问题
单项选择题
Which of the following is NOT an advantage of exchange traded funds (ETFs) over traditional mutual funds.’（）
A. ETF shares trade throughout the day at continuously updated prices, while open-end funds trade only once a day at close-of-market prices.
B. The exposure to capital gains taxes is lower for ETFs than for open-end funds.
C. ETF shares have smaller bid-ask spreads than open-end mutual funds.
答案
参考答案：C
解析：
Because ETF shares trade on the open market, the shares are subject to a bid-ask spread, while open-end funds trade at NAV and are not subject to a bid-ask spread.