Closed-end funds and exchange traded funds (ETFs) have which of the following characteristics in common（）
A. Both closed-end funds and ETFs stand ready to redeem shares.
B. Shares of both closed-end funds and ETFs trade in the secondary market.
C. The structures of closed-end funds and ETFs prevent shares from trading at a significant premium or discount to NAV.
参考答案：B
解析：
Only ETFs stand ready to redeem shares; investors in closed-end funds can only divest through trading in the secondary market. ETFs typically track an index, while closed-end funds may pursue any of a number of investment strategies. The in-kind redemption process prevents ETFs from trading at significant premiums or discounts. There are no barriers in the structure of closed-end funds to prevent share prices deviating from NAV. Shares of both closed-end funds and ETFs do trade in the secondary market.