Which of the following is not true (CAN BE MORE THAN ONE)

1.) The shares of a closed-end fund with market value assets of $200 million and two million shares outstanding will always trade at a market value of $100 per share

2.) If you invest $10,000 in a mutual fund with a NAV of $50 per share and a 5.5 percent upfront load, you will receive less than 200 shares in the fund

3.) Open-end fund shares often trade at a discount or premium relative to NAV

4.) Unit investment trusts (UITs) issue only a fixed number of shares redeemable at a specific termination date

5.) The price of an ETF is determined once a day when the market closes