SIE Exam Dumps | An investor sells shares of a closed-end fund at the market. Which of the following responses best describes

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Question 2/80

An investor sells shares of a closed-end fund at the market. Which of the following responses best describes the net proceeds to be received?

A. Net asset value (NAV)

B. NAV less any redemption fee

C. Bid price less any commission

D. Public offering price (POP) less any redemption fee

Correct Answer: C

Step by Step Explanation:
* Closed-End Funds: Trade on exchanges like stocks, and the investor receives the bid price (market price) minus any applicable commissions.
* Incorrect Options:
* A & B: NAV applies to open-end mutual funds, not closed-end funds.
* D: POP applies to initial sales of mutual fund shares.
References:
* SEC Guidance on Closed-End Funds: SEC Closed-End Funds.

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