July 12 - Nivine Richie Ph.D CFA Email [email protected]

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Nivine Richie, Ph.D., CFA Email: [email protected]
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Mutual Funds and Other Investment Companies What is an Investment Company? What are the distinguishing characteristics of Unit Investment Trusts (UITs) Closed End Funds (CEFs) Open End Funds (Mutual Funds) Hedge Funds Exchange-Traded Funds (ETFs) What are the costs and benefits of investing? What is active v. passive investing?
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Investment Companies Issue securities Engaged in the business of investing in securities Subject to regulations: 1933 SEC Act 1940 Investment Company Act
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Features of Investment Companies 1. How are the shares issued? 2. How are the shares redeemed? 3. How is the price determined? 4. What are the investment policies? 5. Are there other identifying characteristics?
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Open End Funds (Mutual Funds) 1. Issued by the fund directly to investors. 2. Redeemed by the fund daily. 3. Price per share is NAV at 4pm 4. Investment policies stated in prospectus
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Closed-End Funds (CEFs) 1. One time public offering of shares.
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