问题如下：
Which of the following statements is most correct?
Statement 1: Exchange-traded funds are not backed by any assets.
Statement 2:The investment companies that create exchange-traded funds are financial intermediaries.
Statement 3: Transaction costs associated with trading exchange-traded funds are greater than combined costs of trading the underlying assets.
选项：
A.Statement 1.
B.Statement 2.
C.Statement 3.
解释：
B is correct.
The investment companies that create exchange-traded funds (ETFs) are financial intermediaries. Securities that represent ownership in the assets held by the fund are ETFs. Transaction costs associated with trading exchange-traded funds are substantially lower than combined costs of trading the underlying assets.
老师 怎么理解ETF是一个intermedia
