Which of the following statements is TRUE? The market value of a fund's assets minus liabilities divided by the number of mutual fund shares outstanding is called the NAV of the fund Index funds and ETFs have higher expense ratios than actively managed funds, O Mutual funds that specialize in municipal bonds and other money market securities are called hybrid funds. o Open-end fund shares often trade at a discount or premium relative to NAV. You have $16,000 to invest in a mutual fund. You choose a fund with a 4 percent front load, a 1 percent management fee, and a 0.15 percent 126-1 fee. Assume that the management and 12b-1 fees are charged on year-end assets. The gross annual return on the fund's shares was 9 percent. What was your net annual rate of return to the nearest basis point? O 3.59 percent O 3.44 percent O 4.52 percent O 4.48 percent Suppose the market value of assets of a mutual fund is $60 million and the fund owes $6 million for various liabilities and expenses. The number of shares outstanding is 9 million. What is the NAV of this fund? O $7.33 O $6 O $6.67 O $10