pooled account. vs exchange-traded fund vs mutual fund

CFA Level III
#1

Which of the above has the lowest transaction fee?

#2

Transaction fee: I dont know

Cumulative transaction fees:

Mutual Fund: depends on the number of transactions. But I think it induces the highest aggregated transaction fees

ETF cost less than Mutual Fund

Pooled account is actively managed. The total fee is higher, but how this fee is distributed among the pool investor define it’s per investor cost. I think

Does the text say anything on about this?

#3

The question says pooled account has the lowest cost

#4

There are merits to this statement as the fees are shared. (Normally one active manager managing investment from several investors)

#5

In Schweser and in the Curriculum it mentions that pooled accounts have the lowest cost compared to the other two. They have very little or no transaction costs compared to ETFs and mutual funds so COST is main difference between the three. Just memorize.

#6

Thank you