Exchange-traded fund

An exchange-traded fund is a pooled vehicle whose shares trade on an exchange and are created and redeemed in large blocks by authorised participants against the underlying basket.

Also known as ETF. instruments and markets · updated 2026-11-06

Where does exchange-traded fund come up?

This term is used in the following manipulation techniques, each explained in full on its own page.

• ETF and NAV abuse — ETF and NAV abuse exploits a fund's valuation of illiquid or stale-priced holdings, creating or redeeming shares at a ratio that transfers value from the investors who remain in the fund.

See also

• Net asset value — Net asset value is the per-share value of a fund's holdings. For funds holding illiquid or stale-priced assets, the inputs to net …
• Authorised participant — An authorised participant is a firm entitled to create and redeem exchange-traded fund shares directly with the fund, arbitraging …

Terms that refer here

Authorised participant · Net asset value

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