Presented below are three different aircraft lease transactions that occurred for Canada Airways in 2021. All the leases start on January 1, 2021. In no case does Canada receive title to the aircraft during or at the end of the lease period. Canada Airways is a public company. 
Instructions
Which of the above leases are operating leases and which are finance leases? Explain your answer.
Definitions:
Factor Portfolio
A portfolio constructed to have a high sensitivity to a specific factor or factors, used to capture returns associated with those factors.
Well-Diversified
A portfolio strategy involving the mix of different investments to reduce exposure to risk.
Beta
A scale for determining the level of fluctuation or consistent risk in a security or portfolio compared with the overall market.
Risk Premium
The additional return an investor expects to receive for taking on additional risk compared to a risk-free asset.
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