One of the key differences between actively managed funds and passively managed funds is higher management fees, due to the fact: Select one:

a. active managers go to the gym, play golf and entertain clients more.

b. Some fund managers are better at marketing and are able to sell the same product with higher fees to some clients. c. By trying to outperform the market, an actively managed investment company has higher expense ratios.

d. Managing and operating an exchange traded fund involves a large team of research and investment analysts.