Question 11 Which of the following is a concern for ETF investors but not open ended mutual fund investors? C a. Fund Expenses o b. Fund Performance C c. Fund Style d. Manager Reputation e. Secondary Market Liquidity You develop a price pattern based trading strategy that delivers abnormal excess returns. After trading on this strategy successfully for several years, you write a whitepaper detailing the strategy and release it to the public. Six months after this publication, the strategy no longer delivers abnormal excess returns. This is an example of a: a. Characteristic C b. Random Walk O c. Self-Destructing Anomaly d. Self-Fulfilling Prophecy e. Unlevered Beta Which of the following is a disadvantage of broad traditional index investing? o b. Less Subject to Behavioral Biases O c. Lesser Need to Monitor Manager of Fund a. Instant Diversification Across Many Securities d. Lower Fees Compared to Active Management e. Potential to Earn Large Alpha