[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-389835-105":59,"doc-detail-389835-en":130},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":123,"head_meta":125,"extra_data":127,"updated_unix":129},105,"en","finra-nasaa-series-6-7-65-66-dump-sheet-product-characteristics-and-brti-municipal-securities","FINRA / NASAA Series 6 - 7 - 65 - 66 Dump Sheet - Product Characteristics and BRTI - Municipal Securities","","Concise dump sheet summarizing municipal securities and investment company structures for FINRA/NASAA Series 6/7/65/66. Covers general obligation bonds versus revenue bonds, including repayment sources, typical project uses, and constraints such as debt limits and voter approval. Includes interest-exemption considerations for federal and resident state taxes. Also outlines management company classifications, including closed-end funds, ETFs, leveraged and inverse ETFs, and open-end mutual funds with active versus passive management and NAV mechanics, plus common fund types such as growth, value, balanced, and income categories.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/finra-nasaa-series-6-7-65-66-dump-sheet-product-characteristics-and-brti-municipal-securities/389835/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/finra-nasaa-series-6-7-65-66-dump-sheet-product-characteristics-and-brti-municipal-securities/389835.png","ImageObject",300,407,{"name":92,"@type":93},"\tJames","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-29","2026-09-25",true,{"@type":102,"interactionType":103,"userInteractionCount":44},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What is the difference between general obligation bonds and revenue bonds?","Question",{"text":112,"@type":113},"General obligation bonds are non-self-supporting and are backed by property (ad valorem) taxes, typically subject to debt limits and voter approval. Revenue bonds are self-supporting, funded by user charges, and generally not subject to debt limits or voter approval.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"Which investors are municipal bonds most suitable for, based on tax-exemption?",{"text":117,"@type":113},"Municipal bond interest is exempt from federal tax and state tax for residents. They are most suitable for investors in high tax brackets and not suitable for low tax brackets or retirement plans.",{"name":119,"@type":110,"acceptedAnswer":120},"How does NAV relate to open-end mutual funds, and what affects NAV?",{"text":121,"@type":113},"NAV is the minimum price used to offer mutual fund shares at NAV for no-load funds. NAV is influenced by the value of securities in the portfolio and by distributions to investors such as dividends or capital gains, and it is not influenced by demand for mutual fund shares.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},389835,1790649368,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":44,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":8,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":81,"preview_page_count":4},2336474466412,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","FINRA / NASAA SERIES 6 / 7 / 65 / 66 DUMP SHEET Product characteristics and BRTI  \nMunicipal securities  \n\n|  General obligation bonds\u003Cbr>• Non-self-supporting debt\u003Cbr>• Funds public parks, schools, roads, etc.\u003Cbr>• Backed by property (ad valorem) taxes\u003Cbr>• Subject to debt limits and voter approval  Revenue bonds\u003Cbr>• Self-supporting debt\u003Cbr>• Funds toll roads, stadiums, airports, etc.\u003Cbr>• Backed by user charges\u003Cbr>• Not subject to debt limits or voter approval |  |\n| --- | --- |\n|  Interest exempt from federal tax, and from state tax for residents\u003Cbr>• Most suitable for high tax brackets\u003Cbr>• Not suitable for low tax brackets or retirement plans |  |\n\nInvestment companies  \n\n|  Classifications\u003Cbr>• Management companies • Unit investment trusts (UITs)(open and closed-end)\u003Cbr>• Face amount certificates\u003Cbr> Offer pooled investment opportunities  Most suitable for investors seeking:\u003Cbr>• Instant diversification\u003Cbr>• Professional management (except fixed UITs) |  |\n| --- | --- |\n\n\n| \u003Cbr>Closed-end management companies (publicly traded funds) |  |\n| --- | --- |\n|  Negotiable pooled portfolios of managed securities  NAV reports “book value” of shares\u003Cbr> Shares traded in market at the going market price\u003Cbr>• May be purchased above, below, or at NAV\u003Cbr>• May be sold short or bought on margin |  |\n\nExchange-traded funds (ETFs)  \n Structured as open-end management companies  Typically are passively managed (match index)  \n May be sold short or bought on margin  Leveraged & inverse ETFs  \n• Leveraged = track index at 2× or 3× rate  \n• Inverse = tracks opposite index returns  \n• Only suitable for aggressive and risk-tolerant investors  \n\n| \u003Cbr>Open-end management companies (mutual funds) |  |\n| --- | --- |\n|  Redeemable pooled portfolios of managed securities  Active management\u003Cbr>• Attempts to “beat the market”\u003Cbr>• Intends to beat benchmark (e.g. , S&P 500)\u003Cbr>• Higher expense ratios\u003Cbr> Passive management\u003Cbr>• Attempts to “match the market”\u003Cbr>• Intends to provide returns of benchmark, lower expense ratios  Offered to investors at POP if front-end sales charge exists  Offered to investors at NAV if no-load (no sales charge)\u003Cbr>• NAV is minimum price\u003Cbr> NAV influenced by:\u003Cbr>• Value of securities in portfolio\u003Cbr>• Distributions to investors (dividends or capital gains)\u003Cbr> NAV not influenced by demand for mutual fund shares  May not be sold short or bought on margin |  |\n\nTypes of funds  \n\n|  Growth funds\u003Cbr>• Invest in growth common stocks, seek growth  Value funds\u003Cbr>• Invest in value common stocks, seek growth and income  Balanced funds\u003Cbr>• Invest in common & preferred stocks + bonds\u003Cbr>• Seek growth and income  Growth & income funds\u003Cbr>• Invest in common & preferred stocks (equity only)\u003Cbr>• Seek growth and income  Income funds\u003Cbr>• Invest in various securities seeking income\u003Cbr>• Types\u003Cbr>• Equity income funds • High yield (junk) bond funds\u003Cbr>• Corporate debt funds • GNMA / FNMA / FHLMC funds\u003Cbr>• Government debt funds • Money market funds—aim\u003Cbr>• Municipal debt funds for a stable $1 .00 NAV\u003Cbr> Asset allocation funds—seek fixed or variable asset allocation mix\u003Cbr> Life cycle funds—adjust risk tolerance over time\u003Cbr> Sector / specialized funds—invest in specific sectors or regions of world\u003Cbr> Index funds—track a specified index |  |\n| --- | --- |\n\n[achievable.me](achievable.me)","cbCaieXaaCBAyPSf","https://ap.wps.com/l/cbCaieXaaCBAyPSf","pdf",61298,"English","# Municipal securities\n## General obligation bonds vs revenue bonds\n## Tax-exempt interest considerations\n# Investment companies\n## Classifications and pooled investment opportunities\n## Closed-end management companies and ETFs\n## Leveraged and inverse ETFs\n## Open-end management companies (mutual funds)\n## Types of funds","[{\"question\":\"What is the difference between general obligation bonds and revenue bonds?\",\"answer\":\"General obligation bonds are non-self-supporting and are backed by property (ad valorem) taxes, typically subject to debt limits and voter approval. Revenue bonds are self-supporting, funded by user charges, and generally not subject to debt limits or voter approval.\"},{\"question\":\"Which investors are municipal bonds most suitable for, based on tax-exemption?\",\"answer\":\"Municipal bond interest is exempt from federal tax and state tax for residents. They are most suitable for investors in high tax brackets and not suitable for low tax brackets or retirement plans.\"},{\"question\":\"How does NAV relate to open-end mutual funds, and what affects NAV?\",\"answer\":\"NAV is the minimum price used to offer mutual fund shares at NAV for no-load funds. NAV is influenced by the value of securities in the portfolio and by distributions to investors such as dividends or capital gains, and it is not influenced by demand for mutual fund shares.\"}]","FINRA / NASAA Series 6 - 7 - 65 - 66 Dump Sheet - Product Characteristics and BRTI - Municipal Securities | PDF",1790327943]