Question 3 0/1 poi Advantages of ETFs over mutual funds include all but which one of the following? a) ETFs can be sold short or purchased on margin, like a share of stocks Ob) ETFs trade continuously, so investors can trade throughout the day. c) ETF providers don't have to sell holdings to fund redemptions. d) ETF investors could face lower tax liabilities than mutual fund investors. e) ETFs are always purchased and sold at NAV. Question 5 0/1p A mutual fund has average daily assets value of $80 million. During the ye the fund bought $20 million worth of stocks and sold $15 million worth of stocks. This fund's turnover rate was a) 17.39% b) 25.00% c) 21.88% d) 18.75% e) 14.35% Question 6 0/1 po uestion 6 0/1 pop A no-load mutual fund has $400 million in assets, 50 million in debt, and 12 million shares at the start of the year and with $450 million in assets, 40 million in debt, and 13 million shares at the end of the year. During the year investors have received income distributions of $.50 per share and capital gain distributions of $.20 per share. What is the rate of return on the fund? a) -7.63% Ob) 9.7% c) 10.52% d) 7.2% e) 5.3%