Investors buying ETFs: A. incur management fees that decrease with the length of the holding period. B.

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Investors buying ETFs:

A. incur management fees that decrease with the length of the holding period.

B. are assured of paying a price equal to the NAV if they purchase shares at the market close.

C. incur trading costs in the form of commissions and bid–ask spreads at the time of purchase.

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