$1)$ What is an exchange$-$traded fund $($ETF$)?$ What kind of characteristics do ETFs share with other capital$-$market assets? Apply the characteristics of stocks discussed in class.

$2)$ What is a broad$-$based index ETF? How is a $$smart beta$$ ETF different from a broad$-$based ETF?

$3)$ The article mentioned a few examples of a broad$-$based index ETF. Look up one of them and compare the annual returns to the ETF with the market index the ETF is tracking for both year $2022$ and $2023.$ Briefly comment on what you have found.

$4)$ ETFs, just like other types of mutual funds, can be either actively or passively managed. What are the differences between active management and passive management? Which type of management strategy is more common among the ETF managers? Among mutual fund managers?

$5)$ According to the case study, what are the pros and cons for Fidelity to embrace ETFs?