Question: How do exchange-traded funds differ from mutual funds? I. ETFs have lower management expense ratios. II. ETFs do not make capital gain distributions to their

How do exchange-traded funds differ from mutual funds? I. ETFs have lower management expense ratios. II. ETFs do not make capital gain distributions to their shareholders. III. ETFs do not charge front-end loads.

Select one:

a.

I and III, only

b.

II and III, only

c.

I and II, only

d.

I, II and III

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