Understanding exchange-traded funds, mutual funds, indexes, and pooled investment vehicles.
This scope is designed to help you build a practical understanding of ETFs & Funds. Lessons move from core definitions to real-world context and common failure points.
Reading in order is recommended, but each lesson stands on its own.
An exchange-traded fund is a pooled investment vehicle that holds a portfolio of assets and trades on an exchange like a stock. This article explains how ETFs are structured, why they exist, how shares are created and redeemed, and where they fit within the broader market infrastructure.
A clear, practical explanation of how index mutual funds and exchange-traded funds compare. The article defines each structure, describes how they fit within market plumbing, explains why they exist, and provides real-world context without investment advice.
An in-depth explanation of how exchange-traded funds are built and operate, including the roles of issuers and authorized participants, the creation and redemption mechanism, pricing relative to net asset value, and how ETFs fit within the broader market structure.
A rigorous overview of actively managed exchange-traded funds, covering their definition, market structure, regulatory context, mechanics, costs, risks, and real-world examples without offering investment advice or strategies. Written for readers building foundational knowledge of ETFs and funds.
A rigorous explanation of net asset value (NAV) and market price for funds and ETFs, why they differ, how those differences arise within market structure, and what real-world examples reveal about premiums, discounts, and arbitrage. Written for readers seeking clear fundamentals without trading guidance.
A clear, practical explanation of ETF liquidity and trading. Covers how liquidity is formed, how it fits within market structure, why the creation and redemption process exists, and what real-world trading conditions reveal about pricing, spreads, and volume.
A detailed explanation of how ETF creation and redemption works, why it exists, and how it connects primary and secondary markets to keep ETF prices aligned with underlying portfolios, with practical illustrations across asset classes and market conditions.
A clear, structured overview of sector and thematic exchange-traded funds, how they are built, how they fit within the ETF market, why they exist, and what distinguishes their methodologies, exposures, and risks. Includes real-world context and practical examples without investment recommendations.
A clear, academically grounded overview of leveraged and inverse exchange-traded funds, including definitions, market structure, daily reset mechanics, compounding effects, and practical examples of how these products function in real markets without offering recommendations.
A clear, academically grounded explanation of ETF expense ratios, how they are assessed and disclosed, what they include and exclude, and why they matter in the structure and operation of funds and markets. Includes practical examples and common misconceptions.
