An Exchange-Traded Fund (ETF) is:

• A. (i) and (iii) only.
• B. (i) and (ii) only.
• C. (ii) and iii) only.
• D. (i), (ii) and iii.

Answer: (C)

ETFs are funds that trade on an exchange like stocks, with shares bought and sold throughout the trading day at real-time market prices. They are usually designed to track the performance of a specific index, so they are generally passively managed rather than actively managed. This combination—trading on an exchange with intraday pricing and typically passive management—is what sets ETFs apart from traditional mutual funds and from the rarer actively managed ETFs. The statement that ETFs are actively managed is not typical, so the true points focus on exchange trading and passive management. Therefore, the correct choice is the one that includes those two true properties.