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Question 4 (3 points) Over the past 30 years, the round-trip cost per trade has ____, the average turnover of mutual funds has_ ___, and their average trading costs have_ __-- (One answer is correct) Decreased; increased; decreased Decreased; increased; increased Increased; increased; increased Decreased; decreased; decreased Question 5 (3 points) In recent years, the number of trading venues has increased dramatically. As a result, many commentators argue that the current trading environment is... (One answer is correct) Less fragmented and more complex; Less fragmented and less complex; More fragmented and more complex; More fragmented and less complex; Question 6 (3 points) If a fund has a positive exposure to the size factor (smb) and a negative exposure to the momentum factor (mom), it means that the fund holds... (one answer is correct) Small-cap stocks and stocks that have performed poorly over the last year Small-cap stocks and stocks that have performed well over the last year Large-cap stocks and stocks that have performed poorly over the last year Large-cap stocks and stocks that have performed well over the last year