ask price, offer price, public offering price
- net asset value + sales charges
- decide at NYSE closing, sold at that price+sales charge if sold
forward pricing
- investor pays an estimate price
- unsure of next NAV pricing
where are mutual funds bought/sold
- not on exchanges
- buy shares as new issues at p.o.p.
- new issues sold at specified price
closed end management investment companies
- managers invest $
- buy mostly stocks and bonds
- offer new shares at initial public offering
- do not redeem shares
- capitalization stable/closed
- traded OTC
- sold at market price
- NAV calculation-same as mutual fund NAV calculation
Which of the following are not considered to be registered investment companies under the Investment Company Act of 1940?
- investment clubs and holding companies
- NOT under SEC
- NOT under Investment Company Act of 1940
- mutual fund-not registered investment company
- open end management investment company, registed investment company
Which of the following are not considered to be management companies under the Investment Company Act of 1940?
- Unit Investment Trusts and Exchange traded funds
- UIT and ETF-no active managers
- open end and closed fund hire investment advisor to manage portolios and rei
