Chartered Alternative Investment Analyst (CAIA) Practice Exam 2025 – All-in-One Guide to Master Your Certification!

The answer identifies mutual funds as the option that is not considered a major type of real asset other than land. Real assets typically refer to physical or tangible assets that have inherent value. These include natural resources, infrastructure, and commodities.

Natural resources encompass valuable raw materials extracted from nature, such as oil, minerals, and timber. Infrastructure refers to fundamental physical systems crucial for the functioning of a society, including transportation systems, utilities, and communication networks, while commodities are basic goods used in commerce that are interchangeable with other goods of the same type, such as metals, agricultural products, and energy resources.

Mutual funds, in contrast, are investment vehicles that pool capital from multiple investors to purchase a diversified portfolio of assets, which may include stocks, bonds, or even real assets. However, mutual funds themselves are not tangible assets, but rather financial instruments representing ownership in a diversified collection of investments. Thus, while mutual funds can invest in various asset classes, including real assets, they themselves do not belong to the category of major types of real assets.