Assuming you are choosing between an A$-$share open ended fund, a no$-$load open$-$ended fund, and an ETF that invests solely in domestic equity and has the same investment objective $($choose Large Cap Value Growth...with at least a $5-$year track record$),$ explain the differences with regard to the following: $(20$ pts$.)$

$$ Associated costs $$ sales commissions and expense ratios

$$ What are differences in selling commissions and embedded expense ratios?

$$ Which will incur unseen transaction costs...and how can we use the $$turnover$$ ratio to gauge such? What are tax implications of higher$/$lower turnover.

$$ Active or passive management, and income orientation, of the securities held in the fund

$$ Which can be more efficiently monitored and managed for taxable capital gains?

$$ Relative to a typical Large Cap Growth fund, the dividend payout of the securities in the fund, and thus the fund$$s dividend yield?

$$ How the fund is priced $($end of day, active trading...$)$

$$ Which is priced at NAV and which trades on an open exchange? How does this effect the timing and pricing of buying$/$selling an ETF vs$.$ open$-$ended MF$?$

$$ How might you benchmark $($S&P $500,$ Russell $2000,$ Russell $1000$ Value, etc..$)$ the performance of your Large Cap Value choices? Why is your chosen benchmark appropriate, considering your funds$$ average market capitalization, sector concentrations, and growth$/$value orientation? Do you see a noticeable difference in YTD$,1,3,$ and $5-$year annualized performance $($net of fees$)?$ Given their different load and internal cost structures, why might there be any difference?