This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.

In this episode you will learn:

- That ETFs and Closed-End Funds trade intraday on exchanges, unlike mutual funds which price once daily at NAV.

- Why an ETF's price stays close to its NAV due to the creation and redemption process by authorized participants.

- How Closed-End Funds have a fixed number of shares, causing their market price to be driven purely by supply and demand.

- The two defining, testable features of a Unit Investment Trust (UIT): a fixed, unmanaged portfolio and a specific termination date.

- That UITs are redeemable securities, priced at NAV with the issuer, and do not trade on the secondary market.

For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep