Which of the following characteristics apply to exchange-traded funds (ETFs)?
I. unlimited number of outstanding shares
II. typically track the performance of some index
III. market prices reflect demand for the fund rather than NAV.
IV. shares are purchased from and redeemed by the investment company managing the fund.
A) I and II only
B) II and III only
C) I, II and III only
D) I, II and IV only
Answer: A
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