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Mutual funds are priced using forward pricing. Orders received before the 4:00 p.m. EST cutoff receive that day’s NAV. Orders after 4:00 receive the next day’s NAV. Series 6 tests order timing frequently.

UITs are investment companies that hold a fixed, unmanaged portfolio of securities, typically bonds or equities, and issue redeemable units to investors. They are not actively managed (unlike open-end mutual funds). They differ from closed-end funds, which issue a set number of shares traded on exchanges. Series 6 candidates must differentiate UITs from other packaged products since suitability depends on whether the investor prefers a fixed strategy or active management.

Correspondence includes communications to 25 or fewer retail customers in a 30-day period. Public posts, TV ads, and newsletters to 50 clients qualify as retail communications. Knowing these categories ensures proper compliance.

Roth IRAs are funded with after-tax contributions, and qualified withdrawals are tax-free. Traditional, SEP, and SIMPLE IRAs use pre-tax contributions with taxable withdrawals. Roth tax treatment is a key exam focus.

All retail communications must disclose that past performance is not indicative of future results. FINRA does not guarantee investments, and diversification reduces but does not eliminate risk. Misleading claims are prohibited.