Which of the following characteristics is true of open-end mutual fund shares?

Open-end mutual funds do not trade on secondary markets. Instead, shares are continuously issued or redeemed by the fund at the net asset value (NAV), calculated at the market close.

D is correctbecause investors purchase and redeem shares directly through the fund or authorized brokers.

Ais incorrect because mutual funds do not have a predetermined dissolution date.

Bis incorrect because mutual fund shares are priced at the NAV calculated once daily after the market closes.

Cis incorrect because secondary market trading applies to closed-end funds and ETFs, not open-end mutual funds.