Client is looking for method to index 240 MM and is very cost sensitive. They have 3 choices:
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Mutual funds
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ETF
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Pooled accounts
Which one is appropriate and have lowest costs?
ETF. 240mm can be absorbed by SPY without a blink of an eye.
Well in Mock, the correct answer is pooled account- has lowest cost??!!
Close enough.
More important is… what is that picture you have for your icon? It’s soothing and energetic at the same time. Is it religious at all?
pooled account is the cheapest because almost zero transaction cost occured.
ETF have transaction cost and license fee.
The primary difference between ETF and mutual funds compared to pooled account is COST.
Pooled accounts are the lowest cost products. The mock asnwer is correct 
Not at al… I like to read so I thought it’s appropriate here. I am glad that you found it soomthing and energetic.