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An Exchange Traded Fund (ETF) is a security that tracks an index, a commodity or a basket of assets like an open-end investment fund, but trades on an exchange like a stock. ETFs have the combined characteristics of an open-end fund and a stock. Since ETFs are bought and sold on an exchange like shares, they are traded during trading hours. A well-known example is the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index by holding shares in the 500 largest US-listed companies, allowing investors to gain broad exposure to the US stock market through a single trade.
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