SIE (Securities Industry Essentials) Practice Exam 2026 - Free SIE Practice Questions and Study Guide

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Session length

1 / 400

Which of the following investment instruments trades on an exchange at a market price NOT directly related to its net asset value?

Mutual fund

Exchange-traded fund (ETF)

Closed-end investment company

Closed-end investment companies are unique in that their shares trade on an exchange at a market price that is independent of the net asset value (NAV) of its underlying assets. This is because closed-end funds have a limited number of shares that are fixed and trade like stocks, while mutual funds, ETFs, and money market funds have variable shares and their market prices are directly tied to their NAV.

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Money market fund

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