QUESTION 19 An open-end investment company trades like a stock on the exchanges. sells shares at a discounted NAV price. has a set number of shares is involved in all trades of its shares. QUESTION 20 An ETFshare is trading at $15.07 and its NAV is $14.42. This ETF is trading at a discount margin spread premium QUESTION 21 The net wet value of an exchange traded fund increased from $12.03 to $13.53, but its price per share increased by only $126. This information indicate that the fund paid out si in capital gains paid out Si in dividends, is a closed-end fund. is an open-end fund