1.) Contrast mutual fund ownership with direct investment in stocks and bonds. Assume your class is going to debate the merits of investing through mutual funds versus investing directly in stocks and bonds. Develop some arguments on each side of this debate and be prepared to discuss them in class. If you had to choose one side to be on, which would it be? Why?

2.) Describe the process of creating an ETF. How does it differ from the process by which an open-end fund is created?