In November 2018, Heidi Raubenheimer, CFA, Managing Editor of the Financial Analysts Journal, interviewed Antti Petajisto about his article “Inefficiencies in the Pricing of Exchange-Traded Funds,” which won the Graham and Dodd Award for best article in 2017. The article shows that prices of exchange-traded funds (ETFs) can deviate significantly from their net asset values (NAVs), in spite of the arbitrage mechanism that allows authorized participants to create and redeem shares for the underlying portfolios.
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