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.
