单选题

Compared with investment in an open-ended index mutual fund, which of these is least likely a benefit to an investor in an index exchange traded fund (ETF) on the same index?

A、 Lower bid-ask spreads
B、 Managing the timing of capital gains
C、 Ability to sell short and buy on margin

【正确答案】 A

【答案解析】

A is correct because open-ended mutual fund shares are created and redeemed at net asset value with no bid-ask spread, whereas ETFs trade like stocks with a bid-ask spread.