Which of the following statements about exchange-traded funds (ETFs) and closed-end funds is FALSE （）
A. ETFs can only trade in the secondary market, while closed-end funds can be redeemed in cash by the manager of the underlying index.
B. Because of arbitrage, shares of an ETF rarely trade at a premium or discount to NAV as shares of a closed-end fund often do.
C. Market specialists can create new shares of an ETF by depositing the underlying stocks, a strategy that cannot be used with closed-end funds.
