Question $3(1$ point$)$: With regard to ETFs, mutual funds and closed$-$end funds, the

following statements are true:

a$.$ Unlike closed end funds, but similar to mutual funds, ETFs may have shares

purchased or redeemed at NAV

b$.$ Unlike mutual funds, ETFs and closed end funds trade continuously, allowing

investors to trade throughout the day

c$.$ Unlike closed end funds and ETFs, mutual funds only trade at NAV

d$.$ a and $b$

e$.$ a$,$ b and c