Explanation

Real Estate Investment Trusts (REITs) provide indirect equity exposure to real estate because:

1. Equity REITs own and operate income-producing real estate properties
2. Investors buy shares of REITs, which represent ownership in the underlying real estate portfolio
3. REITs trade on stock exchanges like other equities, providing liquidity
4. Returns come from rental income and property appreciation

Real Estate Limited Partnerships (RELPs) provide direct equity exposure because:

• Investors become limited partners with direct ownership in specific properties
• This is a direct investment structure

Commercial Mortgage-Backed Securities (CMBS) provide debt exposure to real estate because:

• They represent securitized commercial mortgage loans
• Investors receive interest payments, not equity returns
• This is a fixed-income investment, not equity

Therefore, REITs are the correct answer as they offer indirect equity exposure through publicly traded securities that represent ownership in real estate portfolios.