🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 4 (from laksa056)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa004.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical, ml_categories_json AS ml_categories_json, ml_types_json AS ml_types_json, ml_intent_types_json AS ml_intent_types_json, meta_language AS meta_language, attrs_author AS attrs_author, ifNull(toUnixTimestamp(attrs_publish_time), 0) AS attrs_publish_time, ifNull(toUnixTimestamp(attrs_original_publish_time), 0) AS attrs_original_publish_time, ifNull(attrs_is_republished, 0) AS attrs_is_republished, ifNull(attrs_nr_words, 0) AS attrs_nr_words, ifNull(attrs_boilerpipe_nr_words, 0) AS attrs_boilerpipe_nr_words, ifNull(body_ext_links_number, 0) AS body_ext_links_number, ifNull(body_int_links_number, 0) AS body_int_links_number, ifNull(meta_nofollow, 0) AS meta_nofollow, ifNull(meta_noarchive, 0) AS meta_noarchive, ifNull(props_was_rendered, 0) AS props_was_rendered, ifNull(src_redirect, \'\') AS src_redirect, ifNull(download_time_msec, 0) AS download_time_msec, ifNull(download_ttfb_msec, 0) AS download_ttfb_msec, ifNull(download_size, 0) AS download_size FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.borsaitaliana.it/etf/formazione/cosaeunetf/coseunetf.en.htm\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.borsaitaliana.it/etf/formazione/cosaeunetf/coseunetf.en.htm\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.borsaitaliana.it\/etf\/formazione\/cosaeunetf\/coseunetf.en.htm","crawl_time":1773854787,"first_indexed_time":1443902597,"http_code":200,"src_unparsed":"it,borsaitaliana!www,\/etf\/formazione\/cosaeunetf\/coseunetf.en.htm s443","src_root_hash":"7942269375956613404","history_drop_reason":null,"meta_title":"What is an ETF? - Borsa Italiana","meta_descriptions":["What is an ETF?"],"attrs_boilerpipe_text":"ETF is the acronym for\nExchange Traded Fund\n, a term by which a particular type of mutual investment fund or Sicav is identified and whose main features are:\nit is traded on the Stock Exchange like a share;\nit tracks the reference index (benchmark) through a totally passive management.\nAn ETF summarizes the typical features of a fund and a share, enabling the investors to exploit the strength of both instruments:\ndiversification and reduction of the risk typical of funds,\nflexibility and transparency of information typical of shares listed in real time.\nThe advantages of ETFs\nThe advantages of ETFs are:\nTo take position in real time on the target market with one single purchase transaction: By purchasing an ETF it is possible to take position on a market index (for example FTSE MIB, DAX, Nasdaq100, S&P500) in real time for a price that perfectly reflects the value of the fund at that given time.\nTo track the performance of the benchmark index: The ETF allows to obtain a return equal to that of the reference benchmark through a “totally passive management”, i.e. replicating exactly the composition and weights of the index to which it refers. It must be considered, however, that if the reference currency is other than the trading currency (which is always the euro), the return of the ETF may be different from that of the benchmark as a result of the devaluation\/revaluation of such currency compared to the euro.\nTo have a market price that is constantly aligned to the NAV: Thanks to the particular mechanism referred to as creation\/redemption in kind, which enables the participants to create and redeem the units exchanging the ETFs with all the securities making up the reference index and vice-versa (primary market), the price on the Stock Exchange is constantly aligned to the official value of the ETF, the Net Asset Value (NAV): then, the risk of buying (selling) an ETF with a higher (fewer) price than the NAV is reduced, but this risk can't be excluded.  \nTo obtain a broad diversification: To invest in an ETF means to take easily position on a market index, which consists of, in general, a large basket of securities, thus diversifying and decreasing the investment risk.\nTo reduce the costs of one’s own portfolio: The ETFs are subject to a low total annual commission (TER) applied automatically in proportion to the holding period, whilst the investor is charged no “Entry”, “Exit” and “Performance” fees. The investor must only take into consideration the fees applied by his own bank\/broker for the purchase and sale on the market.\nTo benefit from periodical proceeds: The dividends or interests that ETF collects in relation to the shares\/bonds included in its assets (as well as the proceeds from the re-investment of these) may be re-distributed periodically to the investors or permanently capitalized in the assets of the ETF. In both cases, the beneficiary is only the investor.\nTo reduce the issuer’s risk: The ETFs listed on ETFplus are, depending on the instrument, Mutual Investment Funds or Sicav (UCITS). It is a known fact that UCITs have segregated assets with respect to those of the companies, which take care of their creation, management, administration and marketing activities. Therefore, ETFs are not subject to the insolvency risk in the event of default of the above-mentioned companies.\nETFs can be suitably used in various different ways: medium\/long term investment, trading including intraday and selling short in order to take a bear position on the benchmark index. Owing to the possibility to easily diversify the portfolio, the precision with which the benchmark index is replicated and the low management costs, ETFs are also particularly suitable for constructing an accumulation plan (CAP) through periodic payments, even small, made by individual investors.\nOn the other hand, it is important to remember that ETFs are clearly exposed to the risk of potential loss of value as regards the shares, bonds or other instruments in which their assets are invested.\nLiquidity\nThe creation and redemption process requires the authorised participants to buy and sell the securities making up the benchmark index in order to create or redeem the ETF shares\/units. Consequently there is a liquidity match between the ETF and  the reference market, thus the spreads and the countervalue of the orders displayed on the trading book have the same conditions you might face buying or selling directly the index components.\nHowever, in order to guarantee the maximum liquidity, it is required that for each ETFs a specialist  displays on continuously basis bid and ask orders for a minimum quantity and a maximum spread as established by Borsa Italiana. ","attrs_markdown":"[![Borsa Italiana logo](https:\/\/www.borsaitaliana.it\/media-rwd\/assets\/images\/reskin\/logo\/BorsaItaliana.svg)](https:\/\/www.borsaitaliana.it\/homepage\/homepage.en.htm \"Borsa Italiana Home\")\n\n[![Borsa Italiana logo](https:\/\/www.borsaitaliana.it\/media-rwd\/assets\/images\/reskin\/logo\/BorsaItaliana.svg)](https:\/\/www.borsaitaliana.it\/homepage\/homepage.en.htm \"Borsa Italiana Home\")\n\n[it](\"Italian\")\n\n[Login](https:\/\/www.borsaitaliana.it\/borsa\/user\/login.html?lang=en \"Login\")   [Register](https:\/\/www.borsaitaliana.it\/borsa\/user\/registration.html?lang=en \"Register\")\n\n[it](\"Italian\")\n\n[Personal page](https:\/\/www.borsaitaliana.it\/borsa\/user\/pagina-personale.en.html \"Personal page\")   [Log out](\"Log out\")\n\n[it](\"Italian\")\n\n[Login](https:\/\/www.borsaitaliana.it\/borsa\/user\/login.html?lang=en \"Login\")   [Register](https:\/\/www.borsaitaliana.it\/borsa\/user\/registration.html?lang=en \"Register\")\n\n[Personal page](https:\/\/www.borsaitaliana.it\/borsa\/user\/pagina-personale.en.html \"Personal page\")   [Log out](\"Log out\")\n\n- [Stocks](\"Stocks\")\n  [Home](https:\/\/www.borsaitaliana.it\/azioni\/azioni\/azioni.en.htm \"Home\")\n  \n  [Stock search](https:\/\/www.borsaitaliana.it\/azioni\/cercatitolo\/ricercaavanzata\/indexricercaavanzata.en.htm \"Stock search\")\n  \n  - [EuroTLX](https:\/\/www.borsaitaliana.it\/borsa\/azioni\/eurotlx\/ricerca-avanzata.html?lang=en \"EuroTLX\")\n  - [Euronext Growth Milan](https:\/\/www.borsaitaliana.it\/borsa\/azioni\/aim-italia\/lista.html?lang=en \"Euronext Growth Milan\")\n  \n  [Listing on Borsa Italiana](https:\/\/www.borsaitaliana.it\/azioni\/quotarsi-in-borsa-italiana\/homepage\/homepage.en.htm \"Listing on Borsa Italiana\")\n  \n  [Equity Direct Distribution](https:\/\/www.borsaitaliana.it\/azioni\/distribuzione-diretta\/home\/page.en.htm \"Equity Direct Distribution\")\n  \n  [Markets](https:\/\/www.borsaitaliana.it\/azioni\/mercati\/mercati-landingpage\/mercati.en.htm \"Markets\")\n  \n  [Borsa Italiana Conference Calendar](https:\/\/www.borsaitaliana.it\/azioni\/conference-e-roadshow\/home\/calendario.en.htm \"Borsa Italiana Conference Calendar\")\n  \n  [All Indices](https:\/\/www.borsaitaliana.it\/borsa\/azioni\/tutti-gli-indici.html?lang=en \"All Indices\")\n  \n  - [MIB ESG](https:\/\/www.borsaitaliana.it\/borsa\/indici\/esg\/scheda.html?symbol=I:MESGP&lang=en \"MIB ESG\")\n  \n  [Risers and fallers](https:\/\/www.borsaitaliana.it\/borsa\/azioni\/ftsemib-rialzi-ribassi-giornalieri.html?lang=en \"Risers and fallers\")\n  \n  [New Issues](https:\/\/www.borsaitaliana.it\/azioni\/ipoematricole\/ipo-home.en.htm \"New Issues\")\n  \n  [Rates](https:\/\/www.borsaitaliana.it\/borsa\/azioni\/mercati-esteri\/cambi.html?lang=en \"Rates\")\n  \n  [Documents](https:\/\/www.borsaitaliana.it\/borsa\/azioni\/documenti\/societa-quotate\/documenti.html?lang=en \"Documents\")\n  \n  - [Documents](https:\/\/www.borsaitaliana.it\/borsa\/azioni\/documenti\/societa-quotate\/documenti.html?lang=en \"Documents\")\n  - [Corporate Calendar](https:\/\/www.borsaitaliana.it\/azioni\/documenti\/calendariobilanciedividendi\/calendariobilanciedividendi.en.htm \"Corporate Calendar\")\n  - [Shareholders Meetings](https:\/\/www.borsaitaliana.it\/borsa\/azioni\/documenti\/societa-quotate\/assemblee.html?lang=en \"Shareholders Meetings\")\n  - [Studies](https:\/\/www.borsaitaliana.it\/borsa\/azioni\/documenti\/societa-quotate\/studi-e-ricerche.html?lang=en \"Studies\")\n  - [Internal Dealing](https:\/\/www.borsaitaliana.it\/azioni\/documenti\/internaldealing\/internaldealingswitch.en.htm \"Internal Dealing\")\n  - [Mifid 2 Market Makers](https:\/\/www.borsaitaliana.it\/azioni\/documenti\/market-maker-mifid2\/market-maker-mifid2.en.htm \"Mifid 2 Market Makers\")\n  \n  [Listed Italian Brands](https:\/\/www.borsaitaliana.it\/azioni\/listedbrands\/homepage\/homepage.en.htm \"Listed Italian Brands\")\n  \n  [MiFID 2](https:\/\/www.borsaitaliana.it\/azioni\/mifid2-ems\/dvc\/avvisi-dvc.en.htm \"MiFID 2\")\n  \n  - [Tick table and LIS](https:\/\/www.borsaitaliana.it\/azioni\/mifid2-ems\/tick-tables\/tick-lis-changes.en.htm \"Tick table and LIS\")\n- [ETFs](\"ETFs\")\n  [Home](https:\/\/www.borsaitaliana.it\/etf\/etf\/home.en.htm \"Home\")\n  \n  [All ETFs](https:\/\/www.borsaitaliana.it\/borsa\/etf.html?lang=en \"All ETFs\")\n  \n  [Intermediaries](https:\/\/www.borsaitaliana.it\/etf\/perintermediari\/perintermediari.en.htm \"Intermediaries\")\n  \n  [RFQ](https:\/\/www.borsaitaliana.it\/etf\/rfq\/overview.en.htm \"RFQ\")\n  \n  [Market Makers](https:\/\/www.borsaitaliana.it\/etf\/marketmakers\/marketmakers.en.htm \"Market Makers\")\n  \n  [Statistics](https:\/\/www.borsaitaliana.it\/etf\/statistiche\/statistiche-etf.en.htm \"Statistics\")\n  \n  - [Real Time Volumes](https:\/\/www.borsaitaliana.it\/borsa\/etf\/scambi-rt.html?lang=en \"Real Time Volumes\")\n  \n  [For issuers](https:\/\/www.borsaitaliana.it\/etf\/emittenti\/listing-etfplus\/etf-comequotarsi.en.htm \"For issuers\")\n  \n  [Documents](https:\/\/www.borsaitaliana.it\/borsa\/etfplus\/etf.html?lang=en \"Documents\")\n  \n  [Education](https:\/\/www.borsaitaliana.it\/etf\/formazione\/home\/page.en.htm \"Education\")\n  \n  - [ETFplus Market](https:\/\/www.borsaitaliana.it\/etf\/formazione\/segmentazioneemicrostrutturamercatoetfplus\/etfplussegmentazioneemicrostruttura.en.htm \"ETFplus Market\")\n  - [What is an ETF?](https:\/\/www.borsaitaliana.it\/etf\/formazione\/cosaeunetf\/coseunetf.en.htm \"What is an ETF?\")\n  - [What is a structured ETF?](https:\/\/www.borsaitaliana.it\/etf\/formazione\/cosaeunetfstrutturato\/cosaeunetfstrutturato.en.htm \"What is a structured ETF?\")\n  - [FAQ](https:\/\/www.borsaitaliana.it\/etf\/formazione\/faq-domandefrequenti\/faq-domandefrequenti.en.htm \"FAQ\")\n- [ETCs & ETNs](\"ETCs & ETNs\")\n  [Home](https:\/\/www.borsaitaliana.it\/etc-etn\/etc-etn\/home.en.htm \"Home\")\n  \n  [All ETCs and ETNs](https:\/\/www.borsaitaliana.it\/borsa\/etc-etn.html?lang=en \"All ETCs and ETNs\")\n  \n  [Intermediaries](https:\/\/www.borsaitaliana.it\/etc-etn\/perintermediari\/perintermediari.en.htm \"Intermediaries\")\n  \n  [RFQ](https:\/\/www.borsaitaliana.it\/etc-etn\/rfq\/rfq\/rfq.en.htm \"RFQ\")\n  \n  [Market Makers](https:\/\/www.borsaitaliana.it\/etc-etn\/marketmakers\/marketmakers.en.htm \"Market Makers\")\n  \n  [Statistics](https:\/\/www.borsaitaliana.it\/etc-etn\/statisticheetc\/statisticheetc.en.htm \"Statistics\")\n  \n  - [Real Time Volumes](https:\/\/www.borsaitaliana.it\/borsa\/etc-etn\/scambi-rt.html?lang=en \"Real Time Volumes\")\n  - [Monthly statistics](https:\/\/www.borsaitaliana.it\/etc-etn\/statisticheetc\/statistichemensiliesettimanali\/statistichesettimanaliemensili.en.htm \"Monthly statistics\")\n  - [Detailed statistics for single instruments](https:\/\/www.borsaitaliana.it\/etc-etn\/statisticheetc\/statistichedettaglio\/statistichedettaglio.en.htm \"Detailed statistics for single instruments\")\n  \n  [For issuers](https:\/\/www.borsaitaliana.it\/etc-etn\/peremittenti\/etc-processodiquotazione\/etc-comequotarsi.en.htm \"For issuers\")\n  \n  [Documents](https:\/\/www.borsaitaliana.it\/borsa\/etfplus\/etc-etn.html?lang=en \"Documents\")\n  \n  [Education](https:\/\/www.borsaitaliana.it\/etc-etn\/formazione\/cosaeunetc.en.htm \"Education\")\n  \n  - [ETFplus: Segmentation and microstructure](https:\/\/www.borsaitaliana.it\/etc-etn\/formazione\/etfplussegmentazioneemicrostruttura\/etfplussegmentazioneemicrostruttura.en.htm \"ETFplus: Segmentation and microstructure\")\n  - [What is an ETC?](https:\/\/www.borsaitaliana.it\/etc-etn\/formazione\/cosaunetc\/cosaunetc.en.htm \"What is an ETC?\")\n  - [What is a physically backed ETC?](https:\/\/www.borsaitaliana.it\/etc-etn\/formazione\/cosaeunetcphysicallybacked\/cosaeunetcphysicallybacked.en.htm \"What is a physically backed ETC?\")\n  - [What is an ETN?](https:\/\/www.borsaitaliana.it\/etc-etn\/formazione\/cosaeunetn\/cosaeunetn.en.htm \"What is an ETN?\")\n- [Funds](\"Funds\")\n  [Home](https:\/\/www.borsaitaliana.it\/fondi\/homepage\/fondi.en.htm \"Home\")\n  \n  [ATFund market](https:\/\/www.borsaitaliana.it\/fondi\/mercatoatfund\/mercatoatfund.en.htm \"ATFund market\")\n  \n  [Open funds](https:\/\/www.borsaitaliana.it\/borsa\/fondi-aperti.html?lang=en \"Open funds\")\n  \n  - [NAV - Net Asset Value](https:\/\/www.borsaitaliana.it\/fondi\/fondi-aperti\/nav\/nav.en.htm \"NAV - Net Asset Value\")\n  - [Members](https:\/\/www.borsaitaliana.it\/fondi\/fondi-aperti\/intermediarioperativi\/intermediarioperativi.en.htm \"Members\")\n  \n  [Closed-end Funds and other Investment Vehicles](https:\/\/www.borsaitaliana.it\/borsa\/fondi-chiusi.html?lang=en \"Closed-end Funds and other Investment Vehicles\")\n  \n  - [Euronext MIV Milan Market](https:\/\/www.borsaitaliana.it\/fondi\/chiusi\/miv\/home.en.htm \"Euronext MIV Milan Market\")\n  \n  [Funds not listed](https:\/\/www.borsaitaliana.it\/borsa\/fondi\/tutti-i-fondi\/search.html?lang=en \"Funds not listed\")\n- [Derivatives](\"Derivatives\")\n  [Home](https:\/\/www.borsaitaliana.it\/derivati\/derivati\/derivati.en.htm \"Home\")\n  \n  [FTSE MIB Futures](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/ftse-mib-futures\/lista.html?lang=en \"FTSE MIB Futures\")\n  \n  [FTSE Italia PIR PMI Index Futures](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/ftse-midcap-pir-futures\/lista.html?lang=en \"FTSE Italia PIR PMI Index Futures\")\n  \n  [MiniFutures FTSE MIB](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/mini-ftse-mib\/lista.html?lang=en \"MiniFutures FTSE MIB\")\n  \n  [MicroFutures FTSE MIB](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/micro-ftse-mib\/lista.html?lang=en \"MicroFutures FTSE MIB\")\n  \n  [FTSE MIB Dividend Futures](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/ftse-mib-div-futures\/lista.html?lang=en \"FTSE MIB Dividend Futures\")\n  \n  [Italian Stock Futures](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/idem-stock-futures\/sottostanti.html?lang=en \"Italian Stock Futures\")\n  \n  [Dividend Futures](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/dividend-futures-azioni\/sottostanti.html?lang=en \"Dividend Futures\")\n  \n  [BTP Mini-Futures 10Y](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/btp-mini-futures-10y\/lista.html?lang=en \"BTP Mini-Futures 10Y\")\n  \n  [BONO Mini-Futures 10Y](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/bono-mini-futures-10y\/lista.html?lang=en \"BONO Mini-Futures 10Y\")\n  \n  [OAT Mini-Futures 10Y](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/oat-mini-futures-10y\/lista.html?lang=en \"OAT Mini-Futures 10Y\")\n  \n  [BUND Mini-Futures 10Y](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/bund-mini-futures-10y\/lista.html?lang=en \"BUND Mini-Futures 10Y\")\n  \n  [BTP MINI-FUTURES 30Y](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/btp-mini-futures-30y\/lista.html?lang=en \"BTP MINI-FUTURES 30Y\")\n  \n  [FTSE MIB Options](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/ftse-mib-options\/lista.html?lang=en \"FTSE MIB Options\")\n  \n  - [Weekly MIBO options](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/weekly-ftse-mib-options\/lista.html?lang=en \"Weekly MIBO options\")\n  - [MIBO options](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/ftse-mib-options\/lista.html?lang=en \"MIBO options\")\n  \n  [Stock Options](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/stock-options-landing-page\/sottostanti.html?lang=en \"Stock Options\")\n  \n  - [European Style Stock Option](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/european-stock-options\/sottostanti.html?lang=en \"European Style Stock Option\")\n  - [Standard](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/opzioni-su-azioni\/sottostanti.html?lang=en \"Standard\")\n  - [Weekly](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/weekly-stock-options\/sottostanti.html?lang=en \"Weekly\")\n  \n  [Options Indicators](https:\/\/www.borsaitaliana.it\/borsa\/derivati\/indicatori-opzioni\/piu-scambiate\/giorno.html?lang=en \"Options Indicators\")\n  \n  [Contract Specifications](https:\/\/www.borsaitaliana.it\/derivati\/specifichecontrattuali\/specifichecontrattuali.en.htm \"Contract Specifications\")\n  \n  [Notices](https:\/\/www.borsaitaliana.it\/derivati\/primopiano\/comunicatiidemarchivio2023.en.htm \"Notices\")\n  \n  [Market Makers](https:\/\/www.borsaitaliana.it\/derivati\/market-maker\/market-maker.en.htm \"Market Makers\")\n  \n  [Key Information Documents](https:\/\/www.borsaitaliana.it\/derivati\/kids\/kids.en.htm \"Key Information Documents\")\n- [CW & Certificates](\"CW & Certificates\")\n  [Home](https:\/\/www.borsaitaliana.it\/cw-e-certificates\/covered-warrant\/certificates.en.htm \"Home\")\n  \n  [SeDeX Instruments](https:\/\/www.borsaitaliana.it\/borsa\/cw-e-certificates\/ricerca-avanzata.html?search=1&lang=en \"SeDeX Instruments\")\n  \n  [EuroTLX Instruments](https:\/\/www.borsaitaliana.it\/borsa\/cw-e-certificates\/eurotlx\/ricerca-avanzata.html?lang=en \"EuroTLX Instruments\")\n  \n  [Market Model](https:\/\/www.borsaitaliana.it\/cw-e-certificates\/modello-di-mercato\/home\/novita-di-sedex-e-certx.en.htm \"Market Model\")\n  \n  [Education](https:\/\/www.borsaitaliana.it\/cw-e-certificates\/formazione\/formazione.en.htm \"Education\")\n  \n  [Listing CW and Certificates](https:\/\/www.borsaitaliana.it\/cw-e-certificates\/listing-cw-e-cert\/come-quotarsi.en.htm \"Listing CW and Certificates\")\n  \n  - 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[EuroTLX](https:\/\/www.borsaitaliana.it\/borsa\/notizie\/eurotlx\/avvisidiborsa\/avvisi-storici.html?lang=en \"EuroTLX\")\n- [About Us](\"About Us\")\n  [Home](https:\/\/www.borsaitaliana.it\/borsaitaliana\/borsaitaliana\/italiana.en.htm \"Home\")\n  \n  [Borsa Italiana](https:\/\/www.borsaitaliana.it\/borsaitaliana\/chi-siamo\/home\/chi-siamo.en.htm \"Borsa Italiana\")\n  \n  - [Corporate Officers](https:\/\/www.borsaitaliana.it\/borsaitaliana\/chi-siamo\/organi-sociali\/corporate-officers.en.htm \"Corporate Officers\")\n  \n  [Press Room](https:\/\/www.borsaitaliana.it\/borsaitaliana\/ufficio-stampa\/ufficio-stampa\/home-page.en.htm \"Press Room\")\n  \n  [Trading Calendar and Hours](https:\/\/www.borsaitaliana.it\/borsaitaliana\/calendario-e-orari-di-negoziazione\/calendario-borsa-orari-di-negoziazione.en.htm \"Trading Calendar and Hours\")\n  \n  [History of Borsa](https:\/\/www.borsaitaliana.it\/borsaitaliana\/storia\/home\/page.en.htm \"History of Borsa\")\n  \n  [Palazzo Mezzanotte](https:\/\/www.borsaitaliana.it\/borsaitaliana\/palazzo-mezzanotte\/homepage\/homepage.en.htm \"Palazzo Mezzanotte\")\n  \n  [Trading Services](https:\/\/www.borsaitaliana.it\/borsaitaliana\/gestione-mercati\/gestione-mercati.en.htm \"Trading Services\")\n  \n  [Market Data](https:\/\/www.borsaitaliana.it\/borsaitaliana\/information-services\/home\/market-data.en.htm \"Market Data\")\n  \n  [Analysis and Statistics](https:\/\/www.borsaitaliana.it\/borsaitaliana\/statistiche\/statistiche.en.htm \"Analysis and Statistics\")\n  \n  [Intermediaries](https:\/\/www.borsaitaliana.it\/borsaitaliana\/intermediari\/intermediari-ricerca.en.htm \"Intermediaries\")\n  \n  [Mifid 2](https:\/\/www.borsaitaliana.it\/borsaitaliana\/mifid2\/mifid2.en.htm \"Mifid 2\")\n  \n  - [MiFID II Execution Quality Reports](https:\/\/www.borsaitaliana.it\/borsa\/mifid2\/RTS27\/quality-execution.html?lang=en \"MiFID II Execution Quality Reports\")\n  \n  [Rules](https:\/\/www.borsaitaliana.it\/borsaitaliana\/regolamenti\/regolamenti\/regolamentoborsa-istruzionialregolamento.en.htm \"Rules\")\n  \n  [Academy](https:\/\/www.borsaitaliana.it\/borsaitaliana\/academy\/academy\/formazione-academy.en.htm \"Academy\")\n\n**You are in:**  [Home page](https:\/\/www.borsaitaliana.it\/homepage\/homepage.en.htm \"Home page\")  ›  [ETFs](https:\/\/www.borsaitaliana.it\/etf\/etf\/home.en.htm \"ETFs\")  ›  [Education](https:\/\/www.borsaitaliana.it\/etf\/formazione\/home\/page.en.htm \"Education\")  ›  What is an ETF?\n\n- [Home](https:\/\/www.borsaitaliana.it\/etf\/formazione\/home\/page.en.htm \"Go to Home\")\n- [ETFplus Market](https:\/\/www.borsaitaliana.it\/etf\/formazione\/segmentazioneemicrostrutturamercatoetfplus\/etfplussegmentazioneemicrostruttura.en.htm \"Go to ETFplus Market\")\n- [What is an ETF?](https:\/\/www.borsaitaliana.it\/etf\/formazione\/cosaeunetf\/coseunetf.en.htm \"Go to What is an ETF?\")\n- [What is a structured ETF?](https:\/\/www.borsaitaliana.it\/etf\/formazione\/cosaeunetfstrutturato\/cosaeunetfstrutturato.en.htm \"Go to What is a structured ETF?\")\n- [Active ETFs](https:\/\/www.borsaitaliana.it\/etf\/formazione\/cos-e-un-etf-a-gestione-attiva\/etf-a-gestione-attiva.en.htm \"Go to Active ETFs\")\n- [FAQ](https:\/\/www.borsaitaliana.it\/etf\/formazione\/faq-domandefrequenti\/faq-domandefrequenti.en.htm \"Go to FAQ\")\n\n# What is an ETF?\nETF is the acronym for **Exchange Traded Fund**, a term by which a particular type of mutual investment fund or Sicav is identified and whose main features are:\n\n- it is traded on the Stock Exchange like a share;\n- it tracks the reference index (benchmark) through a totally passive management.\n\nAn ETF summarizes the typical features of a fund and a share, enabling the investors to exploit the strength of both instruments:\n\n- diversification and reduction of the risk typical of funds,\n- flexibility and transparency of information typical of shares listed in real time.\n## The advantages of ETFs\nThe advantages of ETFs are:\n\n- To take position in real time on the target market with one single purchase transaction: By purchasing an ETF it is possible to take position on a market index (for example FTSE MIB, DAX, Nasdaq100, S\\&P500) in real time for a price that perfectly reflects the value of the fund at that given time.\n- To track the performance of the benchmark index: The ETF allows to obtain a return equal to that of the reference benchmark through a “totally passive management”, i.e. replicating exactly the composition and weights of the index to which it refers. It must be considered, however, that if the reference currency is other than the trading currency (which is always the euro), the return of the ETF may be different from that of the benchmark as a result of the devaluation\/revaluation of such currency compared to the euro.\n- To have a market price that is constantly aligned to the NAV: Thanks to the particular mechanism referred to as creation\/redemption in kind, which enables the participants to create and redeem the units exchanging the ETFs with all the securities making up the reference index and vice-versa (primary market), the price on the Stock Exchange is constantly aligned to the official value of the ETF, the Net Asset Value (NAV): then, the risk of buying (selling) an ETF with a higher (fewer) price than the NAV is reduced, but this risk can't be excluded.\n- To obtain a broad diversification: To invest in an ETF means to take easily position on a market index, which consists of, in general, a large basket of securities, thus diversifying and decreasing the investment risk.\n- To reduce the costs of one’s own portfolio: The ETFs are subject to a low total annual commission (TER) applied automatically in proportion to the holding period, whilst the investor is charged no “Entry”, “Exit” and “Performance” fees. The investor must only take into consideration the fees applied by his own bank\/broker for the purchase and sale on the market.\n- To benefit from periodical proceeds: The dividends or interests that ETF collects in relation to the shares\/bonds included in its assets (as well as the proceeds from the re-investment of these) may be re-distributed periodically to the investors or permanently capitalized in the assets of the ETF. In both cases, the beneficiary is only the investor.\n- To reduce the issuer’s risk: The ETFs listed on ETFplus are, depending on the instrument, Mutual Investment Funds or Sicav (UCITS). It is a known fact that UCITs have segregated assets with respect to those of the companies, which take care of their creation, management, administration and marketing activities. Therefore, ETFs are not subject to the insolvency risk in the event of default of the above-mentioned companies.\n\nETFs can be suitably used in various different ways: medium\/long term investment, trading including intraday and selling short in order to take a bear position on the benchmark index. Owing to the possibility to easily diversify the portfolio, the precision with which the benchmark index is replicated and the low management costs, ETFs are also particularly suitable for constructing an accumulation plan (CAP) through periodic payments, even small, made by individual investors.  \n On the other hand, it is important to remember that ETFs are clearly exposed to the risk of potential loss of value as regards the shares, bonds or other instruments in which their assets are invested.\n\n## Liquidity\nThe creation and redemption process requires the authorised participants to buy and sell the securities making up the benchmark index in order to create or redeem the ETF shares\/units. Consequently there is a liquidity match between the ETF and the reference market, thus the spreads and the countervalue of the orders displayed on the trading book have the same conditions you might face buying or selling directly the index components.  \n However, in order to guarantee the maximum liquidity, it is required that for each ETFs a specialist displays on continuously basis bid and ask orders for a minimum quantity and a maximum spread as established by Borsa Italiana.\n\n- Euronext websites\n  - [Euronext](https:\/\/www.euronext.com\/en \"Euronext\")\n    [Live Markets](https:\/\/live.euronext.com\/ \"Live Markets\")\n- Link\n  - [Italian Corporate Governance Committee](https:\/\/www.borsaitaliana.it\/comitato-corporate-governance\/homepage\/homepage.en.htm \"Italian Corporate Governance Committee\")  \n     [Careers](https:\/\/www.euronext.com\/it\/about\/careers \"Careers\")  \n     [Advertising](https:\/\/www.borsaitaliana.it\/varie\/pubblicita\/mediakit.en.htm \"Advertising\")\n- - [it](\"Italian\")\n\n[Borsa Italiana Spa - Corporate Data](https:\/\/www.borsaitaliana.it\/varie\/datisociali\/datisociali.en.htm \"Borsa Italiana Spa - Corporate Data\") \\| [Disclaimer](https:\/\/www.borsaitaliana.it\/varie\/disclaimer\/disclaimer.en.htm \"Disclaimer\") \\| [Privacy](https:\/\/www.borsaitaliana.it\/varie\/privacy\/privacy.en.htm \"Privacy\") \\| [Cookies policy](https:\/\/www.borsaitaliana.it\/varie\/cookies\/cookies.en.htm \"Cookies policy\") \\| [Credits](https:\/\/www.borsaitaliana.it\/varie\/credits\/credits.en.htm \"Credits\")\n\n![](data:image\/gif;base64,R0lGODlhAQABAIAAAP\/\/\/wAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw==)\n\nNOTICE: You are now leaving our website\n\nClose\n\nThe Exchange accepts no responsability for the content of the website you are now accessing or for any reliance placed by you or any person on the information contained on it.\n\nBy allowing this link the Exchange does not intend in any country, directly or indirectly, to solicit business or offer any securities to any person.\n\nYou will be redirected in five seconds.","attrs_readable_markdown":"ETF is the acronym for **Exchange Traded Fund**, a term by which a particular type of mutual investment fund or Sicav is identified and whose main features are:\n\n- it is traded on the Stock Exchange like a share;\n- it tracks the reference index (benchmark) through a totally passive management.\n\nAn ETF summarizes the typical features of a fund and a share, enabling the investors to exploit the strength of both instruments:\n\n- diversification and reduction of the risk typical of funds,\n- flexibility and transparency of information typical of shares listed in real time.\n## The advantages of ETFs\nThe advantages of ETFs are:\n\n- To take position in real time on the target market with one single purchase transaction: By purchasing an ETF it is possible to take position on a market index (for example FTSE MIB, DAX, Nasdaq100, S\\&P500) in real time for a price that perfectly reflects the value of the fund at that given time.\n- To track the performance of the benchmark index: The ETF allows to obtain a return equal to that of the reference benchmark through a “totally passive management”, i.e. replicating exactly the composition and weights of the index to which it refers. It must be considered, however, that if the reference currency is other than the trading currency (which is always the euro), the return of the ETF may be different from that of the benchmark as a result of the devaluation\/revaluation of such currency compared to the euro.\n- To have a market price that is constantly aligned to the NAV: Thanks to the particular mechanism referred to as creation\/redemption in kind, which enables the participants to create and redeem the units exchanging the ETFs with all the securities making up the reference index and vice-versa (primary market), the price on the Stock Exchange is constantly aligned to the official value of the ETF, the Net Asset Value (NAV): then, the risk of buying (selling) an ETF with a higher (fewer) price than the NAV is reduced, but this risk can't be excluded.\n- To obtain a broad diversification: To invest in an ETF means to take easily position on a market index, which consists of, in general, a large basket of securities, thus diversifying and decreasing the investment risk.\n- To reduce the costs of one’s own portfolio: The ETFs are subject to a low total annual commission (TER) applied automatically in proportion to the holding period, whilst the investor is charged no “Entry”, “Exit” and “Performance” fees. The investor must only take into consideration the fees applied by his own bank\/broker for the purchase and sale on the market.\n- To benefit from periodical proceeds: The dividends or interests that ETF collects in relation to the shares\/bonds included in its assets (as well as the proceeds from the re-investment of these) may be re-distributed periodically to the investors or permanently capitalized in the assets of the ETF. In both cases, the beneficiary is only the investor.\n- To reduce the issuer’s risk: The ETFs listed on ETFplus are, depending on the instrument, Mutual Investment Funds or Sicav (UCITS). It is a known fact that UCITs have segregated assets with respect to those of the companies, which take care of their creation, management, administration and marketing activities. Therefore, ETFs are not subject to the insolvency risk in the event of default of the above-mentioned companies.\n\nETFs can be suitably used in various different ways: medium\/long term investment, trading including intraday and selling short in order to take a bear position on the benchmark index. Owing to the possibility to easily diversify the portfolio, the precision with which the benchmark index is replicated and the low management costs, ETFs are also particularly suitable for constructing an accumulation plan (CAP) through periodic payments, even small, made by individual investors.  \n On the other hand, it is important to remember that ETFs are clearly exposed to the risk of potential loss of value as regards the shares, bonds or other instruments in which their assets are invested.\n\n## Liquidity\nThe creation and redemption process requires the authorised participants to buy and sell the securities making up the benchmark index in order to create or redeem the ETF shares\/units. Consequently there is a liquidity match between the ETF and the reference market, thus the spreads and the countervalue of the orders displayed on the trading book have the same conditions you might face buying or selling directly the index components.  \n However, in order to guarantee the maximum liquidity, it is required that for each ETFs a specialist displays on continuously basis bid and ask orders for a minimum quantity and a maximum spread as established by Borsa Italiana.","meta_canonical":null,"ml_categories_json":"{\"\/Finance\":997,\"\/Finance\/Investing\":996,\"\/Finance\/Investing\/Funds\":983}","ml_types_json":"{\"\/Article\":979,\"\/Article\/Definitions\":963}","ml_intent_types_json":"{\"Informational\":999}","meta_language":"en","attrs_author":null,"attrs_publish_time":0,"attrs_original_publish_time":1443902597,"attrs_is_republished":0,"attrs_nr_words":"1276","attrs_boilerpipe_nr_words":"774","body_ext_links_number":7,"body_int_links_number":158,"meta_nofollow":0,"meta_noarchive":0,"props_was_rendered":1,"src_redirect":"","download_time_msec":80,"download_ttfb_msec":79,"download_size":16264}

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What is an ETF? - Borsa Italiana

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What is an ETF?

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ETF is the acronym for Exchange Traded Fund , a term by which a particular type of mutual investment fund or Sicav is identified and whose main features are: it is traded on the Stock Exchange like a share; it tracks the reference index (benchmark) through a totally passive management. An ETF summarizes the typical features of a fund and a share, enabling the investors to exploit the strength of both instruments: diversification and reduction of the risk typical of funds, flexibility and transparency of information typical of shares listed in real time. The advantages of ETFs The advantages of ETFs are: To take position in real time on the target market with one single purchase transaction: By purchasing an ETF it is possible to take position on a market index (for example FTSE MIB, DAX, Nasdaq100, S&P500) in real time for a price that perfectly reflects the value of the fund at that given time. To track the performance of the benchmark index: The ETF allows to obtain a return equal to that of the reference benchmark through a “totally passive management”, i.e. replicating exactly the composition and weights of the index to which it refers. It must be considered, however, that if the reference currency is other than the trading currency (which is always the euro), the return of the ETF may be different from that of the benchmark as a result of the devaluation/revaluation of such currency compared to the euro. To have a market price that is constantly aligned to the NAV: Thanks to the particular mechanism referred to as creation/redemption in kind, which enables the participants to create and redeem the units exchanging the ETFs with all the securities making up the reference index and vice-versa (primary market), the price on the Stock Exchange is constantly aligned to the official value of the ETF, the Net Asset Value (NAV): then, the risk of buying (selling) an ETF with a higher (fewer) price than the NAV is reduced, but this risk can't be excluded. To obtain a broad diversification: To invest in an ETF means to take easily position on a market index, which consists of, in general, a large basket of securities, thus diversifying and decreasing the investment risk. To reduce the costs of one’s own portfolio: The ETFs are subject to a low total annual commission (TER) applied automatically in proportion to the holding period, whilst the investor is charged no “Entry”, “Exit” and “Performance” fees. The investor must only take into consideration the fees applied by his own bank/broker for the purchase and sale on the market. To benefit from periodical proceeds: The dividends or interests that ETF collects in relation to the shares/bonds included in its assets (as well as the proceeds from the re-investment of these) may be re-distributed periodically to the investors or permanently capitalized in the assets of the ETF. In both cases, the beneficiary is only the investor. To reduce the issuer’s risk: The ETFs listed on ETFplus are, depending on the instrument, Mutual Investment Funds or Sicav (UCITS). It is a known fact that UCITs have segregated assets with respect to those of the companies, which take care of their creation, management, administration and marketing activities. Therefore, ETFs are not subject to the insolvency risk in the event of default of the above-mentioned companies. ETFs can be suitably used in various different ways: medium/long term investment, trading including intraday and selling short in order to take a bear position on the benchmark index. Owing to the possibility to easily diversify the portfolio, the precision with which the benchmark index is replicated and the low management costs, ETFs are also particularly suitable for constructing an accumulation plan (CAP) through periodic payments, even small, made by individual investors. On the other hand, it is important to remember that ETFs are clearly exposed to the risk of potential loss of value as regards the shares, bonds or other instruments in which their assets are invested. Liquidity The creation and redemption process requires the authorised participants to buy and sell the securities making up the benchmark index in order to create or redeem the ETF shares/units. Consequently there is a liquidity match between the ETF and the reference market, thus the spreads and the countervalue of the orders displayed on the trading book have the same conditions you might face buying or selling directly the index components. However, in order to guarantee the maximum liquidity, it is required that for each ETFs a specialist displays on continuously basis bid and ask orders for a minimum quantity and a maximum spread as established by Borsa Italiana.

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[What is a structured ETF?](https://www.borsaitaliana.it/etf/formazione/cosaeunetfstrutturato/cosaeunetfstrutturato.en.htm "Go to What is a structured ETF?") - [Active ETFs](https://www.borsaitaliana.it/etf/formazione/cos-e-un-etf-a-gestione-attiva/etf-a-gestione-attiva.en.htm "Go to Active ETFs") - [FAQ](https://www.borsaitaliana.it/etf/formazione/faq-domandefrequenti/faq-domandefrequenti.en.htm "Go to FAQ") # What is an ETF? ETF is the acronym for **Exchange Traded Fund**, a term by which a particular type of mutual investment fund or Sicav is identified and whose main features are: - it is traded on the Stock Exchange like a share; - it tracks the reference index (benchmark) through a totally passive management. An ETF summarizes the typical features of a fund and a share, enabling the investors to exploit the strength of both instruments: - diversification and reduction of the risk typical of funds, - flexibility and transparency of information typical of shares listed in real time. ## The advantages of ETFs The advantages of ETFs are: - To take position in real time on the target market with one single purchase transaction: By purchasing an ETF it is possible to take position on a market index (for example FTSE MIB, DAX, Nasdaq100, S\&P500) in real time for a price that perfectly reflects the value of the fund at that given time. - To track the performance of the benchmark index: The ETF allows to obtain a return equal to that of the reference benchmark through a “totally passive management”, i.e. replicating exactly the composition and weights of the index to which it refers. It must be considered, however, that if the reference currency is other than the trading currency (which is always the euro), the return of the ETF may be different from that of the benchmark as a result of the devaluation/revaluation of such currency compared to the euro. - To have a market price that is constantly aligned to the NAV: Thanks to the particular mechanism referred to as creation/redemption in kind, which enables the participants to create and redeem the units exchanging the ETFs with all the securities making up the reference index and vice-versa (primary market), the price on the Stock Exchange is constantly aligned to the official value of the ETF, the Net Asset Value (NAV): then, the risk of buying (selling) an ETF with a higher (fewer) price than the NAV is reduced, but this risk can't be excluded. - To obtain a broad diversification: To invest in an ETF means to take easily position on a market index, which consists of, in general, a large basket of securities, thus diversifying and decreasing the investment risk. - To reduce the costs of one’s own portfolio: The ETFs are subject to a low total annual commission (TER) applied automatically in proportion to the holding period, whilst the investor is charged no “Entry”, “Exit” and “Performance” fees. The investor must only take into consideration the fees applied by his own bank/broker for the purchase and sale on the market. - To benefit from periodical proceeds: The dividends or interests that ETF collects in relation to the shares/bonds included in its assets (as well as the proceeds from the re-investment of these) may be re-distributed periodically to the investors or permanently capitalized in the assets of the ETF. In both cases, the beneficiary is only the investor. - To reduce the issuer’s risk: The ETFs listed on ETFplus are, depending on the instrument, Mutual Investment Funds or Sicav (UCITS). It is a known fact that UCITs have segregated assets with respect to those of the companies, which take care of their creation, management, administration and marketing activities. Therefore, ETFs are not subject to the insolvency risk in the event of default of the above-mentioned companies. ETFs can be suitably used in various different ways: medium/long term investment, trading including intraday and selling short in order to take a bear position on the benchmark index. Owing to the possibility to easily diversify the portfolio, the precision with which the benchmark index is replicated and the low management costs, ETFs are also particularly suitable for constructing an accumulation plan (CAP) through periodic payments, even small, made by individual investors. On the other hand, it is important to remember that ETFs are clearly exposed to the risk of potential loss of value as regards the shares, bonds or other instruments in which their assets are invested. ## Liquidity The creation and redemption process requires the authorised participants to buy and sell the securities making up the benchmark index in order to create or redeem the ETF shares/units. Consequently there is a liquidity match between the ETF and the reference market, thus the spreads and the countervalue of the orders displayed on the trading book have the same conditions you might face buying or selling directly the index components. However, in order to guarantee the maximum liquidity, it is required that for each ETFs a specialist displays on continuously basis bid and ask orders for a minimum quantity and a maximum spread as established by Borsa Italiana. - Euronext websites - [Euronext](https://www.euronext.com/en "Euronext") [Live Markets](https://live.euronext.com/ "Live Markets") - Link - [Italian Corporate Governance Committee](https://www.borsaitaliana.it/comitato-corporate-governance/homepage/homepage.en.htm "Italian Corporate Governance Committee") [Careers](https://www.euronext.com/it/about/careers "Careers") [Advertising](https://www.borsaitaliana.it/varie/pubblicita/mediakit.en.htm "Advertising") - - [it]("Italian") [Borsa Italiana Spa - Corporate Data](https://www.borsaitaliana.it/varie/datisociali/datisociali.en.htm "Borsa Italiana Spa - Corporate Data") \| [Disclaimer](https://www.borsaitaliana.it/varie/disclaimer/disclaimer.en.htm "Disclaimer") \| [Privacy](https://www.borsaitaliana.it/varie/privacy/privacy.en.htm "Privacy") \| [Cookies policy](https://www.borsaitaliana.it/varie/cookies/cookies.en.htm "Cookies policy") \| [Credits](https://www.borsaitaliana.it/varie/credits/credits.en.htm "Credits") ![](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw==) NOTICE: You are now leaving our website Close The Exchange accepts no responsability for the content of the website you are now accessing or for any reliance placed by you or any person on the information contained on it. 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Readable Markdown

ETF is the acronym for **Exchange Traded Fund**, a term by which a particular type of mutual investment fund or Sicav is identified and whose main features are: - it is traded on the Stock Exchange like a share; - it tracks the reference index (benchmark) through a totally passive management. An ETF summarizes the typical features of a fund and a share, enabling the investors to exploit the strength of both instruments: - diversification and reduction of the risk typical of funds, - flexibility and transparency of information typical of shares listed in real time. ## The advantages of ETFs The advantages of ETFs are: - To take position in real time on the target market with one single purchase transaction: By purchasing an ETF it is possible to take position on a market index (for example FTSE MIB, DAX, Nasdaq100, S\&P500) in real time for a price that perfectly reflects the value of the fund at that given time. - To track the performance of the benchmark index: The ETF allows to obtain a return equal to that of the reference benchmark through a “totally passive management”, i.e. replicating exactly the composition and weights of the index to which it refers. It must be considered, however, that if the reference currency is other than the trading currency (which is always the euro), the return of the ETF may be different from that of the benchmark as a result of the devaluation/revaluation of such currency compared to the euro. - To have a market price that is constantly aligned to the NAV: Thanks to the particular mechanism referred to as creation/redemption in kind, which enables the participants to create and redeem the units exchanging the ETFs with all the securities making up the reference index and vice-versa (primary market), the price on the Stock Exchange is constantly aligned to the official value of the ETF, the Net Asset Value (NAV): then, the risk of buying (selling) an ETF with a higher (fewer) price than the NAV is reduced, but this risk can't be excluded. - To obtain a broad diversification: To invest in an ETF means to take easily position on a market index, which consists of, in general, a large basket of securities, thus diversifying and decreasing the investment risk. - To reduce the costs of one’s own portfolio: The ETFs are subject to a low total annual commission (TER) applied automatically in proportion to the holding period, whilst the investor is charged no “Entry”, “Exit” and “Performance” fees. The investor must only take into consideration the fees applied by his own bank/broker for the purchase and sale on the market. - To benefit from periodical proceeds: The dividends or interests that ETF collects in relation to the shares/bonds included in its assets (as well as the proceeds from the re-investment of these) may be re-distributed periodically to the investors or permanently capitalized in the assets of the ETF. In both cases, the beneficiary is only the investor. - To reduce the issuer’s risk: The ETFs listed on ETFplus are, depending on the instrument, Mutual Investment Funds or Sicav (UCITS). It is a known fact that UCITs have segregated assets with respect to those of the companies, which take care of their creation, management, administration and marketing activities. Therefore, ETFs are not subject to the insolvency risk in the event of default of the above-mentioned companies. ETFs can be suitably used in various different ways: medium/long term investment, trading including intraday and selling short in order to take a bear position on the benchmark index. Owing to the possibility to easily diversify the portfolio, the precision with which the benchmark index is replicated and the low management costs, ETFs are also particularly suitable for constructing an accumulation plan (CAP) through periodic payments, even small, made by individual investors. On the other hand, it is important to remember that ETFs are clearly exposed to the risk of potential loss of value as regards the shares, bonds or other instruments in which their assets are invested. ## Liquidity The creation and redemption process requires the authorised participants to buy and sell the securities making up the benchmark index in order to create or redeem the ETF shares/units. Consequently there is a liquidity match between the ETF and the reference market, thus the spreads and the countervalue of the orders displayed on the trading book have the same conditions you might face buying or selling directly the index components. However, in order to guarantee the maximum liquidity, it is required that for each ETFs a specialist displays on continuously basis bid and ask orders for a minimum quantity and a maximum spread as established by Borsa Italiana.

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