AIM 01 Exchange-traded product (ETP) market overview

ETPs have a range of product structures and asset categories. This section provides two overarching frameworks. The first is product structure. What generates the promised benchmark index return? The second is asset category or price risk. How do prices of different assets co-vary?  Diversification across asset categories is a fundamental precept of investment management.

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• Required reading

  • ICI 2023 Investment Company Fact Book: Quick Facts Guide

  • ICI 2018 A Close Look at ETF Household

  • Morningstar 2023 U.S. Annual fee study​

  • Financial Times 20240222 Fee pressure intensifies in the U.S. ETF market

  • FactSet 20240201 ETF investors say "No thanks" to fee hikes

  • SEC 2021 U.S. Market structure and securities regulatory framework

  • REW 2024 ETP trading costs

    • ​ETP trading cost support file.xlsx

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• Lecture notes

  • Slides

    • ​Support files:

      • ETFdb 20231229 report generator.xlsx​