单选题 An analyst does research about characteristic of Exchange Trade Fund. Which of the following statements is least accurate? Exchange Trade Fund (ETF):
A. may have large bid-ask spreads.
B. can be sold or brought on margin.
C. have lower exposure to capital gains tax distribution than traditional mutual fund.

【正确答案】 A

【答案解析】[解析] ETF基金可以被卖空或进行保证金交易，由于被动管理费用低，买卖价差比较小，资本利得税也比较少，所以选项B和C都是正确的，选项A是错误的。