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Please provide explanation. Which of the following applies to Closed End funds? A. none of the answers listed here. their shares trade on exchanges and

Please provide explanation.
Which of the following applies to Closed End funds? A. none of the answers listed here. their shares trade on exchanges and there is no explicit arbitrage mechanism their shares trade on exchanges and there is an explicit arbitrage mechanism. their shares are issued and redeemed at the sponsoring firm at the closing NAV

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