When investors who are familiar with stocks and bonds read such contents in financial newspapers, it is not surprising that they may think that there are some weird animal exhibitions on Wall Street. When terms such as iShares and PowerShares frequently appear in articles and advertisements, investors may think that these are stronger and better stocks derived from ordinary company stocks. In a sense, their ideas are right. Although their initials are ETF, there is only one that can make people excited. Yes, it's an exchange traded fund. Its English name is exchange-traded fund, or ETF for short. Simply understood, it is a new mutual fund that can be traded on the stock exchange. Like the automobile and detergent industries, in order to attract its customers and investors, Wall Street also needs to innovate and constantly introduce new and improved investment products. Of course, not all new products represent progress. For example, the new product introduced by Coca-Cola in the1980s, which changed the traditional formula, was a major failure. However, ETF is definitely a new type of progressive mutual fund on Wall Street, even known as the * * * mutual fund of 2 1 century. ETF is a tradable stock with the characteristics of * * * same fund, and the new and improved version is by no means a hollow name. Compared with common mutual funds, ETF has the following six advantages: 1. More flexibility; 2. The rate is lower; 3. Higher tax efficiency; 4. More transparent; 5. More accurate resource allocation; 6. You can invest in other asset classes.