Learning Outcome Statements

a. explain the creation/redemption process of ETFs and the function of authorized participants;
b. describe how ETFs are traded in secondary markets;
c. describe sources of tracking error for ETFs;
d. describe factors affecting ETF bid-ask spreads;

e. describe sources of ETF premiums and discounts to NAV;
f. describe costs of owning an ETF;
g. describe types of ETF risk;
h. identify and describe portfolio uses of ETFs.