Fund Vehicles Purpose Analyze and compare investment vehicles including mutual funds, ETFs, index funds, and separately managed accounts (SMAs). This skill covers expense ratio analysis, tax efficiency comparisons, the ETF creation/redemption mechanism, fund selection criteria, and the long-term impact of fees on wealth accumulation. Layer 2 — Asset Classes Direction both When to Use - User asks about comparing fund types (ETF vs mutual fund vs SMA) - User asks about expense ratios, fee analysis, or cost impact on returns - User asks about ETF mechanics (creation/redemption, premiums/discount…