https://howetfstrade.com 2026-10-22 daily 1.0 https://howetfstrade.com/assets/images/image01.jpg Diagram: ETFs trade in two markets, on-exchange trading and creation/redemption, linked by market makers and APs https://howetfstrade.com/assets/images/image02.jpg Diagram: ETFs trade in two markets, on-exchange trading and creation/redemption, linked by market makers and APs https://howetfstrade.com/assets/images/image03.jpg Diagram: ETFs trade in two markets, on-exchange trading and creation/redemption, linked by market makers and APs https://howetfstrade.com/assets/images/image04.jpg Diagram: how ETF liquidity flows from the underlying securities through market makers and authorized participants to on-exchange trading and creation/redemption https://howetfstrade.com/assets/images/image05.jpg Table: common assumptions about ETF size, volume and spreads compared with how ETF liquidity actually works https://howetfstrade.com/assets/images/image06.jpg Diagram: how liquidity stress in the underlying markets shows up immediately in ETF prices and spreads but is deferred and smoothed in mutual fund NAVs