Choose the most correct answer to complete the blank. A feature of closed-end funds is that units cannot be created or redeemed after the initial offering. In order to liquidate a holding in a closed-end fund, investors must therefore trade on the secondary exchange, as opposed to redeeming directly from the fund. This feature may assist in understanding why, relative to open-end funds, the underlying portfolios of closed- end funds are characterised by Select one: O Lower leverage O A lower exposure to alternative assets O An elevated exposure to common equities O An elevated exposure to illiquid assets