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Security tip: Use our account security features to help give you peace of mind As each fund passes its fiscal year-end, we're recalculating expense ratios and lowering them everywhere we can. As each fund passes its fiscal year-end, we're recalculating expense ratios and lowering them fwsnort log your account we can. Liz Tammaro : So we received quite a few questions in advance when you all registered for this webcast. We're going to get started with our first question fwsnort log your account, Jim, I'm going to give this one fwsnort log your account you. So it makes a lot of sense before we get started, let's define what is an ETF. Jim Rowley : Simply put, an ETF is an exchange-traded fund, right? It's a pooled investment vehicle that acquires or disposes of securities. Investors own a pro rata share of the assets in that fund. The fund issues new shares or redeems existing shares to meet investor demand. Furthermore, and I should say providing some type of an investment exposure to fwsnort log your account advisors, whether it's an index in particular or a market strategy. And when you think about even more so what makes them similar to mutual funds is that the majority of ETFs are organized and regulated as investment companies under the Investment Company Act of And that's the same regulatory regime under which mutual funds operate. So for all the discussions sometimes we hear about differences between mutual funds and ETFs, they're overwhelmingly similar actually. Liz Tammaro : And even thinking about that, we can talk about maybe what are some of the benefits of the mutual fund versus an ETF or, sorry, even vice versa, ETF versus mutual fund. And even maybe what are some of the disadvantages. Jim Rowley : I'll take that because I think I don't necessarily like the word disadvantage. I think differences is maybe the more appropriate term. And we just addressed some of the similarities between ETFs and mutual funds, so it's maybe more important to know what are the actual differences. And really the differences come down to two major items and they fwsnort log your account relate to how investors transact in shares of those funds, right?



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