Exchange Traded Fund (ETF) – an investment that replicates an index, such as the S&P 500, the technology sector, the Japanese Market, etc.  Similar to
a mutual fund, but traded like a stock. Very low operating and transaction costs associated with them.  Unlike a mutual fund, ETF’s can be
purchases and sold during the trading day, and also unlike a mutual fund, they are more tax-efficient as there is generally no  distribution of capital gains until the ETF is sold.