Which of the Following Is a Characteristic of an Exchange-Traded

Which of the following is a characteristic of an exchange-traded fund (ETF) ?

A) Shares are traded in the secondary market like shares in a closed-end fund.
B) Shares trade at the net asset value like shares in an open-end fund.
C) The number of shares outstanding is fixed as in a closed-end fund.
D) The shares are invested only in common stock of publicly traded corporations.