Which of the following is NOT classified as "Equity Securities"?

The classification of equity securities primarily pertains to ownership interests in a corporation, which can include various forms of stock and related instruments. Stocks traded on exchanges, ETFs (Exchange-Traded Funds), and shares of closed-end investment companies are all considered equity securities because they represent ownership interests in different asset pools, which primarily invest in stocks.

Private funds, while they may invest in various asset classes, typically do not qualify as equity securities on their own. This is because a private fund is generally structured as a limited partnership or similar vehicle where investors contribute capital but do not own a direct equity stake in a corporation itself. Instead, they are investing in the fund which, in turn, might hold equity securities among other types of assets.

Some options and warrants provide rights to purchase equity securities in the future. However, on their own, they are not classified as equity securities because they do not represent an ownership interest until exercised. Thus, the correct choice identifies the classification that is less about direct ownership and more about pooled investment or derivative rights, distinguishing private funds from the other options that unequivocally represent equity interests.