Approved IAR CE Courses

This course gives investment adviser representatives a structured framework for evaluating investment products that offer Bitcoin exposure or Bitcoin-linked income. Participants distinguish Bitcoin-denominated from dollar-denominated returns, separate returns produced by market mechanics from returns produced by an operating business, identify structural features such as wrapping, rehypothecation, and synthetic exposure, and assess whether a product's return thesis depends on a temporary market condition. The course compares two established Bitcoin-linked structures in generic terms (leveraged corporate-treasury common equity and perpetual preferred stock), sets out design criteria that apply to any Bitcoin-linked product, and applies a three-component evaluation framework in a case study. No issuer, product, or service is named or recommended. Instructor disclosure: Wyatt O'Rourke owns Basilic Financial LLC, a registered investment adviser that evaluates Bitcoin investment products for clients, and is a co-founder and 50% owner of BFFS Media LLC, the provider. Wyatt is also a co-founder of Pax Partners, which offers a Bitcoin-linked investment product whose design includes the components evaluated in this course. Mitigation: all content was reviewed by an independent reviewer with no commercial interest in the subject matter; the course uses anonymized, hypothetical products only; and the framework is taught as one evaluation lens applied to all product categories.

This course examines the previous regulatory approach to investment adviser advertising and thenanalyzes the purpose of the new SEC Marketing Rule. The important terms used in the new rule willbe defined and explained to ensure understanding of the application of the rule. The rule's numerousexceptions and prohibitions will be explained so that readers understand how advisers must analyzethe particular facts and circumstances of each advertisement for compliance. Since the rule nowpermits advisers to use testimonials and endorsements as well as third-party ratings, the course willcover the specific conditions and requirements for their use/inclusion. Finally, the requirements for including performance advertising are examined.

This course provides an overview of 1031 like-kind exchanges and how Delaware Statutory Trusts (DSTs) and 721 exchanges may be used in real estate investment planning. Participants will review the basic rules and timelines of a 1031 exchange, along with common replacement property options available to investors. The course also introduces the structure of 721 exchanges and how they may allow investors to transition real estate holdings into a REIT structure. By the end of the session, attendees will have a clearer understanding of these strategies and how they may be used in client conversations around tax deferral and portfolio diversification.

Exchange-Traded Funds (ETFs) have grown rapidly since their inception in 1993. This course will explain their features and characteristics, how they trade, the creation/redemption process, and some applications.

This course delves into key concepts related to ETFs including the creation and redemptionmechanism as well as arbitrage. Both passive and active management strategies are discussed including index, inverse and leveraged ETFs.

The course provides a brief history of investment fund and how exchange-traded funds evolvedfrom index mutual funds. The course will also present how mutual funds, closed-end funds, andexchange-traded funds are issued and later bought and sold. The next section will introduce thetypes of exchange-traded funds, their characteristics, and risks. The final section will review thefederal laws that govern exchange-traded funds.