Exchange-Traded Funds (ETFs)
Funds — most tracking an index — whose shares trade on exchanges all day at market prices; an in-kind creation/redemption mechanism keeps prices near NAV and adds tax efficiency.
Most ETFs are passively managed index trackers with low expense ratios; investors pay brokerage commissions rather than sales loads. Leveraged and inverse ETFs reset daily and are designed for short-term trading, not buy-and-hold — a tested suitability point.