[Series 66] 12, ETFs UITs and Closed-End Funds

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:

• Distinctions between open-end funds, closed-end funds, and unit investment trusts (UITs) under the Investment Company Act of 1940.

• How closed-end fund shares trade on secondary markets at market prices that may reflect a premium or discount to NAV.

• The structure of UITs as unmanaged portfolios with fixed termination dates and no ongoing investment adviser.

• Key trading features of ETFs, including intraday exchange pricing, margin eligibility, and tax efficiency.

• How to apply state law and federal regulatory definitions when evaluating investment recommendations for Series 66 clients.

Prepare for the Series 66 exam with independent study tools at https://open-exam-prep.com/practice/series66 and subscribe to video lessons on YouTube at https://www.youtube.com/@Open-exam-prep .

Sources checked: September 14, 2026

• NASAA Series 66 Exam Content Outline: https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf

• SEC Fast Answers - Exchange-Traded Funds (ETFs): https://www.sec.gov/investment/fast-answers/answersetfhtm.html