a$.$ What are some differences between unit investment trusts and closed$-$end funds?

Both unit investment trusts $($UITs$)$ and closed$-$end funds $($CEFs$)$ have actively managed portfolios.

UITs allow investors to cash out at net asset value, while CEF investors must sell their shares to others.

UITs typically have variable portfolios, while CEFs maintain fixed portfolios.

UITs and CEFs have identical portfolio structures.

b$.$ What are some differences between hedge funds and mutual funds?

Both are open to all types of investors, regardless of their wealth or sophistication.

Hedge funds often have shorter lock$-$up periods for investors and primarily invest in highly liquid assets.

Hedge funds typically do not charge performance$-$based incentive fees to their investors.

Hedge funds are generally open to "accredited investors," largely institutions, wealthy, & sophisticated investors.

c$.$ What are some differences between equity and mortgage REITs?

Mortgage REITs invest in loans secured by real estate, while equity REITs will invest directly in real estate.

Both mortgage REITs and equity REITs invest exclusively in physical real estate properties.

Mortgage REITs invest directly in real estate properties, while equity REITs invest in loans secured by real estate.

Mortgage REITs invest in stocks of real estate companies, while equity REITs invest in loans secured by real estate.

d$.$ What are some differences between EFTs and closed$-$end funds?

Both ETFs and closed$-$end funds primarily rely on the active management of their portfolios.

ETFs are more likely to be actively managed than closed$-$end funds.

ETFs do not allow investors to buy or sell entire portfolios of securities as they would with shares of stock.

ETFs typically trade at or near NAV due to arbitrage by accredited investors, while closed$-$end funds can have substantial

deviations from NAV.