2021 CFA Level II Exam: Study Session 16. Portfolio Management (1) - Reading 43. Exchange-Traded Funds: Mechanics and Applications

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	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.

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