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答案详解如下：

Q49.    D    Study Session    28-79-e,f

Both statements are true. An ETF does not require investors who remain in the fund to pay capital gain taxes due to redemptions by others by others. The in-kind redemption feature of an ETF means that the fund itself does not have to sell stocks to make redemptions. Because market makers are instrumental in the ETF creation and redemption processes, arbitrage helps keep the price of an ETF more in line with its underlying value (NAV)