Unlike mutual funds, private equity funds need not disclose performance data.

Unlike open-end mutual funds, closed-ends issue a limited number of shares.

Unlike mutual funds, closed-ends issue no prospectuses after the initial public offering.

And also unlike mutual funds, Powerplay charges its clients a "performance fee."

That means they are like gasoline, but unlike mutual funds whose managers pick stocks and try to beat the market.

Unlike other funds, Greenlight does not use borrowed money, or leverage.

Unlike close-end funds, these funds do not have an investment period.

Unlike mutual funds, folios give investors the power to make changes by selling stocks and replacing them with different ones.

Unlike mutual funds, they may be priced at discounts to their asset values.

"Unlike hedge funds," he said, "we do not have shareholders who redeem."