Investment Vehicle Characteristics

This chapter covers the product side of the combined exam. Series 66 expects candidates to compare securities and other investment vehicles by structure, cost, risk, liquidity, valuation, and client fit rather than relying on surface labels.

Read the chapter by product family. Start with traditional securities, move into pooled products, and finish with the higher-complexity products that raise sharper suitability and disclosure questions.

In this section

• Cash, Fixed Income, and Equity Valuation
  Study cash equivalents, bond valuation, equity types, and equity valuation methods tested in the core product section of Series 66.
• Pooled Investments and Fee Structures
  Review mutual funds, ETFs, UITs, REITs, private funds, share classes, pricing, and fee structures on Series 66.
• Futures, Options, Alternatives, Insurance, and Digital Assets
  Learn how Series 66 tests product complexity, leverage, insurance features, alternative investments, and digital-asset risks.