a) a 6-hour time period prior to the U.S. open, when the market in London is open but the market in the United States is not; (b) a 2-hour period between 9:30 A.M. and 11:30 A.M. in New York, when both London and New York markets are open; (c) a 4.5-hour time period between 11:30 A.M. and 4:00 P.M. in New York, when the New York market is open but the London market is not; (d) the subsequent period when both markets are closed. For each of these time periods, discuss how British pound NAV and the U.S. dollar price of the fund would fluctuate.