🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 187 (from laksa094)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa187.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 FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.finra.org/investors/insights/etf-vs-mutual-fund\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.finra.org/investors/insights/etf-vs-mutual-fund\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.finra.org\/investors\/insights\/etf-vs-mutual-fund","crawl_time":1776010911,"first_indexed_time":1587255358,"http_code":200,"src_unparsed":"org,finra!www,\/investors\/insights\/etf-vs-mutual-fund s443","src_root_hash":"14312963409122772987","history_drop_reason":null,"meta_title":"Mutual Fund vs ETF: What’s the Difference? | FINRA.org","meta_descriptions":["Mutual funds and exchange-traded funds (ETFs) are two of the most common ways for Americans to invest. These investment products have some important similarities, but they also have key differences."],"attrs_boilerpipe_text":"November 10, 2022\nMutual funds and exchange-traded funds (ETFs) are two of the most common ways for Americans to invest. These investments have some important similarities but also have some key differences.\nSimilarities\nBoth\nmutual funds\nand\nETFs\nare pooled investment funds that offer investors a stake in a diversified portfolio. Investors have many fund choices from which to gain exposure to a wide array of markets, industry sectors, regions, asset classes and investment strategies, as outlined in the fund’s prospectus.\nHere are some other ways the two investment products are similar:\nBoth are quite liquid. ETF shareholders can trade throughout the day, just as with stocks. Mutual fund investors can usually redeem their shares with ease on a daily basis.\nThey come with risk. Both mutual funds and ETFs can lose money, and how a fund performed in the past is not an indication of how it will perform in the future.\nThey have fees and expenses. Mutual funds and ETFs both charge “Annual Fund Operating Expenses,” also known as expense ratios (and expressed as a percentage). In addition, mutual funds often charge other fees, and there are generally brokerage commissions when you buy or sell an ETF. Learn more about\nmutual fund fees\nand\nETF fees\n.\nYou don’t get to choose the securities in either an ETF or mutual fund, but you can find top holdings and other information through online resources and a fund’s prospectus.\nThere are active and passive versions of both fund types.\nDifferences\nThe biggest differences between mutual funds and ETFs are in how they’re priced, purchased and sold.\nMutual funds are required by law to price their shares at NAV each business day, and they typically do so after the major U.S. exchanges close. NAV, which stands for net asset value, is the per-share value of the mutual fund’s assets minus its liabilities. In contrast, ETFs trade on a stock market like individual stocks, and prices fluctuate throughout the day. ETFs also calculate their NAV each day, but the per-share price of an ETF can deviate from the per-share NAV throughout the trading day.\nAnother subtler difference: Investors purchase and redeem shares in a mutual fund directly from the mutual fund or through a brokerage firm that sells the fund. Meanwhile, ETF investors buy or sell shares of an ETF on an exchange, as they would any other publicly traded stock, allowing for what’s known as “intraday liquidity.” In short, with an ETF, pricing is continuous—you don’t have the potential price uncertainly that comes with end-of-day mutual fund pricing.\nETFs generally give investors more control over their tax liability. An investor can choose when to sell ETF shares—basically deciding if or when a capital gains liability occurs. You’ll have to pay taxes on any realized capital gains when you do ultimately sell, however, and are also responsible for reporting any dividend and interest payments you receive. Investors can also choose when to sell mutual fund shares. But with mutual funds, a tax liability can also occur when the fund manager sells holdings with embedded capital gains.\nTo sum up, both mutual funds and ETFs can provide diversification, flexibility and exposure to a wide array of markets at a relatively low cost. But as is the case with any investment product, it pays to be informed and understand the differences between the two types of investment funds before you make any decision.","attrs_markdown":"[Skip to main content](https:\/\/www.finra.org\/investors\/insights\/etf-vs-mutual-fund#main-content)\n\n## FINRA Utility Menu\n- [About Us](https:\/\/www.finra.org\/about)\n- [Careers](https:\/\/www.finra.org\/careers)\n- [BrokerCheck](https:\/\/brokercheck.finra.org\/)\n- [Data](https:\/\/www.finra.org\/finra-data)\n- [Media Center](https:\/\/www.finra.org\/media-center)\n- [For Firms](https:\/\/www.finra.org\/member-firm-hub)\n\nFor the Public\n\n[FINRA DATA](https:\/\/ews.finra.org\/auth\/logon?realm=ews&goto=https%3A\/\/gateway.finra.org\/app\/data%3FrcpRedirNum%3D1)\n\nFINRA Data provides non-commercial use of data, specifically the ability to save data views and create and manage a Bond Watchlist.\n\n[Login to FINRA DATA](https:\/\/ews.finra.org\/auth\/logon?realm=ews&goto=https%3A\/\/gateway.finra.org\/app\/data%3FrcpRedirNum%3D1)\n\nFor Industry Professionals\n\n[FINPRO GATEWAY](https:\/\/finpro.finra.org\/)\n\nRegistered representatives can fulfill Continuing Education requirements, view their industry CRD record and perform other compliance tasks.\n\n[Login to FINPRO GATEWAY](https:\/\/finpro.finra.org\/)\n\nFor Member Firms\n\n[FINRA GATEWAY](https:\/\/gateway.finra.org\/)\n\nFirm compliance professionals can access filings and requests, run reports and submit support tickets.\n\n[Login to FINRA GATEWAY](https:\/\/gateway.finra.org\/)\n\nFor Case Participants\n\n[DR PORTAL](https:\/\/drportal.finra.org\/)\n\nArbitration and mediation case participants and FINRA neutrals can view case information and submit documents through this Dispute Resolution Portal.\n\n[Login to DR PORTAL](https:\/\/drportal.finra.org\/)\n\n[Need Help?](https:\/\/tools.finra.org\/cc_support\/) \\| [Check System Status](https:\/\/www.finra.org\/filing-reporting\/systems-status)\n\n[Log In to other FINRA systems](https:\/\/www.finra.org\/filing-reporting\/entitlement\/systems)\n\n[![FINRA: 85 years of protecting investors - Home](https:\/\/www.finra.org\/sites\/default\/files\/FINRA_Logo_Desktop.png)](https:\/\/www.finra.org\/ \"Home\")\n\n- [Rules & Guidance](https:\/\/www.finra.org\/rules-guidance)\n  - 1. 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[For the Military](https:\/\/www.finra.org\/investors\/military)\n       2. ## [Need Help?](https:\/\/www.finra.org\/investors\/need-help)\n          1. [File a Complaint](https:\/\/www.finra.org\/investors\/need-help\/file-a-complaint)\n          2. [FINRA Securities Helpline for Seniors](https:\/\/www.finra.org\/investors\/need-help\/helpline-seniors)\n          3. [Dispute Resolution Services](https:\/\/www.finra.org\/arbitration-mediation)\n          4. [SIPC Protection](https:\/\/www.finra.org\/investors\/need-help\/your-rights-under-sipc-protection)\n          5. [Avenues for Recovery of Losses](https:\/\/www.finra.org\/investors\/need-help\/legitimate-avenues-recovery-investment-losses)\n***\n## FINRA Utility Menu\n- [About Us](https:\/\/www.finra.org\/about)\n- [Careers](https:\/\/www.finra.org\/careers)\n- [BrokerCheck](https:\/\/brokercheck.finra.org\/)\n- [Data](https:\/\/www.finra.org\/finra-data)\n- [Media Center](https:\/\/www.finra.org\/media-center)\n- [For Firms](https:\/\/www.finra.org\/member-firm-hub)\n\nFor the Public\n\n[FINRA DATA](https:\/\/ews.finra.org\/auth\/logon?realm=ews&goto=https%3A\/\/gateway.finra.org\/app\/data%3FrcpRedirNum%3D1)\n\nFINRA Data provides non-commercial use of data, specifically the ability to save data views and create and manage a Bond Watchlist.\n\n[Login to FINRA DATA](https:\/\/ews.finra.org\/auth\/logon?realm=ews&goto=https%3A\/\/gateway.finra.org\/app\/data%3FrcpRedirNum%3D1)\n\nFor Industry Professionals\n\n[FINPRO GATEWAY](https:\/\/finpro.finra.org\/)\n\nRegistered representatives can fulfill Continuing Education requirements, view their industry CRD record and perform other compliance tasks.\n\n[Login to FINPRO GATEWAY](https:\/\/finpro.finra.org\/)\n\nFor Member Firms\n\n[FINRA GATEWAY](https:\/\/gateway.finra.org\/)\n\nFirm compliance professionals can access filings and requests, run reports and submit support tickets.\n\n[Login to FINRA GATEWAY](https:\/\/gateway.finra.org\/)\n\nFor Case Participants\n\n[DR PORTAL](https:\/\/drportal.finra.org\/)\n\nArbitration and mediation case participants and FINRA neutrals can view case information and submit documents through this Dispute Resolution Portal.\n\n[Login to DR PORTAL](https:\/\/drportal.finra.org\/)\n\n[Need Help?](https:\/\/tools.finra.org\/cc_support\/) \\| [Check System Status](https:\/\/www.finra.org\/filing-reporting\/systems-status)\n\n[Log In to other FINRA systems](https:\/\/www.finra.org\/filing-reporting\/entitlement\/systems)\n\n1. [For Investors](https:\/\/www.finra.org\/investors)\n2. [Investor Insights](https:\/\/www.finra.org\/investors\/insights)\n\nEXPLORE THIS SECTION\n\n## FINRA Main Navigation\n- [Investor Insights](https:\/\/www.finra.org\/investors\/insights)\n- [Tools & Calculators](https:\/\/www.finra.org\/investors\/tools-and-calculators)\n- [Personal Finance](https:\/\/www.finra.org\/investors\/personal-finance)\n- [Investing](https:\/\/www.finra.org\/investors\/investing)\n  - [Investing Basics](https:\/\/www.finra.org\/investors\/investing\/investing-basics)\n  - [Investment Accounts](https:\/\/www.finra.org\/investors\/investing\/investment-accounts)\n  - [Investment Products](https:\/\/www.finra.org\/investors\/investing\/investment-products)\n  - [Investment Strategies](https:\/\/www.finra.org\/investors\/investing\/investing-basics\/investment-strategies)\n  - [Working With an Investment Professional](https:\/\/www.finra.org\/investors\/investing\/working-with-investment-professional)\n- [Protect Your Money](https:\/\/www.finra.org\/investors\/protect-your-money)\n  - [Check Registration](https:\/\/www.finra.org\/investors\/protect-your-money\/check-registration)\n  - [Avoid Fraud](https:\/\/www.finra.org\/investors\/protect-your-money\/avoid-fraud)\n  - [Watch for Red Flags](https:\/\/www.finra.org\/investors\/protect-your-money\/watch-red-flags)\n  - [Safeguard Your Identity](https:\/\/www.finra.org\/investors\/protect-your-money\/safeguard-your-identity)\n- [For the Military](https:\/\/www.finra.org\/investors\/military)\n- [Need Help?](https:\/\/www.finra.org\/investors\/need-help)\n\nMutual Funds\n\n# Mutual Fund vs ETF: What’s the Difference?\n\nNovember 10, 2022\n\n![Business man or accountant working](https:\/\/www.finra.org\/sites\/default\/files\/core_desktop\/Business-man-or-accountant-working_880x415.jpg)\n\nMutual funds and exchange-traded funds (ETFs) are two of the most common ways for Americans to invest. These investments have some important similarities but also have some key differences.\n\n## Similarities\nBoth [mutual funds](https:\/\/www.finra.org\/investors\/investing\/investment-products\/mutual-funds) and [ETFs](https:\/\/www.finra.org\/investors\/investing\/investment-products\/exchange-traded-funds-and-products) are pooled investment funds that offer investors a stake in a diversified portfolio. Investors have many fund choices from which to gain exposure to a wide array of markets, industry sectors, regions, asset classes and investment strategies, as outlined in the fund’s prospectus.\n\nHere are some other ways the two investment products are similar:\n\n- Both are quite liquid. ETF shareholders can trade throughout the day, just as with stocks. Mutual fund investors can usually redeem their shares with ease on a daily basis.\n- They come with risk. Both mutual funds and ETFs can lose money, and how a fund performed in the past is not an indication of how it will perform in the future.\n- They have fees and expenses. Mutual funds and ETFs both charge “Annual Fund Operating Expenses,” also known as expense ratios (and expressed as a percentage). In addition, mutual funds often charge other fees, and there are generally brokerage commissions when you buy or sell an ETF. Learn more about [mutual fund fees](https:\/\/www.finra.org\/investors\/investing\/investment-products\/mutual-funds#fees-and-expenses) and [ETF fees](https:\/\/www.finra.org\/investors\/investing\/investment-products\/exchange-traded-funds-and-products#buying-and-selling).\n- You don’t get to choose the securities in either an ETF or mutual fund, but you can find top holdings and other information through online resources and a fund’s prospectus.\n- There are active and passive versions of both fund types.\n## Differences\nThe biggest differences between mutual funds and ETFs are in how they’re priced, purchased and sold.\n\n- Mutual funds are required by law to price their shares at NAV each business day, and they typically do so after the major U.S. exchanges close. NAV, which stands for net asset value, is the per-share value of the mutual fund’s assets minus its liabilities. In contrast, ETFs trade on a stock market like individual stocks, and prices fluctuate throughout the day. ETFs also calculate their NAV each day, but the per-share price of an ETF can deviate from the per-share NAV throughout the trading day.\n- Another subtler difference: Investors purchase and redeem shares in a mutual fund directly from the mutual fund or through a brokerage firm that sells the fund. Meanwhile, ETF investors buy or sell shares of an ETF on an exchange, as they would any other publicly traded stock, allowing for what’s known as “intraday liquidity.” In short, with an ETF, pricing is continuous—you don’t have the potential price uncertainly that comes with end-of-day mutual fund pricing.\n- ETFs generally give investors more control over their tax liability. An investor can choose when to sell ETF shares—basically deciding if or when a capital gains liability occurs. You’ll have to pay taxes on any realized capital gains when you do ultimately sell, however, and are also responsible for reporting any dividend and interest payments you receive. Investors can also choose when to sell mutual fund shares. But with mutual funds, a tax liability can also occur when the fund manager sells holdings with embedded capital gains.\n\nTo sum up, both mutual funds and ETFs can provide diversification, flexibility and exposure to a wide array of markets at a relatively low cost. But as is the case with any investment product, it pays to be informed and understand the differences between the two types of investment funds before you make any decision.\n\n## TOOLS & CALCULATORS\n[Smart Investing Courses](https:\/\/www.finra.org\/investors\/investing\/investing-basics\/smart-investing-courses)\n***\n[Market Data Center](https:\/\/finra-markets.morningstar.com\/MarketData\/Default.jsp)\n***\n[Fixed Income Data](https:\/\/www.finra.org\/finra-data\/fixed-income)\n***\n[BrokerCheck](https:\/\/brokercheck.finra.org\/)\n***\n[Fund Analyzer](https:\/\/www.finra.org\/fundanalyzer)\n\n[View All tools and calculators](https:\/\/www.finra.org\/investors\/tools-and-calculators)\n\n### Recent Investor Insights\n[![](https:\/\/www.finra.org\/sites\/default\/files\/styles\/crop_thumbnail\/public\/2021-09\/closed-padlock-on-keyboard-id507881770.jpg?itok=saudWxr5) Avoid Fraud Customer Account Takeovers: What They Are and How to Protect Yourself](https:\/\/www.finra.org\/investors\/insights\/customer-account-takeovers)\n\n[![](https:\/\/www.finra.org\/sites\/default\/files\/styles\/crop_thumbnail\/public\/2022-03\/precious-metals-istock-1271246933-640x302.jpg?itok=QR2sQxNh) Futures and Commodities 4 Tips to Know Before Buying Physical Precious Metals](https:\/\/www.finra.org\/investors\/insights\/physical-precious-metals)\n\n[![](https:\/\/www.finra.org\/sites\/default\/files\/styles\/crop_thumbnail\/public\/core_desktop\/Halloween-Black-Cat_880x415_jpg.jpg?itok=Nh-SSlSw) Personal Finance Avoid Bad Financial Luck This Friday the 13th With These 5 Tips](https:\/\/www.finra.org\/investors\/insights\/how-avoid-bad-financial-luck-friday-13th)\n\n[View All](https:\/\/www.finra.org\/investors\/insights)\n\n[![Home](https:\/\/www.finra.org\/themes\/custom\/finra_bootstrap_sass\/images\/FINRA_Logo.svg)](https:\/\/www.finra.org\/ \"Home\")\n\n## FINRA Utility Menu\n- [About Us](https:\/\/www.finra.org\/about)\n- [Careers](https:\/\/www.finra.org\/careers)\n- [BrokerCheck](https:\/\/brokercheck.finra.org\/)\n- [Data](https:\/\/www.finra.org\/finra-data)\n- [Media Center](https:\/\/www.finra.org\/media-center)\n- [For Firms](https:\/\/www.finra.org\/member-firm-hub)\n\n## FINRA Main Navigation\n- [Rules & Guidance](https:\/\/www.finra.org\/rules-guidance)\n- [Registration, Exams & CE](https:\/\/www.finra.org\/registration-exams-ce)\n- [Events & Training](https:\/\/www.finra.org\/events-training)\n- [Filing & Reporting](https:\/\/www.finra.org\/filing-reporting)\n- [Compliance Tools](https:\/\/www.finra.org\/compliance-tools)\n- [For Investors](https:\/\/www.finra.org\/investors)\n\n[General Inquiries](https:\/\/www.finra.org\/contact-finra\/)\n\n301-590-6500\n\n[Securities Helpline for Seniors®](https:\/\/www.finra.org\/investors\/have-a-problem\/helpline-seniors)\n\n844-574-3577 (Mon-Fri 9am-5pm ET)\n\n[File a Regulatory Tip](https:\/\/www.finra.org\/contact-finra\/file-tip)\n\nTo report on abuse or fraud in the industry\n\n[Arbitration & Mediation](https:\/\/www.finra.org\/arbitration-mediation)\n\nFINRA operates the largest securities dispute resolution forum in the United States\n\n[File an Investor Complaint](https:\/\/www.finra.org\/investors\/need-help\/file-a-complaint)\n\nFile a complaint about fraud or unfair practices.\n\n[Small Firm Help Line](https:\/\/www.finra.org\/compliance-tools\/finra-small-firm-helpline)\n\n833-26-FINRA (Mon-Fri 9am-6pm ET)\n\n[Office of the Ombuds](https:\/\/www.finra.org\/about\/office-ombuds)\n\nReport a concern about FINRA at 888-700-0028\n\n## Footer Legal Links\n- [Site Map](https:\/\/www.finra.org\/site-map)\n- [Privacy Policy](https:\/\/www.finra.org\/privacy-policy)\n- [Terms of Use](https:\/\/www.finra.org\/terms-of-use)\n- [Translate](https:\/\/www.finra.org\/translate)\n- [Contact Us](https:\/\/www.finra.org\/contact-finra)\n\n© 2026 FINRA. All Rights Reserved.\n\nFINRA is a Registered Trademark of the Financial Industry Regulatory Authority, Inc.\n\n![](https:\/\/www.facebook.com\/tr?id=1621322547905865&ev=PageView&noscript=1)","attrs_readable_markdown":"November 10, 2022\n\n![Business man or accountant working](https:\/\/www.finra.org\/sites\/default\/files\/core_desktop\/Business-man-or-accountant-working_880x415.jpg)\n\nMutual funds and exchange-traded funds (ETFs) are two of the most common ways for Americans to invest. These investments have some important similarities but also have some key differences.\n\n## Similarities\nBoth [mutual funds](https:\/\/www.finra.org\/investors\/investing\/investment-products\/mutual-funds) and [ETFs](https:\/\/www.finra.org\/investors\/investing\/investment-products\/exchange-traded-funds-and-products) are pooled investment funds that offer investors a stake in a diversified portfolio. Investors have many fund choices from which to gain exposure to a wide array of markets, industry sectors, regions, asset classes and investment strategies, as outlined in the fund’s prospectus.\n\nHere are some other ways the two investment products are similar:\n\n- Both are quite liquid. ETF shareholders can trade throughout the day, just as with stocks. Mutual fund investors can usually redeem their shares with ease on a daily basis.\n- They come with risk. Both mutual funds and ETFs can lose money, and how a fund performed in the past is not an indication of how it will perform in the future.\n- They have fees and expenses. Mutual funds and ETFs both charge “Annual Fund Operating Expenses,” also known as expense ratios (and expressed as a percentage). In addition, mutual funds often charge other fees, and there are generally brokerage commissions when you buy or sell an ETF. Learn more about [mutual fund fees](https:\/\/www.finra.org\/investors\/investing\/investment-products\/mutual-funds#fees-and-expenses) and [ETF fees](https:\/\/www.finra.org\/investors\/investing\/investment-products\/exchange-traded-funds-and-products#buying-and-selling).\n- You don’t get to choose the securities in either an ETF or mutual fund, but you can find top holdings and other information through online resources and a fund’s prospectus.\n- There are active and passive versions of both fund types.\n## Differences\nThe biggest differences between mutual funds and ETFs are in how they’re priced, purchased and sold.\n\n- Mutual funds are required by law to price their shares at NAV each business day, and they typically do so after the major U.S. exchanges close. NAV, which stands for net asset value, is the per-share value of the mutual fund’s assets minus its liabilities. In contrast, ETFs trade on a stock market like individual stocks, and prices fluctuate throughout the day. ETFs also calculate their NAV each day, but the per-share price of an ETF can deviate from the per-share NAV throughout the trading day.\n- Another subtler difference: Investors purchase and redeem shares in a mutual fund directly from the mutual fund or through a brokerage firm that sells the fund. Meanwhile, ETF investors buy or sell shares of an ETF on an exchange, as they would any other publicly traded stock, allowing for what’s known as “intraday liquidity.” In short, with an ETF, pricing is continuous—you don’t have the potential price uncertainly that comes with end-of-day mutual fund pricing.\n- ETFs generally give investors more control over their tax liability. An investor can choose when to sell ETF shares—basically deciding if or when a capital gains liability occurs. You’ll have to pay taxes on any realized capital gains when you do ultimately sell, however, and are also responsible for reporting any dividend and interest payments you receive. Investors can also choose when to sell mutual fund shares. But with mutual funds, a tax liability can also occur when the fund manager sells holdings with embedded capital gains.\n\nTo sum up, both mutual funds and ETFs can provide diversification, flexibility and exposure to a wide array of markets at a relatively low cost. But as is the case with any investment product, it pays to be informed and understand the differences between the two types of investment funds before you make any decision.","meta_canonical":null}

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Meta Title	Mutual Fund vs ETF: What’s the Difference? \| FINRA.org
Meta Description	Mutual funds and exchange-traded funds (ETFs) are two of the most common ways for Americans to invest. These investment products have some important similarities, but they also have key differences.
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Boilerpipe Text	November 10, 2022 Mutual funds and exchange-traded funds (ETFs) are two of the most common ways for Americans to invest. These investments have some important similarities but also have some key differences. Similarities Both mutual funds and ETFs are pooled investment funds that offer investors a stake in a diversified portfolio. Investors have many fund choices from which to gain exposure to a wide array of markets, industry sectors, regions, asset classes and investment strategies, as outlined in the fund’s prospectus. Here are some other ways the two investment products are similar: Both are quite liquid. ETF shareholders can trade throughout the day, just as with stocks. Mutual fund investors can usually redeem their shares with ease on a daily basis. They come with risk. Both mutual funds and ETFs can lose money, and how a fund performed in the past is not an indication of how it will perform in the future. They have fees and expenses. Mutual funds and ETFs both charge “Annual Fund Operating Expenses,” also known as expense ratios (and expressed as a percentage). In addition, mutual funds often charge other fees, and there are generally brokerage commissions when you buy or sell an ETF. Learn more about mutual fund fees and ETF fees . You don’t get to choose the securities in either an ETF or mutual fund, but you can find top holdings and other information through online resources and a fund’s prospectus. There are active and passive versions of both fund types. Differences The biggest differences between mutual funds and ETFs are in how they’re priced, purchased and sold. Mutual funds are required by law to price their shares at NAV each business day, and they typically do so after the major U.S. exchanges close. NAV, which stands for net asset value, is the per-share value of the mutual fund’s assets minus its liabilities. In contrast, ETFs trade on a stock market like individual stocks, and prices fluctuate throughout the day. ETFs also calculate their NAV each day, but the per-share price of an ETF can deviate from the per-share NAV throughout the trading day. Another subtler difference: Investors purchase and redeem shares in a mutual fund directly from the mutual fund or through a brokerage firm that sells the fund. Meanwhile, ETF investors buy or sell shares of an ETF on an exchange, as they would any other publicly traded stock, allowing for what’s known as “intraday liquidity.” In short, with an ETF, pricing is continuous—you don’t have the potential price uncertainly that comes with end-of-day mutual fund pricing. ETFs generally give investors more control over their tax liability. An investor can choose when to sell ETF shares—basically deciding if or when a capital gains liability occurs. You’ll have to pay taxes on any realized capital gains when you do ultimately sell, however, and are also responsible for reporting any dividend and interest payments you receive. Investors can also choose when to sell mutual fund shares. But with mutual funds, a tax liability can also occur when the fund manager sells holdings with embedded capital gains. To sum up, both mutual funds and ETFs can provide diversification, flexibility and exposure to a wide array of markets at a relatively low cost. But as is the case with any investment product, it pays to be informed and understand the differences between the two types of investment funds before you make any decision.
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November 10, 2022 ![Business man or accountant working](https://www.finra.org/sites/default/files/core_desktop/Business-man-or-accountant-working_880x415.jpg) Mutual funds and exchange-traded funds (ETFs) are two of the most common ways for Americans to invest. These investments have some important similarities but also have some key differences. ## Similarities Both [mutual funds](https://www.finra.org/investors/investing/investment-products/mutual-funds) and [ETFs](https://www.finra.org/investors/investing/investment-products/exchange-traded-funds-and-products) are pooled investment funds that offer investors a stake in a diversified portfolio. Investors have many fund choices from which to gain exposure to a wide array of markets, industry sectors, regions, asset classes and investment strategies, as outlined in the fund’s prospectus. Here are some other ways the two investment products are similar: - Both are quite liquid. ETF shareholders can trade throughout the day, just as with stocks. Mutual fund investors can usually redeem their shares with ease on a daily basis. - They come with risk. Both mutual funds and ETFs can lose money, and how a fund performed in the past is not an indication of how it will perform in the future. - They have fees and expenses. Mutual funds and ETFs both charge “Annual Fund Operating Expenses,” also known as expense ratios (and expressed as a percentage). In addition, mutual funds often charge other fees, and there are generally brokerage commissions when you buy or sell an ETF. Learn more about [mutual fund fees](https://www.finra.org/investors/investing/investment-products/mutual-funds#fees-and-expenses) and [ETF fees](https://www.finra.org/investors/investing/investment-products/exchange-traded-funds-and-products#buying-and-selling). - You don’t get to choose the securities in either an ETF or mutual fund, but you can find top holdings and other information through online resources and a fund’s prospectus. - There are active and passive versions of both fund types. ## Differences The biggest differences between mutual funds and ETFs are in how they’re priced, purchased and sold. - Mutual funds are required by law to price their shares at NAV each business day, and they typically do so after the major U.S. exchanges close. NAV, which stands for net asset value, is the per-share value of the mutual fund’s assets minus its liabilities. In contrast, ETFs trade on a stock market like individual stocks, and prices fluctuate throughout the day. ETFs also calculate their NAV each day, but the per-share price of an ETF can deviate from the per-share NAV throughout the trading day. - Another subtler difference: Investors purchase and redeem shares in a mutual fund directly from the mutual fund or through a brokerage firm that sells the fund. Meanwhile, ETF investors buy or sell shares of an ETF on an exchange, as they would any other publicly traded stock, allowing for what’s known as “intraday liquidity.” In short, with an ETF, pricing is continuous—you don’t have the potential price uncertainly that comes with end-of-day mutual fund pricing. - ETFs generally give investors more control over their tax liability. An investor can choose when to sell ETF shares—basically deciding if or when a capital gains liability occurs. You’ll have to pay taxes on any realized capital gains when you do ultimately sell, however, and are also responsible for reporting any dividend and interest payments you receive. Investors can also choose when to sell mutual fund shares. But with mutual funds, a tax liability can also occur when the fund manager sells holdings with embedded capital gains. To sum up, both mutual funds and ETFs can provide diversification, flexibility and exposure to a wide array of markets at a relatively low cost. 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Readable Markdown	November 10, 2022 ![Business man or accountant working](https://www.finra.org/sites/default/files/core_desktop/Business-man-or-accountant-working_880x415.jpg) Mutual funds and exchange-traded funds (ETFs) are two of the most common ways for Americans to invest. These investments have some important similarities but also have some key differences. ## Similarities Both [mutual funds](https://www.finra.org/investors/investing/investment-products/mutual-funds) and [ETFs](https://www.finra.org/investors/investing/investment-products/exchange-traded-funds-and-products) are pooled investment funds that offer investors a stake in a diversified portfolio. Investors have many fund choices from which to gain exposure to a wide array of markets, industry sectors, regions, asset classes and investment strategies, as outlined in the fund’s prospectus. Here are some other ways the two investment products are similar: - Both are quite liquid. ETF shareholders can trade throughout the day, just as with stocks. Mutual fund investors can usually redeem their shares with ease on a daily basis. - They come with risk. Both mutual funds and ETFs can lose money, and how a fund performed in the past is not an indication of how it will perform in the future. - They have fees and expenses. Mutual funds and ETFs both charge “Annual Fund Operating Expenses,” also known as expense ratios (and expressed as a percentage). In addition, mutual funds often charge other fees, and there are generally brokerage commissions when you buy or sell an ETF. Learn more about [mutual fund fees](https://www.finra.org/investors/investing/investment-products/mutual-funds#fees-and-expenses) and [ETF fees](https://www.finra.org/investors/investing/investment-products/exchange-traded-funds-and-products#buying-and-selling). - You don’t get to choose the securities in either an ETF or mutual fund, but you can find top holdings and other information through online resources and a fund’s prospectus. - There are active and passive versions of both fund types. ## Differences The biggest differences between mutual funds and ETFs are in how they’re priced, purchased and sold. - Mutual funds are required by law to price their shares at NAV each business day, and they typically do so after the major U.S. exchanges close. NAV, which stands for net asset value, is the per-share value of the mutual fund’s assets minus its liabilities. In contrast, ETFs trade on a stock market like individual stocks, and prices fluctuate throughout the day. ETFs also calculate their NAV each day, but the per-share price of an ETF can deviate from the per-share NAV throughout the trading day. - Another subtler difference: Investors purchase and redeem shares in a mutual fund directly from the mutual fund or through a brokerage firm that sells the fund. Meanwhile, ETF investors buy or sell shares of an ETF on an exchange, as they would any other publicly traded stock, allowing for what’s known as “intraday liquidity.” In short, with an ETF, pricing is continuous—you don’t have the potential price uncertainly that comes with end-of-day mutual fund pricing. - ETFs generally give investors more control over their tax liability. An investor can choose when to sell ETF shares—basically deciding if or when a capital gains liability occurs. You’ll have to pay taxes on any realized capital gains when you do ultimately sell, however, and are also responsible for reporting any dividend and interest payments you receive. Investors can also choose when to sell mutual fund shares. But with mutual funds, a tax liability can also occur when the fund manager sells holdings with embedded capital gains. To sum up, both mutual funds and ETFs can provide diversification, flexibility and exposure to a wide array of markets at a relatively low cost. But as is the case with any investment product, it pays to be informed and understand the differences between the two types of investment funds before you make any decision.
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