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"<p><strong>An exchange traded fund (ETF) is an investment fund that tracks the performance of its underlying index and can be bought and sold on the stock exchange</strong>. Like a traditional fund, an ETF is a mutual fund and thus unaffected by any insolvency of the ETF provider. It allows the benefits of a collective investment fund yet trades like a share.<br><strong>ETF trading can be done on the stock exchange or over the counter at any time of the day</strong>. As ETFs are pegged to an underlying index, they are passive investment vehicles that merely replicate the performance of their underlying asset. In other words, when the underlying index increases in value, the value of the ETF increases likewise.</p> \n<p>The first ETFs were listed in the US in 1993 and Europe from 1999. Since then, a steadily increasing number have become available. Traditionally, ETFs are passive index funds but actively managed ETFs have also come into play since their authorization in 2008 and require a portfolio management strategy.</p>"
<https://www.ubs.com/global/en/assetmanagement/capabilities/etfs.html>