12.

An exchange traded fund (ETF) is trading at a market price 2% below its Net Asset Value. You have been given the following information: total market value=$50,000,000; liabilities=$50,000; shares currently outstanding=2,500,000. Select the best option that applies below:

Select one:

a. $49,950,000 which is the maximum amount available for the fund to redeem shares if investors wish to sell their shares back to the fund

b. Not enough information is provided to answer this question

c. $15.98

d. $19.98

e. This being an ETF, the NAV is irrelevant