[三级考试选择题总结]来对对答案吧，看你错了多少个？

I don't remember the exact phrasing of the question. But judging from the material in the textbook, FOF = funds of hedge funds. See textbook 4 p.311 3rd paragraph. This is the first place the textbook mentions FOF. On p313 first paragraph on the top, the second last sentence, it says "FOFs usually do not impose lock-up periods and may permit more frequent investor exits."

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I know that FOF is not equal to FOHF. But you must answer this question yourself: where did you see the textbook materials discuss the difference/distinction between the two? If you cannot find it why would CFAI expect you to distinct the two in the exam?

My another reason is I don't think CFAI will play the wording trick in L3 exam, so I treat them as the same.

My $0.02