// definition
ETF
Exchange-Traded Fund
Short definition
A fund whose shares trade on an exchange during the trading day. Its mandate may follow an index or use active management. The market price can differ from the fund’s net asset value per share.
risk atlas
Knowledge map
Intuition
The trading structure and investment strategy describe separate features of a fund.
Related analyses
Primary sources
- SEC, Updated Investor Bulletin: ETFs, February 23, 2023Index-based or actively managed funds, intraday trading and market price versus net asset value.