Knowledge
On completion of this module, the successful participant will be able to:

Contrast open ended investment vehicles with closed ended funds
Demonstrate a comprehensive understanding of the organizational structure of exchange traded funds (ETFs) and exchange traded notes (ETNs)
Understand the nature of the fiduciary and trust architecture of ETFs
Importance of fees earned from Securities Borrowing and Lending Intermediaries (SBLIs)
Treatment of dividends and other income generated in the underlying securities
Use of derivatives in the ETF creation process

Skills
This module will call for the successful participant to:

Analyse the role of Authorised Participants in the creation and redemption process
Understand the role of securities lending as a form of income to ETF sponsors
Understand the importance of tracking error – deviation from the performance of the underlying
Explain the difference between different replication strategies – stratified sampling vs. full replication

Module 2