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Exchange-traded fund
An
exchange-traded fund
(
ETF
) is an
investment fund
traded on
stock exchanges
, much like
stocks
. An ETF holds assets such as stocks, commodities, or bonds, and trades close to its
net asset value
over the course of the
trading day
. Most ETFs track an
index
, such as a
stock index
or
bond index
. ETFs may be attractive as investments because of their low costs,
tax efficiency
, and stock-like features. By 2013, ETFs were the most popular type of
exchange-traded product
.
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