Exchange-traded funds (ETFs) offer a relatively cheap way for investors to take broad investment positions, often providing access to markets or underlyings that would be otherwise difficult to trade. These typically, open-ended index funds offer comparatively low fees, daily portfolio transparency and secondary trading on stock exchanges.

There are also a host of other exchange-traded products (ETPs) that do not use a mutual fund structure, instead relying on guarantor trusts, partnerships

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