A closed-end fund is most similar to a common stock because it:

1. Ais always redeemed by the issuer at NAV
2. Bmust maintain a fixed dividend
3. Ccannot be purchased on margin
4. Dtrades in the secondary market at a market price✓ Correct answer

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• ETF shares differ from mutual fund shares because ETFs:
• The public offering price of a mutual fund share equals:
• In a variable annuity, the separate account’s performance primarily affects:
• An open-end investment company continuously offers: