(22) Investors who want to liquidate their holdings in a closed-end fund may A. sell their shares back to the fund at NAV B. sell their shares on the secondary market C. sell their shares back to the fund at a discount of NAV if they wish D. all of the above (23) funds stand ready to redeem or issue shares at their net asset value. A Closed-end B. Index C. Open-end D. Hedge (24) Suppose a price-weighted sector index is made of three stocks: A, B, and C. They are traded at $10, $20, and $30 per share respectively on Jan 30, 2021. The divisor used to construct the index is 3 on Jan 31, 2021. On Jan 4, 2021, stock C goes through a 1 to 2 stock split. And the stock prices for A, B, and C are respectively $13, $15, and $16 on that day. What is the divisor for the price-weighted index on Jan 4th? A not enough information B. 3 C. 2.2 D. 0.45 bid-ask spread and depth compared to illiquid (25) Liquid stocks normally have stocks. A. Larger, more B. Larger, lower C. Smaller, more D. Smaller, lower