Regarding virtual asset-related products marketed in traditional marketplaces, WHICH statements are CORRECT?I. A leveraged virtual asset exchange-traded product targets a fixed multiple of the underlying virtual asset's DAILY return and resets its exposure each dealing day, so its return over a holding period longer than one day can diverge from a fixed multiple of the underlying asset's return over that periodII. A virtual asset spot ETF typically holds the underlying virtual assets, and its creation and redemption mechanism with authorised participants provides an arbitrage channel that helps keep the ETF's market price close to its net asset valueIII. A passive index-tracking virtual asset fund seeks to replicate the weightings and return of a specified index rather than to outperform the market through discretionary selection of individual virtual assetsIV. An actively managed virtual asset fund is characterised by a fund manager making discretionary investment decisions over a portfolio of virtual assets or VA-related instruments, aiming to outperform a benchmark or achieve a stated return, with management fees generally higher than those of passive alternatives
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