Regarding equity mutual funds, which of the following statements is the MOST accurate?
1) Mutual funds generally have management fees that are lower than those for ETFs.
2) Equity mutual funds are funds that can be traded at stock exchanges either at the beginning of the trading day when buying a new position and at the end of the trading day when selling an existing position.
3) From an investor's perspective, investment in an actively managed mutual fund that charges a high management fee but has performance that outpaces its benchmark by a percentage much higher than such fees, would be more profitable than investing in a comparable ETF the closely tracks the same benchmark.
4) Mutual funds' NAV (net asset value) represent the value of the fund after the load fees are subtracted.