Gordon Indicates That He Recently Purchased Shares in an Investment

question 54

Multiple Choice

Gordon indicates that he recently purchased shares in an investment fund. The shares were purchased from another investor through his broker. He paid more than the fund's NAV. What type of fund did Gordon most likely purchase?

• A) An open-end mutual fund with a front-end load
• B) an ETF
• C) an ETN
• D) a closed-end fund

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Definitions:

Japan

An island country in East Asia known for its rich cultural heritage, technological innovation, and distinctive blend of traditional and modern influences.

Absolute Advantage

A monopoly that exists when a country is the only source of an item, the only producer of an item, or the most efficient producer of an item.