Learn who authorised participants are, how they use arbitrage to keep ETF prices efficient, and why ETFs stay close to net asset value.

Understand how creation and redemption baskets work in ETFs, why authorised participants matter, and how this mechanism keeps ETF prices aligned with NAV.

Learn what Exchange Traded Funds are, how ETF pricing stays aligned with underlying assets, and why ETFs play a central role in modern portfolios.

Understand the efficient frontier, how diversification shapes optimal portfolios, and why it defines the best risk return trade-offs in portfolio theory.

Learn what Jensen’s Alpha measures, how it isolates manager skill from market risk, and why it is used to evaluate true portfolio outperformance.

Understand anchoring bias in behavioural finance, how initial reference points distort valuation, forecasts, and investor decision-making.

Optimal risky portfolio explained intuitively. Learn why all investors hold the same risky portfolio, its link to the efficient frontier and CAL, and key CFA–FRM exam insights.

Markowitz Efficient Frontier explained intuitively. Understand diversification, risk–return trade-offs, investor choice, and common exam traps for CFA and FRM portfolio theory.

Capital Allocation Line explained intuitively. Learn how the CAL shows risk-free and risky asset combinations, investor choice, leverage, and risk–return trade-offs for CFA and FRM exams.