EXchange-TRAded (EXTRA) Funds

Modified unit trusts or mutual fund-type investment funds characterized by a dual-trading process. Fund shares are created or redeemed in large blocks of 50,000 or more shares through the deposit of securities to, or payment of securities from, the fund's portfolio. Secondary trading, in lots as small as a single fund share, takes place on a stock exchange. The dual trading process permits the fund shares to trade close to net asset value at all times. EXTRA funds are usually more tax efficient than comparable conventional funds. See Frozen Index Funds.

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