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Which of the following best describe why ETF share prices are unlikely to deviate from their NAV by a substantial amount? ETFs are open-end funds

Which of the following best describe why ETF share prices are unlikely to deviate from their NAV by a substantial amount?

ETFs are open-end funds and therefore the price must be equal to NAV

Markets are highly efficient so there are rarely mispriced assets in general

Authorized participants will arbitrage the mispricing

The ETF managers are manipulating prices to keep prices close to NAV

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