“ETF” describes a trading structure; “private” usually concerns how a fund is offered and who may invest. Neither tells you whether the portfolio holds bonds, equities or illiquid assets. First identify the product’s jurisdiction and legal documents, then compare the actual investment mandate. The examples below describe common structures, not universal legal definitions.
Compare access and pricing
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| Common structure | Buying and selling | Read closely |
|---|---|---|
| Open-end mutual fund | Orders usually priced at the next calculated NAV | Cut-off time, fees and redemption terms |
| ETF | Shares trade intraday; price can differ from NAV | Spread, liquidity, holdings and expenses |
| Private fund | Subscription and exit depend on the contract | Eligibility, capital calls, lock-up and valuation |
Keep strategy separate
An ETF can be actively managed, and a mutual fund can track an index. A private fund is not automatically a private-equity fund. Compare concentration, leverage, currencies and the ability to sell underlying assets before interpreting a historical return.
Build one comparison sheet
- Record the same share class, reporting date, currency, benchmark and fee basis. Do not compare a gross strategy return with another investor’s net return.
- Test the exit process with a concrete date and amount: when can the order be placed, what price applies, and when does cash arrive?
Further reading
General information only; not investment advice, an offer or a recommendation. Any participation is subject to eligibility, documentation and applicable permissions. Capital and returns are not guaranteed; some or all capital may be lost.