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  "documentTitle": "BlackRock | Investor Day Presentation Deck | 188 slides",
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  "authorName": "BlackRock",
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  "presentationDate": "2014-10-01 00:00:00",
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  "notes": "The slide highlights the 'Bernanke speech' as a specific event marker and explains the mechanism of ETF pricing vs NAV.",
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      "kind": "callout",
      "text": "Premiums and discounts arise because many bonds do not trade on a daily basis – HYG trades each day and “prices in” new information",
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      "text": "Note: The NAV of an ETF or mutual fund is the sum of net assets held in the fund, less all liabilities, divided by shares outstanding. The market price of an ETF is the price at which investors can buy or sell the fund on an exchange and varies based on supply and demand.",
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      "text": "Source: BlackRock and Bloomberg. Dollar value scaled to $100.",
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      "kind": "title",
      "text": "How did HYG perform under stress in 2Q 2013?",
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