Investment Vehicle Characteristics

This chapter is the product-knowledge core of Series 65. NASAA expects candidates to know how securities and other investment vehicles work, how they are valued, what risks and benefits they bring, and which features matter when comparing them for a client.

Read this chapter by product family. Move from cash and fixed income to equities, then pooled investments, and finish with derivatives, alternatives, insurance-based products, and newer assets such as digital assets and structured products.

In this section

• Cash, Fixed Income, and Yield
  Review cash equivalents, bond types, bond characteristics, valuation factors, duration, credit spreads, and yield concepts on Series 65.
• Equity Securities and Public Offerings
  Study common and preferred stock, shareholder rights, restricted stock, equity valuation, and public-offering basics tested on Series 65.
• Pooled Investments, Fees, and Comparisons
  Review mutual funds, ETFs, UITs, REITs, private funds, share classes, pricing, fees, liquidity, and comparison factors tested on Series 65.
• Derivatives, Alternatives, Insurance, and Digital Assets
  Study the risks, benefits, and defining characteristics of derivatives, alternatives, insurance-based products, commodities, and digital assets on Series 65.