There are some investment companies, known as exchange-traded funds or ETFS, which are legally classified as open-end companies or UlTs. EFTs differ from traditional open-end companies and UlTs because:
A. Pursuant to SEC exemptive orders
B. Shares issued by ETFs Traded on a secondary market
C. Are lonely redeem able in very large blocks (Blocks of 50,000 shares for example)
D. All of these
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