Which statement accurately describes the difference between a managed fund and an ETF?

• A. Managed fund issues units; ETF trades on exchange; ETFs typically lower fees and intraday trading flexibility; both track assets
• B. ETFs issue units; managed funds trade on exchange; both have higher fees
• C. ETFs are not traded on exchanges and do not track assets
• D. ETFs issue units; managed funds trade on exchange; ETFs typically lower fees and intraday trading flexibility; both track assets

Answer: (B)