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Coming Soon: Go beyond The Ticker

Master the mechanics behind ETFs, from market structure to execution.
Understand what really drives liquidity, pricing, and performance — all in this free foundational course.

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Course contents

01
ETF Market Structure and Key Participants
- Who are the core participants in the ETF ecosystem, and what role does each play (Issuer, AP, Market Maker, Exchange, Investor)?
- How do Authorized Participants and Market Makers differ, and why is that distinction critical?
- How does the ETF ecosystem differ from the mutual fund structure?
- Why are exchanges central to ETF liquidity and price discovery?
- What risks arise if AP participation or market maker competition is limited?
02
Creation and Redemption
- What is the ETF creation and redemption mechanism, and why is it foundational to ETF structure?
- Who can create and redeem ETF shares, and why is this restricted to Authorized Participants?
- What is a creation unit, and why are creations done in large blocks?
- What are the differences between in-kind, cash, and custom basket creations?
- How does the creation/redemption process keep ETF prices aligned with NAV?
03
Portfolio Composition File (PCF)
- What is the Portfolio Composition File (PCF), and why is it essential for ETF functioning?
- How does the PCF enable arbitrage and secondary market liquidity?
- What information is typically included in a PCF?
- How does the PCF differ between passive and active ETFs?
- What risks would arise if PCF transparency were reduced?
04
Premiums, Discounts, and Arbitrage
- Why can ETFs trade at premiums or discounts to NAV?
- How does arbitrage work when an ETF trades at a premium?
- How does arbitrage work when an ETF trades at a discount?
- When and why can premiums and discounts persist?
- Why can an ETF’s market price sometimes be more informative than its NAV?
05
Trading and Execution Venues
- How do ETFs trade in the secondary market compared to mutual funds?
- What is the difference between on-exchange trading and RFQ trading?
- When should an investor use an RFQ instead of trading on-screen?
- What drives ETF bid-ask spreads?
- How does underlying market liquidity influence ETF execution costs?
- How does algorithmic execution influence ETF trading outcomes?
06
Orders and Practical Execution
- What order types are most appropriate when trading ETFs, and why?
- What is the difference between NAV vs Risk trading?
- What common mistakes lead to poor ETF execution?
- Why is trading at the open or close sometimes risky?
- What simple best practices can materially improve ETF execution outcomes?
07
Measuring ETF Liquidity
- What does ETF liquidity really mean, and how is it different from stock liquidity?
- What is the difference between primary and secondary market liquidity?
- Why is average daily volume (ADV) not a complete measure of ETF liquidity?
- How does underlying basket liquidity determine ETF capacity?
- What metrics best indicate true ETF liquidity (spread, depth, AUM, implied liquidity)?
08
Capital Markets – The Issuer’s Role
- What makes the Capital Markets function unique within asset management?
- How does Capital Markets support APs and Market Makers?
- How does Capital Markets improve spreads and trading efficiency?
-What role does Capital Markets play during large institutional trades?
- Why is Capital Markets bench strength important when evaluating ETF issuers?

Start Your Free ETF Training Today — Coming Soon

This free online course offers a complete overview of the European ETF marketplace, covering market structure, creation and redemption, portfolio composition, premiums and discounts, trading and execution, liquidity, and capital markets. With 8 modules and 4 hours of content, you’ll gain a solid foundation in ETF mechanics.

Bridging the Gap in ETF Education

We created the ETF Training Hub to fill a crucial gap in the industry—until now, there have been limited opportunities for professionals to gain structured, high-quality ETF education.
Our platform provides the essential knowledge, skills, and certifications needed to excel in this fast-growing market. Whether you’re new to ETFs or looking to advance your career, our expert-led training will help you stay ahead and unlock new opportunities.
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