1. The traditional investment funds a. What are the characteristics of the traditional open-end funds (or mutual funds)? b. What are the characteristics of the traditional closed-end funds? c. What are the similarities and differences between ETFs and traditional investment funds (including both open-end and closed-end funds) in characteristics? d. How are investors of open- and closed-end funds taxed? e. In addition to taxes, what other costs do investors pay when they invest in openand closed-end funds