Which of the following statements describes a characteristic of exchange-traded funds (ETFs)?

Step by Step Explanation:

ETF Expense Ratios: ETFs generally have lower expense ratios compared to mutual fundsdue to their passive management style.

Incorrect Options:

A: ETFs do not have sales loads; they are traded like stocks.

B: ETFs can be purchased on margin, like other equities.

C: ETFs are traded throughout the day at market prices, not NAV.

References:

SEC ETF Fact Sheet: SEC ETF Info.