Shares of which of the following funds can be purchased and sold during the same hour at the value close to the NAV? Close-end fund O SMA (separately managed accounts) Open-end mutual fund O ETF Which investor type would most likely have high tolerance for risk, long investment horizon, and low liquidity needs? O Individuals O Mutual funds Pension funds O Commercial banks Which of the following fund is most likely actively managed? O closed-end fund exchanged traded fund (ETF) Smart beta fund Which manager most likely receives the highest compensation through fees? Fixed income asset manager Passive manager Smart beta manager Alternative asset manager Which of the following is NOT a step in the portfolio management process? O Determining client needs and circumstances O Construct the client portfolio. Monitor and rebalance the client portfolio Enhance returns through market timing