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_____ are typically passively managed and are considered tax efficient. _____ trade in the secondary market after they have been issued and may trade at

_____ are typically passively managed and are considered tax efficient. _____ trade in the secondary market after they have been issued and may trade at a premium or discount to NAV.

A) Closed-end funds; ETFs
B) Closed-end funds; Open-end funds
C) Open-end funds; ETFs
D) ETFs; Closed-end funds

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