B Which of the following purchases is NOT a form of indirect investment ? stof a. Exchange-Traded-Funds (ETFs). Gestion b. Mutual funds. C. Real Estate Investment Trusts (REITS). d. Unit trusts. e. American Depository Receipts (ADRs). A portfolio with 75% of funds invested in stocks is MOST likely to be appropriate for : a. on a retired couple who does not have enough money to support 20 years of retirement life. b. a double-income family with 2 kids. c. a divorced middle-aged mother who needs high return on investment. d. a student with good investment knowledge. e. a young single worker saving money for retirement. 20 Which of the following assets is the LEAST liquid ? saved d out of 39 question a. AAA-grade government bond with 3-year maturity. b. International bond funds. c. Deposit in a HK dollar savings account. d. Mutual funds in emerging markets' equities. e. Cash value of a life insurance policy