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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. |