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: - American Depositary Receipts (ADRs) trade in U.S. dollars but expose investors to significant currency risk. - Real Estate Investment Trusts (REITs) must distribute at least 90% of their net investment income to shareholders to avoid corporate-level taxation. - Rights are short-term instruments issued to existing shareholders to let them maintain their proportionate ownership during new share offerings. - Warrants are long-term instruments, often used as sweeteners, with an exercise price set above the market price at issuance. - The Series 65 exam frequently tests the distinctions between rights and warrants, particularly their timeframes and initial exercise prices. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep