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25. An authorized participant in an ETF fund exchanges fund shares for shares of the underlying portfolio or exchanges the securities that make up the

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25. An authorized participant in an ETF fund exchanges fund shares for shares of the underlying portfolio or exchanges the securities that make up the underlying portfolio for fund shares in order to protect investors' rates of return in illiquid periods. b. minimize the fund premium or discount from NAV. c. provide liquidity to investors. d. meet investment company act transparency requirements. a

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