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What does exchange-traded fund mean?

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exchange-traded fund
(ETF)
Noun

An open-end investment company or unit investment trust (UIT) whose shares trade on the secondary market in intraday trading at its intraday indicative value (IIV), which may be at a premium or at a discount to the fund’s net asset value (NAV) per share in reaction to market supply and demand.

Synonym(s): 
  • registered ETF.
Comment: 
A registered ETF has registered with the US SEC as an open-end investment company or unit investment trust under the Investment Company Act of 1940.
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