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https://nytimes.com/article/etf-funds.htmlWhat are they exactly? Let’s define terms.
Exchange-traded funds, which may be bought or sold all day like stocks, started as index funds — meaning, at relatively low cost, they mirrored the market and didn’t try to beat it. Actively managed funds, run by people who select individual stocks and bonds, were originally packaged only as traditional mutual funds, which can be bought or sold only once a day.
Attributes of those two main kinds of funds were combined more than a decade ago, with the advent of actively managed E.T.F.s. Now, there is a newer innovation: The Securities and Exchange Commission says some funds don’t have to disclose all of their holdings, making them “nontransparent.”