🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 72 (from laksa025)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa072.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.nism.ac.in/understanding-etf/\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.nism.ac.in/understanding-etf/\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.nism.ac.in\/understanding-etf\/","crawl_time":1773727572,"first_indexed_time":1697990798,"http_code":200,"src_unparsed":"in,ac,nism!www,\/understanding-etf\/ s443","src_root_hash":"13257882188375264272","history_drop_reason":null,"meta_title":"Understanding ETF - National Institute of Securities Markets (NISM)","meta_descriptions":[],"attrs_boilerpipe_text":"An Exchange-Traded Fund (ETF) is a simple investment solution for a retail investor. It is a type of mutual fund whose units are traded on stock exchanges like shares. Like any other type of mutual fund, the investors’ money is pooled into a corpus that is invested in various securities to meet a defined investment objective.\nThe construct\nMost of the ETFs worldwide are passive. They replicate a market index, be it a stock index, a bond index, or a commodity index. In that sense, the ETFs do not aim to outperform the index but merely deliver index-like returns to investors before expenses.\nAs these funds are passive, their expense ratios are generally lower than those of actively managed mutual funds.\nAdvantages of ETF\nETFs offer multiple benefits over open-ended mutual funds in terms of real-time price and low costs. Many investors and investment advisors prefer ETFs in order to invest in an asset category or a market. ETFs are considered to be a highly cost-efficient solution for passive portfolios.\nThe price per unit on the stock exchanges also closely tracks the real-time NAV, which ensures that the investor gets almost index-like returns.\nUses of ETFs\nOne of the primary uses of ETFs is to take exposure to a particular market or a segment of it; e.g., one can participate in the Indian stock markets by simply buying the units of an index that tracks a broader market index like the S&P BSE 500 or Nifty 500. Similarly, one can participate in the Indian banking sector by buying units of an ETF that tracks the banking sector index..\nLimitations of ETFs\nUnlike units of mutual funds, ETF units are not available in fractions. There are additional costs that one must keep in mind, e.g., brokerage charges payable to the stock brokers while buying or selling the units and demat charges, as applicable.","attrs_markdown":"## Video Modal\n## Video Modal\n[![National Institute of Securities Markets (NISM)](https:\/\/www.nism.ac.in\/wp-content\/uploads\/2024\/07\/NISM-Logo-PNG.png)](https:\/\/www.nism.ac.in\/)\n\n7\n\nNotifications 7\n\n[SEBI Circular for NISM Series XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination dated March 11, 2026](https:\/\/www.nism.ac.in\/circular\/sebi-circular-for-nism-series-xxv-a-persons-associated-with-research-services-sales-and-other-non-core-services-certification-examination-dated-march-11-2026\/)\n\n[NISM\/Certification\/ NISM Series XXIII – Social Impact Assessors Certification eCPE Program \/2026\/01 dated March 02, 2026.](https:\/\/www.nism.ac.in\/circular\/nism-series-xxiii-social-impact-assessors-certification-ecpe-program\/)\n\n[NISM\/Certification\/ NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination\/2026\/01 dated January 30, 2026.](https:\/\/www.nism.ac.in\/circular\/nism-certification-nism-series-xxv-a-persons-associated-with-research-services-sales-and-other-non-core-services-certification-examination-2026-01-dated-january-30-2026\/)\n\n[NISM\/Certification\/AIF Managers CPE\/2026\/01 dated January 30, 2026](https:\/\/www.nism.ac.in\/circular\/nism-certification-aif-managers-cpe-2026-01-dated-january-30-2026\/)\n\n[NISM\/Certification\/ NISM Series XV: Research Analyst Certification Examination\/2025\/dated December 05, 2025.](https:\/\/www.nism.ac.in\/circular\/nism-certification-nism-series-xv-research-analyst-certification-examination-2025-dated-december-05-2025\/)\n\n[SEBI and NISM launch National Financial Literacy Quiz 2026](https:\/\/nflq.nism.ac.in\/)\n\n[NISM InvestorEduBytes](https:\/\/www.nism.ac.in\/\/investor-edubytes\/)\n\n##### (NISM)\nThe National Institute of Securities Markets (NISM) is a public trust established in 2006 by the Securities and Exchange Board of India (SEBI), the regulator of the securities markets in India. The institute carries out a wide range of capacity building activities at various levels aimed at enhancing the quality standards in securities markets.\n\n- [Home](https:\/\/www.nism.ac.in\/)\n- [About NISM](https:\/\/www.nism.ac.in\/understanding-etf\/)\n  - [About NISM](https:\/\/www.nism.ac.in\/about-nism\/)\n  - [Purpose](https:\/\/www.nism.ac.in\/purpose\/)\n  - [Board of Governors](https:\/\/www.nism.ac.in\/board-of-governors\/)\n  - [Advisory Council](https:\/\/www.nism.ac.in\/advisory-council\/)\n  - [Our Team](https:\/\/www.nism.ac.in\/our-team\/)\n  - [Annual Reports](https:\/\/www.nism.ac.in\/annual-reports\/)\n  - [Life @ Campus](https:\/\/www.nism.ac.in\/life-campus\/)\n- [NISM Certifications](https:\/\/www.nism.ac.in\/understanding-etf\/)\n  - [Certification Examinations](https:\/\/www.nism.ac.in\/)\n    - [Certification Examinations](https:\/\/www.nism.ac.in\/certifications\/)\n    - [SEBI Investor Awareness Test](https:\/\/www.nism.ac.in\/sebi-investor-awareness-test\/)\n    - [Derivatives](https:\/\/www.nism.ac.in\/derivatives\/)\n      - [Currency Derivatives](https:\/\/www.nism.ac.in\/currency-derivatives\/)\n      - [Commodity Derivatives Certification Examination](https:\/\/www.nism.ac.in\/commodity-derivatives-certification-examination\/)\n      - [Equity Derivatives](https:\/\/www.nism.ac.in\/equity-derivatives\/)\n      - [Interest Rate Derivatives](https:\/\/www.nism.ac.in\/interest-rate-derivatives\/)\n      - [Common Derivatives Certification Examination](https:\/\/www.nism.ac.in\/common-derivatives-certification-examination\/)\n    - [Registrar & Transfer Agents](https:\/\/www.nism.ac.in\/registrar-transfer-agents)\n      - [RTA – Corporate](https:\/\/www.nism.ac.in\/rta-corporate\/)\n      - [RTA – Mutual Fund](https:\/\/www.nism.ac.in\/rta-mutual-fund\/)\n    - [Compliance](https:\/\/www.nism.ac.in\/compliance\/)\n      - [Securities Intermediaries Compliance (Non-Fund)](https:\/\/www.nism.ac.in\/securities-intermediaries-compliance-non-fund\/)\n      - [NISM-Series-III-C: Securities Intermediaries Compliance (Fund)](https:\/\/www.nism.ac.in\/nism-series-iii-c-securities-intermediaries-compliance-fund\/)\n    - [Mutual Fund](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [Mutual Fund Distributors - NISM VA](https:\/\/www.nism.ac.in\/mutual-fund-distributors\/)\n      - [Mutual Fund Foundation - NISM VB](https:\/\/www.nism.ac.in\/mutual-fund-foundation\/)\n    - [Operations](https:\/\/www.nism.ac.in\/operations\/)\n      - [Depository Operations](https:\/\/www.nism.ac.in\/depository-operations\/)\n      - [Securities Operations and Risk Management](https:\/\/www.nism.ac.in\/securities-operations-and-risk-management\/)\n    - [Merchant Banking](https:\/\/www.nism.ac.in\/merchant-banking-2\/)\n      - [Merchant Banking](https:\/\/www.nism.ac.in\/merchant-banking\/)\n    - [Investment Adviser](https:\/\/www.nism.ac.in\/investment-adviser\/)\n      - [Investment Adviser (Level 1)](https:\/\/www.nism.ac.in\/investment-adviser-level-1\/)\n      - [Investment Advisors (Level 2)](https:\/\/www.nism.ac.in\/investment-advisors-level-2\/)\n      - [Investment Adviser Certification (Renewal) Examination](https:\/\/www.nism.ac.in\/nism-series-x-c-investment-adviser-certification-renewal-examination\/)\n    - [Basics of Securities Markets](https:\/\/www.nism.ac.in\/basics-of-securities-markets\/)\n      - [Securities Markets Foundation](https:\/\/www.nism.ac.in\/securities-markets-foundation\/)\n    - [Research Analyst](https:\/\/www.nism.ac.in\/research-analyst-2\/)\n      - [Research Analyst Certification Examination](https:\/\/www.nism.ac.in\/research-analyst-certification-examination\/)\n      - [Research Analyst Certification (Renewal) Examination](https:\/\/www.nism.ac.in\/nism-series-xv-b-research-analyst-certification-renewal-examination\/)\n    - [Retirement Adviser](https:\/\/www.nism.ac.in\/retirement-adviser\/)\n      - [Retirement Adviser Certification Examination](https:\/\/www.nism.ac.in\/retirement-adviser-certification-examination\/)\n    - [Alternative Investment Funds](https:\/\/www.nism.ac.in\/alternative-investment-funds\/)\n      - [NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors](https:\/\/www.nism.ac.in\/certifications\/nism-series-xix-a-alternative-investment-funds-category-i-and-ii-distributors\/)\n      - [NISM Series XIX-B: Alternative Investment Funds (Category III) Distributors](https:\/\/www.nism.ac.in\/nism-series-xix-b-alternative-investment-funds-category-iii-distributors\/)\n      - [NISM Series XIX-C: Alternative Investment Fund Managers](https:\/\/www.nism.ac.in\/nism-series-xix-c-alternative-investment-fund-managers\/)\n      - [NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers Certification Examination.](https:\/\/www.nism.ac.in\/certifications\/nism-series-xix-d-category-i-and-ii-alternative-investment-fund-managers\/)\n      - [NISM-Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination](https:\/\/www.nism.ac.in\/nism-series-xix-e-category-iii-alternative-investment-fund-managers-certification-examination)\n    - [Portfolio Management Services](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [NISM Series XXI-A Portfolio Management Services (PMS) Distributors Certification Examination](https:\/\/www.nism.ac.in\/about-portfolio-management-services-pms-distributors-certification-examination\/)\n      - [NISM-Series-XXI-B: Portfolio Managers Certification Examination](https:\/\/www.nism.ac.in\/certifications\/nism-series-xxi-b-portfolio-managers-certification-examination\/)\n    - [Social Impact Assessors](https:\/\/www.nism.ac.in\/social-impact-assessors\/)\n      - [NISM Series XXIII: Social Impact Assessors Certification Examination](https:\/\/www.nism.ac.in\/nism-series-xxiii-social-auditors-certification-examination\/)\n    - [Persons Associated](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [Research Services](https:\/\/www.nism.ac.in\/nism-series-xxv-a-persons-associated-with-research-services-sales-and-other-non-core-services-certification-examination\/)\n    - [AML and CFT](https:\/\/www.nism.ac.in\/aml-and-cft\/)\n      - [NISM-Series-XXIV: AML and CFT Provisions in Securities Markets Certification Examination](https:\/\/www.nism.ac.in\/nism-series-xxiv-aml-and-cft-provisions-in-securities-markets-certification-examination\/)\n    - [IBBI-Valuation](https:\/\/www.nism.ac.in\/ibbi-valuation\/)\n      - [IBBI- Valuation Examination in the Asset Class: Land and Building](https:\/\/ibbi.gov.in\/en\/examination\/viewlist\/19)\n      - [IBBI- Valuation Examination in the Asset Class: Plant and Machinery](https:\/\/ibbi.gov.in\/en\/examination\/viewlist\/20)\n      - [IBBI- Valuation Examination in the Asset Class: Securities or Financial Assets](https:\/\/ibbi.gov.in\/en\/examination\/viewlist\/21)\n    - [Accredited Certifications](https:\/\/www.nism.ac.in\/accredited-certifications\/)\n  - [CPE \/ eCPE](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [CPE \/ eCPE](https:\/\/www.nism.ac.in\/continuing-professional-education-cpe-ecpe\/)\n    - [Upcoming CPE Programmes](https:\/\/www.nism.ac.in\/forthcoming-cpe-programmes\/)\n    - [Upcoming eCPE Programmes](https:\/\/www.nism.ac.in\/forthcoming-ecpe-programs\/)\n    - [Derivatives-CPE](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [Commodity Derivatives CPE\/eCPE](https:\/\/www.nism.ac.in\/about-commodity-derivatives-cpe\/)\n      - [Currency Derivatives CPE \/ eCPE](https:\/\/www.nism.ac.in\/currency-derivatives-cpe\/)\n      - [Common Derivatives CPE\/eCPE](https:\/\/www.nism.ac.in\/common-derivatives-cpe\/)\n      - [Interest Rate Derivatives CPE\/eCPE](https:\/\/www.nism.ac.in\/interest-rate-derivatives-cpe\/)\n      - [Equity Derivatives CPE\/eCPE](https:\/\/www.nism.ac.in\/equity-derivatives-cpe\/)\n    - [Registrar & Transfer Agents-CPE](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [RTA – Corporate CPE\/eCPE](https:\/\/www.nism.ac.in\/rta-corporate-cpe\/)\n      - [RTA – Mutual Fund CPE\/eCPE](https:\/\/www.nism.ac.in\/rta-mutual-fund-cpe\/)\n    - [Mutual Fund-CPE](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [Mutual Fund Distributors CPE\/eCPE](https:\/\/www.nism.ac.in\/mutual-fund-distributors-cpe\/)\n      - [Mutual Fund Foundation CPE\/eCPE](https:\/\/www.nism.ac.in\/mutual-fund-foundation-cpe\/)\n    - [Operations-CPE\/eCPE](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [Depository Operations CPE\/eCPE](https:\/\/www.nism.ac.in\/depository-operations-cpe\/)\n      - [Securities Operations and Risk Management CPE\/eCPE](https:\/\/www.nism.ac.in\/securities-operations-and-risk-management-cpe\/)\n    - [Social Impact Assessors](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [NISM Series XXIII – Social Impact Assessors eCPE](https:\/\/www.nism.ac.in\/nism-series-xxiii-social-impact-assessors-ecpe\/)\n    - [Alternative Investment Fund](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [NISM Series XIX-C Alternative Investment Fund Managers](https:\/\/www.nism.ac.in\/nism-series-xix-c-alternative-investment-fund-managers-2\/)\n    - [Securities Intermediaries Compliance(Non-Fund) CPE\/eCPE](https:\/\/www.nism.ac.in\/securities-intermediaries-compliancenon-fund-cpe\/)\n    - [Merchant Banking CPE\/eCPE](https:\/\/www.nism.ac.in\/merchant-banking-cpe\/)\n    - [Retirement Adviser CPE](https:\/\/www.nism.ac.in\/retirement-adviser-cpe\/)\n    - [Portfolio Management Services](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors CPE\/eCPE](https:\/\/www.nism.ac.in\/about-nism-series-xxi-a-portfolio-management-services-pms-distributors-certification-examination\/)\n      - [NISM-Series-XXI-B: Portfolio Managers CPE\/eCPE](https:\/\/www.nism.ac.in\/nism-series-xxi-b-portfolio-managers-certification-examination-2\/)\n  - [NISM-IFSCA Certification Course](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [NISM-IFSCA Certification Course](https:\/\/www.nism.ac.in\/nism-ifsca-certification-course\/)\n    - [NISM-IFSCA: AML and CFT](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [NISM-IFSCA-01: Certification Course on Anti Money Laundering and Counter Terrorist Financing in the IFSC](https:\/\/www.nism.ac.in\/nism-ifsca-certification-course\/nism-ifsca-01-certification-course-on-anti-money-laundering-and-counter-terrorist-financing-in-the-ifsc\/)\n  - [Corporate Booking](https:\/\/www.nism.ac.in\/corporate-booking\/)\n  - [Study Material](https:\/\/api.nism.ac.in\/cmp\/)\n- [Training](https:\/\/www.nism.ac.in\/understanding-etf\/)\n  - [About Training](https:\/\/www.nism.ac.in\/training\/)\n  - [Upcomings Events](https:\/\/www.nism.ac.in\/events\/)\n  - [Upcoming Training\/FDP\/MDP](https:\/\/www.nism.ac.in\/upcoming-training-fdp-mdp\/)\n  - [Upcoming Webinar](https:\/\/www.nism.ac.in\/upcoming-webinar\/)\n  - [Study Tour](https:\/\/www.nism.ac.in\/study-tour\/)\n  - [Summer School Programme](https:\/\/www.nism.ac.in\/nism-summer-school-in-indian-securities-markets\/)\n- [Long Term Program](https:\/\/www.nism.ac.in\/long-term-programs\/)\n  - [Residential Programs](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [Post Graduate Diploma in Management (Securities Markets) — PGDM (SM)](https:\/\/www.nism.ac.in\/long-term-programs\/post-graduate-diploma-in-management-securities-markets-pgdm-sm\/)\n    - [LLM (Investment & Securities Laws)](https:\/\/www.nism.ac.in\/long-term-programs\/ll-m-investments-and-securities-law\/)\n    - [Post Graduate Program in Investment and Securities Markets (PGPISM)](https:\/\/www.nism.ac.in\/long-term-programs\/post-graduate-program-in-investments-securities-markets\/)\n    - [Post Graduate Certificate in Securities Markets (PGCSM)](https:\/\/www.nism.ac.in\/long-term-programs\/post-graduate-certificate-in-securities-markets\/)\n  - [Non-Residential Programs](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [Programs Post Graduate Program in Financial Planning (PGPFP)](https:\/\/www.nism.ac.in\/long-term-programs\/post-graduate-program-in-financial-planning-pgpfp\/)\n    - [Post Graduate Program in the Securities Market (Portfolio Management \/ Investment Advisory \/ Research Analysis)](https:\/\/www.nism.ac.in\/long-term-programs\/pgpipr\/)\n    - [Certificate Program in Data Science CPDS (Basic)](https:\/\/www.nism.ac.in\/long-term-programs\/cpds-basic\/)\n    - [Certificate Program in Data Science CPDS (Advance)](https:\/\/www.nism.ac.in\/long-term-programs\/cpds-advance\/)\n    - [Post Graduate Certificate in FinTech (PGCFT)](https:\/\/www.nism.ac.in\/long-term-programs\/pg-certification-in-fintech\/)\n  - [Convocation](https:\/\/www.nism.ac.in\/9th-convocation-29th-may-2022\/)\n  - [Alumni](https:\/\/alumni.nism.ac.in\/)\n  - [Life @ Campus](https:\/\/www.nism.ac.in\/life-campus\/)\n  - [Grievance](https:\/\/www.nism.ac.in\/grievance-redressal\/)\n  - [Mandatory Disclosures](https:\/\/www.nism.ac.in\/mandatory-disclosures\/)\n  - [Mandatory Committees](https:\/\/www.nism.ac.in\/mandatory-committees\/)\n- [eLearning](https:\/\/online.nism.ac.in\/)\n  - [eLearning](https:\/\/online.nism.ac.in\/)\n- [Investor Education](https:\/\/www.nism.ac.in\/understanding-etf\/)\n  - [Investor Education Webinars](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [Upcoming Webinars](https:\/\/www.nism.ac.in\/investor-education-webinars)\n    - [Past Webinars](https:\/\/www.nism.ac.in\/investor-education-webinars#Webinar)\n  - [Investor Education Initiatives](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [Reel Making Contest](https:\/\/www.nism.ac.in\/reel-competition\/)\n    - [Ideathon 2025](https:\/\/www.nism.ac.in\/ideathon-2025)\n    - [WiW 2025](https:\/\/www.nism.ac.in\/world-investor-week\/)\n  - [Investor Education Videos](https:\/\/www.nism.ac.in\/investor-education-videos\/)\n  - [Investor Education Content](https:\/\/www.nism.ac.in\/investor-education-content\/)\n    - [Financial Concepts for Households](https:\/\/www.nism.ac.in\/education-category\/financial-concepts-for-households\/)\n    - [Importance of Investing](https:\/\/www.nism.ac.in\/education-category\/importance-of-investing\/)\n    - [Understanding Securities Markets and Prodcts](https:\/\/www.nism.ac.in\/education-category\/understanding-securities-markets-and-products\/)\n    - [Understanding Investment Risks](https:\/\/www.nism.ac.in\/education-category\/understanding-investment-risks\/)\n  - [Investor Education Queries](https:\/\/www.nism.ac.in\/investor-education-queries\/)\n  - [Financial Calculators](https:\/\/www.nism.ac.in\/financial-calculators\/)\n  - [Masterclass](https:\/\/www.nism.ac.in\/masterclass\/)\n  - [NFLQ 2026](https:\/\/nflq.nism.ac.in\/)\n  - [Edubytes](https:\/\/www.nism.ac.in\/investor-edubytes-2026\/)\n  - [Blog](https:\/\/www.nism.ac.in\/nism-blog\/)\n- [Partnerships](https:\/\/www.nism.ac.in\/nism-partnership\/)\n  - [Partnerships](https:\/\/www.nism.ac.in\/nism-partnership\/)\n  - [Collaborations](https:\/\/www.nism.ac.in\/collaborations\/\/)\n  - [CSR Initiatives](https:\/\/www.nism.ac.in\/csr-initiatives\/)\n- [More](https:\/\/www.nism.ac.in\/understanding-etf\/)\n  - [Conferences](https:\/\/www.nism.ac.in\/research\/)\n  - [Newsletters](https:\/\/www.nism.ac.in\/newsletter-2026\/)\n  - [Press Releases](https:\/\/www.nism.ac.in\/press-releases\/)\n  - [Recruitment](https:\/\/www.nism.ac.in\/recruitment\/)\n  - [Regulatory Alerts](https:\/\/www.nism.ac.in\/regulatory-alerts-2026\/)\n  - [Tenders](https:\/\/www.nism.ac.in\/tenders\/)\n\n[Contact Us](https:\/\/www.nism.ac.in\/contact-us\/)  ![](https:\/\/www.nism.ac.in\/wp-content\/themes\/nism\/assets\/img\/topicon.svg)\n\n[![National Institute of Securities Markets (NISM)](https:\/\/www.nism.ac.in\/wp-content\/uploads\/2024\/07\/NISM-Logo-PNG.png)](https:\/\/www.nism.ac.in\/)\n\n- [Home](https:\/\/www.nism.ac.in\/)\n- [About NISM](https:\/\/www.nism.ac.in\/understanding-etf\/)\n  - [About NISM](https:\/\/www.nism.ac.in\/about-nism\/)\n  - [Purpose](https:\/\/www.nism.ac.in\/purpose\/)\n  - [Board of Governors](https:\/\/www.nism.ac.in\/board-of-governors\/)\n  - [Advisory Council](https:\/\/www.nism.ac.in\/advisory-council\/)\n  - [Our Team](https:\/\/www.nism.ac.in\/our-team\/)\n  - [Annual Reports](https:\/\/www.nism.ac.in\/annual-reports\/)\n  - [Life @ Campus](https:\/\/www.nism.ac.in\/life-campus\/)\n- [NISM Certifications](https:\/\/www.nism.ac.in\/understanding-etf\/)\n  - [Certification Examinations](https:\/\/www.nism.ac.in\/)\n    - [Certification Examinations](https:\/\/www.nism.ac.in\/certifications\/)\n    - [SEBI Investor Awareness Test](https:\/\/www.nism.ac.in\/sebi-investor-awareness-test\/)\n    - [Derivatives](https:\/\/www.nism.ac.in\/derivatives\/)\n      - [Currency Derivatives](https:\/\/www.nism.ac.in\/currency-derivatives\/)\n      - [Commodity Derivatives Certification Examination](https:\/\/www.nism.ac.in\/commodity-derivatives-certification-examination\/)\n      - [Equity Derivatives](https:\/\/www.nism.ac.in\/equity-derivatives\/)\n      - [Interest Rate Derivatives](https:\/\/www.nism.ac.in\/interest-rate-derivatives\/)\n      - [Common Derivatives Certification Examination](https:\/\/www.nism.ac.in\/common-derivatives-certification-examination\/)\n    - [Registrar & Transfer Agents](https:\/\/www.nism.ac.in\/registrar-transfer-agents)\n      - [RTA – Corporate](https:\/\/www.nism.ac.in\/rta-corporate\/)\n      - [RTA – Mutual Fund](https:\/\/www.nism.ac.in\/rta-mutual-fund\/)\n    - [Compliance](https:\/\/www.nism.ac.in\/compliance\/)\n      - [Securities Intermediaries Compliance (Non-Fund)](https:\/\/www.nism.ac.in\/securities-intermediaries-compliance-non-fund\/)\n      - [NISM-Series-III-C: Securities Intermediaries Compliance (Fund)](https:\/\/www.nism.ac.in\/nism-series-iii-c-securities-intermediaries-compliance-fund\/)\n    - [Mutual Fund](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [Mutual Fund Distributors - NISM VA](https:\/\/www.nism.ac.in\/mutual-fund-distributors\/)\n      - [Mutual Fund Foundation - NISM VB](https:\/\/www.nism.ac.in\/mutual-fund-foundation\/)\n    - [Operations](https:\/\/www.nism.ac.in\/operations\/)\n      - [Depository Operations](https:\/\/www.nism.ac.in\/depository-operations\/)\n      - [Securities Operations and Risk Management](https:\/\/www.nism.ac.in\/securities-operations-and-risk-management\/)\n    - [Merchant Banking](https:\/\/www.nism.ac.in\/merchant-banking-2\/)\n      - [Merchant Banking](https:\/\/www.nism.ac.in\/merchant-banking\/)\n    - [Investment Adviser](https:\/\/www.nism.ac.in\/investment-adviser\/)\n      - [Investment Adviser (Level 1)](https:\/\/www.nism.ac.in\/investment-adviser-level-1\/)\n      - [Investment Advisors (Level 2)](https:\/\/www.nism.ac.in\/investment-advisors-level-2\/)\n      - [Investment Adviser Certification (Renewal) Examination](https:\/\/www.nism.ac.in\/nism-series-x-c-investment-adviser-certification-renewal-examination\/)\n    - [Basics of Securities Markets](https:\/\/www.nism.ac.in\/basics-of-securities-markets\/)\n      - [Securities Markets Foundation](https:\/\/www.nism.ac.in\/securities-markets-foundation\/)\n    - [Research Analyst](https:\/\/www.nism.ac.in\/research-analyst-2\/)\n      - [Research Analyst Certification Examination](https:\/\/www.nism.ac.in\/research-analyst-certification-examination\/)\n      - [Research Analyst Certification (Renewal) Examination](https:\/\/www.nism.ac.in\/nism-series-xv-b-research-analyst-certification-renewal-examination\/)\n    - [Retirement Adviser](https:\/\/www.nism.ac.in\/retirement-adviser\/)\n      - [Retirement Adviser Certification Examination](https:\/\/www.nism.ac.in\/retirement-adviser-certification-examination\/)\n    - [Alternative Investment Funds](https:\/\/www.nism.ac.in\/alternative-investment-funds\/)\n      - [NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors](https:\/\/www.nism.ac.in\/certifications\/nism-series-xix-a-alternative-investment-funds-category-i-and-ii-distributors\/)\n      - [NISM Series XIX-B: Alternative Investment Funds (Category III) Distributors](https:\/\/www.nism.ac.in\/nism-series-xix-b-alternative-investment-funds-category-iii-distributors\/)\n      - [NISM Series XIX-C: Alternative Investment Fund Managers](https:\/\/www.nism.ac.in\/nism-series-xix-c-alternative-investment-fund-managers\/)\n      - [NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers Certification Examination.](https:\/\/www.nism.ac.in\/certifications\/nism-series-xix-d-category-i-and-ii-alternative-investment-fund-managers\/)\n      - [NISM-Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination](https:\/\/www.nism.ac.in\/nism-series-xix-e-category-iii-alternative-investment-fund-managers-certification-examination)\n    - [Portfolio Management Services](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [NISM Series XXI-A Portfolio Management Services (PMS) Distributors Certification Examination](https:\/\/www.nism.ac.in\/about-portfolio-management-services-pms-distributors-certification-examination\/)\n      - [NISM-Series-XXI-B: Portfolio Managers Certification Examination](https:\/\/www.nism.ac.in\/certifications\/nism-series-xxi-b-portfolio-managers-certification-examination\/)\n    - [Social Impact Assessors](https:\/\/www.nism.ac.in\/social-impact-assessors\/)\n      - [NISM Series XXIII: Social Impact Assessors Certification Examination](https:\/\/www.nism.ac.in\/nism-series-xxiii-social-auditors-certification-examination\/)\n    - [Persons Associated](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [Research Services](https:\/\/www.nism.ac.in\/nism-series-xxv-a-persons-associated-with-research-services-sales-and-other-non-core-services-certification-examination\/)\n    - [AML and CFT](https:\/\/www.nism.ac.in\/aml-and-cft\/)\n      - [NISM-Series-XXIV: AML and CFT Provisions in Securities Markets Certification Examination](https:\/\/www.nism.ac.in\/nism-series-xxiv-aml-and-cft-provisions-in-securities-markets-certification-examination\/)\n    - [IBBI-Valuation](https:\/\/www.nism.ac.in\/ibbi-valuation\/)\n      - [IBBI- Valuation Examination in the Asset Class: Land and Building](https:\/\/ibbi.gov.in\/en\/examination\/viewlist\/19)\n      - [IBBI- Valuation Examination in the Asset Class: Plant and Machinery](https:\/\/ibbi.gov.in\/en\/examination\/viewlist\/20)\n      - [IBBI- Valuation Examination in the Asset Class: Securities or Financial Assets](https:\/\/ibbi.gov.in\/en\/examination\/viewlist\/21)\n    - [Accredited Certifications](https:\/\/www.nism.ac.in\/accredited-certifications\/)\n  - [CPE \/ eCPE](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [CPE \/ eCPE](https:\/\/www.nism.ac.in\/continuing-professional-education-cpe-ecpe\/)\n    - [Upcoming CPE Programmes](https:\/\/www.nism.ac.in\/forthcoming-cpe-programmes\/)\n    - [Upcoming eCPE Programmes](https:\/\/www.nism.ac.in\/forthcoming-ecpe-programs\/)\n    - [Derivatives-CPE](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [Commodity Derivatives CPE\/eCPE](https:\/\/www.nism.ac.in\/about-commodity-derivatives-cpe\/)\n      - [Currency Derivatives CPE \/ eCPE](https:\/\/www.nism.ac.in\/currency-derivatives-cpe\/)\n      - [Common Derivatives CPE\/eCPE](https:\/\/www.nism.ac.in\/common-derivatives-cpe\/)\n      - [Interest Rate Derivatives CPE\/eCPE](https:\/\/www.nism.ac.in\/interest-rate-derivatives-cpe\/)\n      - [Equity Derivatives CPE\/eCPE](https:\/\/www.nism.ac.in\/equity-derivatives-cpe\/)\n    - [Registrar & Transfer Agents-CPE](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [RTA – Corporate CPE\/eCPE](https:\/\/www.nism.ac.in\/rta-corporate-cpe\/)\n      - [RTA – Mutual Fund CPE\/eCPE](https:\/\/www.nism.ac.in\/rta-mutual-fund-cpe\/)\n    - [Mutual Fund-CPE](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [Mutual Fund Distributors CPE\/eCPE](https:\/\/www.nism.ac.in\/mutual-fund-distributors-cpe\/)\n      - [Mutual Fund Foundation CPE\/eCPE](https:\/\/www.nism.ac.in\/mutual-fund-foundation-cpe\/)\n    - [Operations-CPE\/eCPE](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [Depository Operations CPE\/eCPE](https:\/\/www.nism.ac.in\/depository-operations-cpe\/)\n      - [Securities Operations and Risk Management CPE\/eCPE](https:\/\/www.nism.ac.in\/securities-operations-and-risk-management-cpe\/)\n    - [Social Impact Assessors](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [NISM Series XXIII – Social Impact Assessors eCPE](https:\/\/www.nism.ac.in\/nism-series-xxiii-social-impact-assessors-ecpe\/)\n    - [Alternative Investment Fund](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [NISM Series XIX-C Alternative Investment Fund Managers](https:\/\/www.nism.ac.in\/nism-series-xix-c-alternative-investment-fund-managers-2\/)\n    - [Securities Intermediaries Compliance(Non-Fund) CPE\/eCPE](https:\/\/www.nism.ac.in\/securities-intermediaries-compliancenon-fund-cpe\/)\n    - [Merchant Banking CPE\/eCPE](https:\/\/www.nism.ac.in\/merchant-banking-cpe\/)\n    - [Retirement Adviser CPE](https:\/\/www.nism.ac.in\/retirement-adviser-cpe\/)\n    - [Portfolio Management Services](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors CPE\/eCPE](https:\/\/www.nism.ac.in\/about-nism-series-xxi-a-portfolio-management-services-pms-distributors-certification-examination\/)\n      - [NISM-Series-XXI-B: Portfolio Managers CPE\/eCPE](https:\/\/www.nism.ac.in\/nism-series-xxi-b-portfolio-managers-certification-examination-2\/)\n  - [NISM-IFSCA Certification Course](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [NISM-IFSCA Certification Course](https:\/\/www.nism.ac.in\/nism-ifsca-certification-course\/)\n    - [NISM-IFSCA: AML and CFT](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [NISM-IFSCA-01: Certification Course on Anti Money Laundering and Counter Terrorist Financing in the IFSC](https:\/\/www.nism.ac.in\/nism-ifsca-certification-course\/nism-ifsca-01-certification-course-on-anti-money-laundering-and-counter-terrorist-financing-in-the-ifsc\/)\n  - [Corporate Booking](https:\/\/www.nism.ac.in\/corporate-booking\/)\n  - [Study Material](https:\/\/api.nism.ac.in\/cmp\/)\n- [Training](https:\/\/www.nism.ac.in\/understanding-etf\/)\n  - [About Training](https:\/\/www.nism.ac.in\/training\/)\n  - [Upcomings Events](https:\/\/www.nism.ac.in\/events\/)\n  - [Upcoming Training\/FDP\/MDP](https:\/\/www.nism.ac.in\/upcoming-training-fdp-mdp\/)\n  - [Upcoming Webinar](https:\/\/www.nism.ac.in\/upcoming-webinar\/)\n  - [Study Tour](https:\/\/www.nism.ac.in\/study-tour\/)\n  - [Summer School Programme](https:\/\/www.nism.ac.in\/nism-summer-school-in-indian-securities-markets\/)\n- [Long Term Program](https:\/\/www.nism.ac.in\/long-term-programs\/)\n  - [Residential Programs](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [Post Graduate Diploma in Management (Securities Markets) — PGDM (SM)](https:\/\/www.nism.ac.in\/long-term-programs\/post-graduate-diploma-in-management-securities-markets-pgdm-sm\/)\n    - [LLM (Investment & Securities Laws)](https:\/\/www.nism.ac.in\/long-term-programs\/ll-m-investments-and-securities-law\/)\n    - [Post Graduate Program in Investment and Securities Markets (PGPISM)](https:\/\/www.nism.ac.in\/long-term-programs\/post-graduate-program-in-investments-securities-markets\/)\n    - [Post Graduate Certificate in Securities Markets (PGCSM)](https:\/\/www.nism.ac.in\/long-term-programs\/post-graduate-certificate-in-securities-markets\/)\n  - [Non-Residential Programs](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [Programs Post Graduate Program in Financial Planning (PGPFP)](https:\/\/www.nism.ac.in\/long-term-programs\/post-graduate-program-in-financial-planning-pgpfp\/)\n    - [Post Graduate Program in the Securities Market (Portfolio Management \/ Investment Advisory \/ Research Analysis)](https:\/\/www.nism.ac.in\/long-term-programs\/pgpipr\/)\n    - [Certificate Program in Data Science CPDS (Basic)](https:\/\/www.nism.ac.in\/long-term-programs\/cpds-basic\/)\n    - [Certificate Program in Data Science CPDS (Advance)](https:\/\/www.nism.ac.in\/long-term-programs\/cpds-advance\/)\n    - [Post Graduate Certificate in FinTech (PGCFT)](https:\/\/www.nism.ac.in\/long-term-programs\/pg-certification-in-fintech\/)\n  - [Convocation](https:\/\/www.nism.ac.in\/9th-convocation-29th-may-2022\/)\n  - [Alumni](https:\/\/alumni.nism.ac.in\/)\n  - [Life @ Campus](https:\/\/www.nism.ac.in\/life-campus\/)\n  - [Grievance](https:\/\/www.nism.ac.in\/grievance-redressal\/)\n  - [Mandatory Disclosures](https:\/\/www.nism.ac.in\/mandatory-disclosures\/)\n  - [Mandatory Committees](https:\/\/www.nism.ac.in\/mandatory-committees\/)\n- [eLearning](https:\/\/online.nism.ac.in\/)\n  - [eLearning](https:\/\/online.nism.ac.in\/)\n- [Investor Education](https:\/\/www.nism.ac.in\/understanding-etf\/)\n  - [Investor Education Webinars](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [Upcoming Webinars](https:\/\/www.nism.ac.in\/investor-education-webinars)\n    - [Past Webinars](https:\/\/www.nism.ac.in\/investor-education-webinars#Webinar)\n  - [Investor Education Initiatives](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [Reel Making Contest](https:\/\/www.nism.ac.in\/reel-competition\/)\n    - [Ideathon 2025](https:\/\/www.nism.ac.in\/ideathon-2025)\n    - [WiW 2025](https:\/\/www.nism.ac.in\/world-investor-week\/)\n  - [Investor Education Videos](https:\/\/www.nism.ac.in\/investor-education-videos\/)\n  - [Investor Education Content](https:\/\/www.nism.ac.in\/investor-education-content\/)\n    - [Financial Concepts for Households](https:\/\/www.nism.ac.in\/education-category\/financial-concepts-for-households\/)\n    - [Importance of Investing](https:\/\/www.nism.ac.in\/education-category\/importance-of-investing\/)\n    - [Understanding Securities Markets and Prodcts](https:\/\/www.nism.ac.in\/education-category\/understanding-securities-markets-and-products\/)\n    - [Understanding Investment Risks](https:\/\/www.nism.ac.in\/education-category\/understanding-investment-risks\/)\n  - [Investor Education Queries](https:\/\/www.nism.ac.in\/investor-education-queries\/)\n  - [Financial Calculators](https:\/\/www.nism.ac.in\/financial-calculators\/)\n  - [Masterclass](https:\/\/www.nism.ac.in\/masterclass\/)\n  - [NFLQ 2026](https:\/\/nflq.nism.ac.in\/)\n  - [Edubytes](https:\/\/www.nism.ac.in\/investor-edubytes-2026\/)\n  - [Blog](https:\/\/www.nism.ac.in\/nism-blog\/)\n- [Partnerships](https:\/\/www.nism.ac.in\/nism-partnership\/)\n  - [Partnerships](https:\/\/www.nism.ac.in\/nism-partnership\/)\n  - [Collaborations](https:\/\/www.nism.ac.in\/collaborations\/\/)\n  - [CSR Initiatives](https:\/\/www.nism.ac.in\/csr-initiatives\/)\n- [More](https:\/\/www.nism.ac.in\/understanding-etf\/)\n  - [Conferences](https:\/\/www.nism.ac.in\/research\/)\n  - [Newsletters](https:\/\/www.nism.ac.in\/newsletter-2026\/)\n  - [Press Releases](https:\/\/www.nism.ac.in\/press-releases\/)\n  - [Recruitment](https:\/\/www.nism.ac.in\/recruitment\/)\n  - [Regulatory Alerts](https:\/\/www.nism.ac.in\/regulatory-alerts-2026\/)\n  - [Tenders](https:\/\/www.nism.ac.in\/tenders\/)\n\n- [Home](https:\/\/www.nism.ac.in\/)\n- [About NISM](https:\/\/www.nism.ac.in\/understanding-etf\/)\n  - [About NISM](https:\/\/www.nism.ac.in\/about-nism\/)\n  - [Purpose](https:\/\/www.nism.ac.in\/purpose\/)\n  - [Board of Governors](https:\/\/www.nism.ac.in\/board-of-governors\/)\n  - [Advisory Council](https:\/\/www.nism.ac.in\/advisory-council\/)\n  - [Our Team](https:\/\/www.nism.ac.in\/our-team\/)\n  - [Annual Reports](https:\/\/www.nism.ac.in\/annual-reports\/)\n  - [Life @ Campus](https:\/\/www.nism.ac.in\/life-campus\/)\n- [NISM Certifications](https:\/\/www.nism.ac.in\/understanding-etf\/)\n  - [Certification Examinations](https:\/\/www.nism.ac.in\/)\n    - [Certification Examinations](https:\/\/www.nism.ac.in\/certifications\/)\n    - [SEBI Investor Awareness Test](https:\/\/www.nism.ac.in\/sebi-investor-awareness-test\/)\n    - [Derivatives](https:\/\/www.nism.ac.in\/derivatives\/)\n      - [Currency Derivatives](https:\/\/www.nism.ac.in\/currency-derivatives\/)\n      - [Commodity Derivatives Certification Examination](https:\/\/www.nism.ac.in\/commodity-derivatives-certification-examination\/)\n      - [Equity Derivatives](https:\/\/www.nism.ac.in\/equity-derivatives\/)\n      - [Interest Rate Derivatives](https:\/\/www.nism.ac.in\/interest-rate-derivatives\/)\n      - [Common Derivatives Certification Examination](https:\/\/www.nism.ac.in\/common-derivatives-certification-examination\/)\n    - [Registrar & Transfer Agents](https:\/\/www.nism.ac.in\/registrar-transfer-agents)\n      - [RTA – Corporate](https:\/\/www.nism.ac.in\/rta-corporate\/)\n      - [RTA – Mutual Fund](https:\/\/www.nism.ac.in\/rta-mutual-fund\/)\n    - [Compliance](https:\/\/www.nism.ac.in\/compliance\/)\n      - [Securities Intermediaries Compliance (Non-Fund)](https:\/\/www.nism.ac.in\/securities-intermediaries-compliance-non-fund\/)\n      - [NISM-Series-III-C: Securities Intermediaries Compliance (Fund)](https:\/\/www.nism.ac.in\/nism-series-iii-c-securities-intermediaries-compliance-fund\/)\n    - [Mutual Fund](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [Mutual Fund Distributors - NISM VA](https:\/\/www.nism.ac.in\/mutual-fund-distributors\/)\n      - [Mutual Fund Foundation - NISM VB](https:\/\/www.nism.ac.in\/mutual-fund-foundation\/)\n    - [Operations](https:\/\/www.nism.ac.in\/operations\/)\n      - [Depository Operations](https:\/\/www.nism.ac.in\/depository-operations\/)\n      - [Securities Operations and Risk Management](https:\/\/www.nism.ac.in\/securities-operations-and-risk-management\/)\n    - [Merchant Banking](https:\/\/www.nism.ac.in\/merchant-banking-2\/)\n      - [Merchant Banking](https:\/\/www.nism.ac.in\/merchant-banking\/)\n    - [Investment Adviser](https:\/\/www.nism.ac.in\/investment-adviser\/)\n      - [Investment Adviser (Level 1)](https:\/\/www.nism.ac.in\/investment-adviser-level-1\/)\n      - [Investment Advisors (Level 2)](https:\/\/www.nism.ac.in\/investment-advisors-level-2\/)\n      - [Investment Adviser Certification (Renewal) Examination](https:\/\/www.nism.ac.in\/nism-series-x-c-investment-adviser-certification-renewal-examination\/)\n    - [Basics of Securities Markets](https:\/\/www.nism.ac.in\/basics-of-securities-markets\/)\n      - [Securities Markets Foundation](https:\/\/www.nism.ac.in\/securities-markets-foundation\/)\n    - [Research Analyst](https:\/\/www.nism.ac.in\/research-analyst-2\/)\n      - [Research Analyst Certification Examination](https:\/\/www.nism.ac.in\/research-analyst-certification-examination\/)\n      - [Research Analyst Certification (Renewal) Examination](https:\/\/www.nism.ac.in\/nism-series-xv-b-research-analyst-certification-renewal-examination\/)\n    - [Retirement Adviser](https:\/\/www.nism.ac.in\/retirement-adviser\/)\n      - [Retirement Adviser Certification Examination](https:\/\/www.nism.ac.in\/retirement-adviser-certification-examination\/)\n    - [Alternative Investment Funds](https:\/\/www.nism.ac.in\/alternative-investment-funds\/)\n      - [NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors](https:\/\/www.nism.ac.in\/certifications\/nism-series-xix-a-alternative-investment-funds-category-i-and-ii-distributors\/)\n      - [NISM Series XIX-B: Alternative Investment Funds (Category III) Distributors](https:\/\/www.nism.ac.in\/nism-series-xix-b-alternative-investment-funds-category-iii-distributors\/)\n      - [NISM Series XIX-C: Alternative Investment Fund Managers](https:\/\/www.nism.ac.in\/nism-series-xix-c-alternative-investment-fund-managers\/)\n      - [NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers Certification Examination.](https:\/\/www.nism.ac.in\/certifications\/nism-series-xix-d-category-i-and-ii-alternative-investment-fund-managers\/)\n      - [NISM-Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination](https:\/\/www.nism.ac.in\/nism-series-xix-e-category-iii-alternative-investment-fund-managers-certification-examination)\n    - [Portfolio Management Services](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [NISM Series XXI-A Portfolio Management Services (PMS) Distributors Certification Examination](https:\/\/www.nism.ac.in\/about-portfolio-management-services-pms-distributors-certification-examination\/)\n      - [NISM-Series-XXI-B: Portfolio Managers Certification Examination](https:\/\/www.nism.ac.in\/certifications\/nism-series-xxi-b-portfolio-managers-certification-examination\/)\n    - [Social Impact Assessors](https:\/\/www.nism.ac.in\/social-impact-assessors\/)\n      - [NISM Series XXIII: Social Impact Assessors Certification Examination](https:\/\/www.nism.ac.in\/nism-series-xxiii-social-auditors-certification-examination\/)\n    - [Persons Associated](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [Research Services](https:\/\/www.nism.ac.in\/nism-series-xxv-a-persons-associated-with-research-services-sales-and-other-non-core-services-certification-examination\/)\n    - [AML and CFT](https:\/\/www.nism.ac.in\/aml-and-cft\/)\n      - [NISM-Series-XXIV: AML and CFT Provisions in Securities Markets Certification Examination](https:\/\/www.nism.ac.in\/nism-series-xxiv-aml-and-cft-provisions-in-securities-markets-certification-examination\/)\n    - [IBBI-Valuation](https:\/\/www.nism.ac.in\/ibbi-valuation\/)\n      - [IBBI- Valuation Examination in the Asset Class: Land and Building](https:\/\/ibbi.gov.in\/en\/examination\/viewlist\/19)\n      - [IBBI- Valuation Examination in the Asset Class: Plant and Machinery](https:\/\/ibbi.gov.in\/en\/examination\/viewlist\/20)\n      - [IBBI- Valuation Examination in the Asset Class: Securities or Financial Assets](https:\/\/ibbi.gov.in\/en\/examination\/viewlist\/21)\n    - [Accredited Certifications](https:\/\/www.nism.ac.in\/accredited-certifications\/)\n  - [CPE \/ eCPE](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [CPE \/ eCPE](https:\/\/www.nism.ac.in\/continuing-professional-education-cpe-ecpe\/)\n    - [Upcoming CPE Programmes](https:\/\/www.nism.ac.in\/forthcoming-cpe-programmes\/)\n    - [Upcoming eCPE Programmes](https:\/\/www.nism.ac.in\/forthcoming-ecpe-programs\/)\n    - [Derivatives-CPE](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [Commodity Derivatives CPE\/eCPE](https:\/\/www.nism.ac.in\/about-commodity-derivatives-cpe\/)\n      - [Currency Derivatives CPE \/ eCPE](https:\/\/www.nism.ac.in\/currency-derivatives-cpe\/)\n      - [Common Derivatives CPE\/eCPE](https:\/\/www.nism.ac.in\/common-derivatives-cpe\/)\n      - [Interest Rate Derivatives CPE\/eCPE](https:\/\/www.nism.ac.in\/interest-rate-derivatives-cpe\/)\n      - [Equity Derivatives CPE\/eCPE](https:\/\/www.nism.ac.in\/equity-derivatives-cpe\/)\n    - [Registrar & Transfer Agents-CPE](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [RTA – Corporate CPE\/eCPE](https:\/\/www.nism.ac.in\/rta-corporate-cpe\/)\n      - [RTA – Mutual Fund CPE\/eCPE](https:\/\/www.nism.ac.in\/rta-mutual-fund-cpe\/)\n    - [Mutual Fund-CPE](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [Mutual Fund Distributors CPE\/eCPE](https:\/\/www.nism.ac.in\/mutual-fund-distributors-cpe\/)\n      - [Mutual Fund Foundation CPE\/eCPE](https:\/\/www.nism.ac.in\/mutual-fund-foundation-cpe\/)\n    - [Operations-CPE\/eCPE](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [Depository Operations CPE\/eCPE](https:\/\/www.nism.ac.in\/depository-operations-cpe\/)\n      - [Securities Operations and Risk Management CPE\/eCPE](https:\/\/www.nism.ac.in\/securities-operations-and-risk-management-cpe\/)\n    - [Social Impact Assessors](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [NISM Series XXIII – Social Impact Assessors eCPE](https:\/\/www.nism.ac.in\/nism-series-xxiii-social-impact-assessors-ecpe\/)\n    - [Alternative Investment Fund](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [NISM Series XIX-C Alternative Investment Fund Managers](https:\/\/www.nism.ac.in\/nism-series-xix-c-alternative-investment-fund-managers-2\/)\n    - [Securities Intermediaries Compliance(Non-Fund) CPE\/eCPE](https:\/\/www.nism.ac.in\/securities-intermediaries-compliancenon-fund-cpe\/)\n    - [Merchant Banking CPE\/eCPE](https:\/\/www.nism.ac.in\/merchant-banking-cpe\/)\n    - [Retirement Adviser CPE](https:\/\/www.nism.ac.in\/retirement-adviser-cpe\/)\n    - [Portfolio Management Services](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors CPE\/eCPE](https:\/\/www.nism.ac.in\/about-nism-series-xxi-a-portfolio-management-services-pms-distributors-certification-examination\/)\n      - [NISM-Series-XXI-B: Portfolio Managers CPE\/eCPE](https:\/\/www.nism.ac.in\/nism-series-xxi-b-portfolio-managers-certification-examination-2\/)\n  - [NISM-IFSCA Certification Course](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [NISM-IFSCA Certification Course](https:\/\/www.nism.ac.in\/nism-ifsca-certification-course\/)\n    - [NISM-IFSCA: AML and CFT](https:\/\/www.nism.ac.in\/understanding-etf\/)\n      - [NISM-IFSCA-01: Certification Course on Anti Money Laundering and Counter Terrorist Financing in the IFSC](https:\/\/www.nism.ac.in\/nism-ifsca-certification-course\/nism-ifsca-01-certification-course-on-anti-money-laundering-and-counter-terrorist-financing-in-the-ifsc\/)\n  - [Corporate Booking](https:\/\/www.nism.ac.in\/corporate-booking\/)\n  - [Study Material](https:\/\/api.nism.ac.in\/cmp\/)\n- [Training](https:\/\/www.nism.ac.in\/understanding-etf\/)\n  - [About Training](https:\/\/www.nism.ac.in\/training\/)\n  - [Upcomings Events](https:\/\/www.nism.ac.in\/events\/)\n  - [Upcoming Training\/FDP\/MDP](https:\/\/www.nism.ac.in\/upcoming-training-fdp-mdp\/)\n  - [Upcoming Webinar](https:\/\/www.nism.ac.in\/upcoming-webinar\/)\n  - [Study Tour](https:\/\/www.nism.ac.in\/study-tour\/)\n  - [Summer School Programme](https:\/\/www.nism.ac.in\/nism-summer-school-in-indian-securities-markets\/)\n- [Long Term Program](https:\/\/www.nism.ac.in\/long-term-programs\/)\n  - [Residential Programs](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [Post Graduate Diploma in Management (Securities Markets) — PGDM (SM)](https:\/\/www.nism.ac.in\/long-term-programs\/post-graduate-diploma-in-management-securities-markets-pgdm-sm\/)\n    - [LLM (Investment & Securities Laws)](https:\/\/www.nism.ac.in\/long-term-programs\/ll-m-investments-and-securities-law\/)\n    - [Post Graduate Program in Investment and Securities Markets (PGPISM)](https:\/\/www.nism.ac.in\/long-term-programs\/post-graduate-program-in-investments-securities-markets\/)\n    - [Post Graduate Certificate in Securities Markets (PGCSM)](https:\/\/www.nism.ac.in\/long-term-programs\/post-graduate-certificate-in-securities-markets\/)\n  - [Non-Residential Programs](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [Programs Post Graduate Program in Financial Planning (PGPFP)](https:\/\/www.nism.ac.in\/long-term-programs\/post-graduate-program-in-financial-planning-pgpfp\/)\n    - [Post Graduate Program in the Securities Market (Portfolio Management \/ Investment Advisory \/ Research Analysis)](https:\/\/www.nism.ac.in\/long-term-programs\/pgpipr\/)\n    - [Certificate Program in Data Science CPDS (Basic)](https:\/\/www.nism.ac.in\/long-term-programs\/cpds-basic\/)\n    - [Certificate Program in Data Science CPDS (Advance)](https:\/\/www.nism.ac.in\/long-term-programs\/cpds-advance\/)\n    - [Post Graduate Certificate in FinTech (PGCFT)](https:\/\/www.nism.ac.in\/long-term-programs\/pg-certification-in-fintech\/)\n  - [Convocation](https:\/\/www.nism.ac.in\/9th-convocation-29th-may-2022\/)\n  - [Alumni](https:\/\/alumni.nism.ac.in\/)\n  - [Life @ Campus](https:\/\/www.nism.ac.in\/life-campus\/)\n  - [Grievance](https:\/\/www.nism.ac.in\/grievance-redressal\/)\n  - [Mandatory Disclosures](https:\/\/www.nism.ac.in\/mandatory-disclosures\/)\n  - [Mandatory Committees](https:\/\/www.nism.ac.in\/mandatory-committees\/)\n- [eLearning](https:\/\/online.nism.ac.in\/)\n  - [eLearning](https:\/\/online.nism.ac.in\/)\n- [Investor Education](https:\/\/www.nism.ac.in\/understanding-etf\/)\n  - [Investor Education Webinars](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [Upcoming Webinars](https:\/\/www.nism.ac.in\/investor-education-webinars)\n    - [Past Webinars](https:\/\/www.nism.ac.in\/investor-education-webinars#Webinar)\n  - [Investor Education Initiatives](https:\/\/www.nism.ac.in\/understanding-etf\/)\n    - [Reel Making Contest](https:\/\/www.nism.ac.in\/reel-competition\/)\n    - [Ideathon 2025](https:\/\/www.nism.ac.in\/ideathon-2025)\n    - [WiW 2025](https:\/\/www.nism.ac.in\/world-investor-week\/)\n  - [Investor Education Videos](https:\/\/www.nism.ac.in\/investor-education-videos\/)\n  - [Investor Education Content](https:\/\/www.nism.ac.in\/investor-education-content\/)\n    - [Financial Concepts for Households](https:\/\/www.nism.ac.in\/education-category\/financial-concepts-for-households\/)\n    - [Importance of Investing](https:\/\/www.nism.ac.in\/education-category\/importance-of-investing\/)\n    - [Understanding Securities Markets and Prodcts](https:\/\/www.nism.ac.in\/education-category\/understanding-securities-markets-and-products\/)\n    - [Understanding Investment Risks](https:\/\/www.nism.ac.in\/education-category\/understanding-investment-risks\/)\n  - [Investor Education Queries](https:\/\/www.nism.ac.in\/investor-education-queries\/)\n  - [Financial Calculators](https:\/\/www.nism.ac.in\/financial-calculators\/)\n  - [Masterclass](https:\/\/www.nism.ac.in\/masterclass\/)\n  - [NFLQ 2026](https:\/\/nflq.nism.ac.in\/)\n  - [Edubytes](https:\/\/www.nism.ac.in\/investor-edubytes-2026\/)\n  - [Blog](https:\/\/www.nism.ac.in\/nism-blog\/)\n- [Partnerships](https:\/\/www.nism.ac.in\/nism-partnership\/)\n  - [Partnerships](https:\/\/www.nism.ac.in\/nism-partnership\/)\n  - [Collaborations](https:\/\/www.nism.ac.in\/collaborations\/\/)\n  - [CSR Initiatives](https:\/\/www.nism.ac.in\/csr-initiatives\/)\n- [More](https:\/\/www.nism.ac.in\/understanding-etf\/)\n  - [Conferences](https:\/\/www.nism.ac.in\/research\/)\n  - [Newsletters](https:\/\/www.nism.ac.in\/newsletter-2026\/)\n  - [Press Releases](https:\/\/www.nism.ac.in\/press-releases\/)\n  - [Recruitment](https:\/\/www.nism.ac.in\/recruitment\/)\n  - [Regulatory Alerts](https:\/\/www.nism.ac.in\/regulatory-alerts-2026\/)\n  - [Tenders](https:\/\/www.nism.ac.in\/tenders\/)\n\n![](https:\/\/www.nism.ac.in\/wp-content\/uploads\/2025\/08\/Investor-Education-1920X300.jpg)\n\n- [Home](https:\/\/www.nism.ac.in\/)\n- \/\n- Understanding ETF\n\n# Understanding ETF\nAn Exchange-Traded Fund (ETF) is a simple investment solution for a retail investor. It is a type of mutual fund whose units are traded on stock exchanges like shares. Like any other type of mutual fund, the investors’ money is pooled into a corpus that is invested in various securities to meet a defined investment objective.\n\n**The construct**\n\nMost of the ETFs worldwide are passive. They replicate a market index, be it a stock index, a bond index, or a commodity index. In that sense, the ETFs do not aim to outperform the index but merely deliver index-like returns to investors before expenses.\n\n![](https:\/\/www.nism.ac.in\/wp-content\/uploads\/2023\/10\/1-12.png)\n\nAs these funds are passive, their expense ratios are generally lower than those of actively managed mutual funds.\n\n###### **Advantages of ETF**\nETFs offer multiple benefits over open-ended mutual funds in terms of real-time price and low costs. Many investors and investment advisors prefer ETFs in order to invest in an asset category or a market. ETFs are considered to be a highly cost-efficient solution for passive portfolios.\n\n![](https:\/\/www.nism.ac.in\/wp-content\/uploads\/2023\/10\/2-10.png)\n\nThe price per unit on the stock exchanges also closely tracks the real-time NAV, which ensures that the investor gets almost index-like returns.\n\n###### **Uses of ETFs**\nOne of the primary uses of ETFs is to take exposure to a particular market or a segment of it; e.g., one can participate in the Indian stock markets by simply buying the units of an index that tracks a broader market index like the S\\&P BSE 500 or Nifty 500. Similarly, one can participate in the Indian banking sector by buying units of an ETF that tracks the banking sector index..\n\n![](https:\/\/www.nism.ac.in\/wp-content\/uploads\/2023\/10\/3-7.png)\n###### **Limitations of ETFs**\nUnlike units of mutual funds, ETF units are not available in fractions. There are additional costs that one must keep in mind, e.g., brokerage charges payable to the stock brokers while buying or selling the units and demat charges, as applicable.\n\n![](https:\/\/www.nism.ac.in\/wp-content\/uploads\/2023\/10\/4-4.png)\n\n![Footer Logo](https:\/\/www.nism.ac.in\/wp-content\/themes\/nism\/assets\/img\/ftr-logo.png)\n\n#### About NISM\n- [About NISM](https:\/\/www.nism.ac.in\/about-nism\/)\n- [Purpose](https:\/\/www.nism.ac.in\/purpose\/)\n- [Board of Governors](https:\/\/www.nism.ac.in\/board-of-governors\/)\n- [Advisory Council](https:\/\/www.nism.ac.in\/advisory-council\/)\n- [Our Team](https:\/\/www.nism.ac.in\/our-team\/)\n- [Annual Reports](https:\/\/www.nism.ac.in\/annual-reports\/)\n- [Life @ Campus](https:\/\/www.nism.ac.in\/life-campus\/)\n- [Newsletter](https:\/\/www.nism.ac.in\/newsletter-2026\/)\n\n#### Certifications\n- [Certifications Examinations](https:\/\/www.nism.ac.in\/certifications\/)\n- [Accredited Certifications](https:\/\/www.nism.ac.in\/accredited-certifications\/)\n- [Regulatory Alerts](https:\/\/www.nism.ac.in\/regulatory-alerts-2026\/)\n- [CPE \/ eCPE](https:\/\/www.nism.ac.in\/continuing-professional-education-cpe-ecpe\/)\n- [Upcoming CPE Programmes](https:\/\/www.nism.ac.in\/forthcoming-cpe-programmes\/)\n- [Free Workbooks](https:\/\/api.nism.ac.in\/cmp\/)\n- [Corporate Booking](https:\/\/www.nism.ac.in\/corporate-booking\/)\n- [Circulars](https:\/\/www.nism.ac.in\/circulars\/)\n\n#### Training\n- [About Training](https:\/\/www.nism.ac.in\/training\/)\n- [Upcoming Events](https:\/\/www.nism.ac.in\/events\/)\n- [Upcoming Training\/FDP\/MDP](https:\/\/www.nism.ac.in\/upcoming-training-fdp-mdp\/)\n- [Upcoming Webinars](https:\/\/www.nism.ac.in\/upcoming-webinar\/)\n- [Study Tour](https:\/\/www.nism.ac.in\/study-tour)\n- [Immersion Programme](https:\/\/www.nism.ac.in\/nism-summer-school-in-indian-securities-markets\/)\n\n#### NISM Programs\n- [Long Term Programs](https:\/\/www.nism.ac.in\/long-term-programs\/)\n- [Online Programs](https:\/\/online.nism.ac.in\/)\n- [Convocation](https:\/\/www.nism.ac.in\/9th-convocation-29th-may-2022\/)\n- [Alumni](https:\/\/alumni.nism.ac.in\/)\n- [Life @ Campus](https:\/\/www.nism.ac.in\/life-campus\/)\n- [Grievance](https:\/\/www.nism.ac.in\/grievance-redressal\/)\n- [Mandatory Disclosures](https:\/\/www.nism.ac.in\/mandatory-disclosures\/)\n- [Mandatory Committees](https:\/\/www.nism.ac.in\/mandatory-committees\/)\n- [AICTE Feedback](https:\/\/www.aicte-india.org\/feedback\/index.php)\n- [AICTE Scholarship\/Fellowship Schemes](https:\/\/www.aicte.gov.in\/schemes\/students-development-schemes?utm_source=Netcore&utm_campaign=AICTE+Scholarship+Schemes+2+mac+2026&utm_medium=Email&utm_term=Campaign)\n\n#### Resources\n- [NISM- Partnership](https:\/\/www.nism.ac.in\/nism-partnership\/)\n- [Collaborations](https:\/\/www.nism.ac.in\/collaborations\/)\n- [News](https:\/\/www.nism.ac.in\/our-news\/)\n- [About SEBI](https:\/\/www.sebi.gov.in\/)\n- [Library](https:\/\/library.nism.ac.in\/)\n- [Tenders](https:\/\/www.nism.ac.in\/tenders\/)\n\n#### More\n- [Blog](https:\/\/www.nism.ac.in\/nism-blog\/)\n- [Press Releases](https:\/\/www.nism.ac.in\/press-releases\/)\n- [RTI](https:\/\/www.nism.ac.in\/rti-act\/)\n- [Recruitment](https:\/\/www.nism.ac.in\/recruitment\/)\n- [Archives](https:\/\/www.nism.ac.in\/archives\/)\n- [Our Gallery](https:\/\/www.nism.ac.in\/gallery\/)\n- [Contact Us](https:\/\/www.nism.ac.in\/contact-us\/)\n\n#### Newsletter\nSubscribe our newsletter to get our latest update & news.\n\nVisit Counter: 3764716\n\n© 2026 National Institute of Securities Markets (NISM). All rights reserved.\n\n[Privacy Policy](https:\/\/www.nism.ac.in\/privacy-policy\/) [Disclaimer](https:\/\/www.nism.ac.in\/disclaimer\/)","attrs_readable_markdown":"An Exchange-Traded Fund (ETF) is a simple investment solution for a retail investor. It is a type of mutual fund whose units are traded on stock exchanges like shares. Like any other type of mutual fund, the investors’ money is pooled into a corpus that is invested in various securities to meet a defined investment objective.\n\n**The construct**\n\nMost of the ETFs worldwide are passive. They replicate a market index, be it a stock index, a bond index, or a commodity index. In that sense, the ETFs do not aim to outperform the index but merely deliver index-like returns to investors before expenses.\n\n![](https:\/\/www.nism.ac.in\/wp-content\/uploads\/2023\/10\/1-12.png)\n\nAs these funds are passive, their expense ratios are generally lower than those of actively managed mutual funds.\n\n###### **Advantages of ETF**\nETFs offer multiple benefits over open-ended mutual funds in terms of real-time price and low costs. Many investors and investment advisors prefer ETFs in order to invest in an asset category or a market. ETFs are considered to be a highly cost-efficient solution for passive portfolios.\n\n![](https:\/\/www.nism.ac.in\/wp-content\/uploads\/2023\/10\/2-10.png)\n\nThe price per unit on the stock exchanges also closely tracks the real-time NAV, which ensures that the investor gets almost index-like returns.\n\n###### **Uses of ETFs**\nOne of the primary uses of ETFs is to take exposure to a particular market or a segment of it; e.g., one can participate in the Indian stock markets by simply buying the units of an index that tracks a broader market index like the S\\&P BSE 500 or Nifty 500. Similarly, one can participate in the Indian banking sector by buying units of an ETF that tracks the banking sector index..\n\n![](https:\/\/www.nism.ac.in\/wp-content\/uploads\/2023\/10\/3-7.png)\n###### **Limitations of ETFs**\nUnlike units of mutual funds, ETF units are not available in fractions. There are additional costs that one must keep in mind, e.g., brokerage charges payable to the stock brokers while buying or selling the units and demat charges, as applicable.\n\n![](https:\/\/www.nism.ac.in\/wp-content\/uploads\/2023\/10\/4-4.png)","meta_canonical":null}

3. Robots.txt Check

Query:

Response:

4. Spam/Ban Check

Query:

Response:

5. Seen Status Check

ℹ️ Skipped - page is already crawled

📄

INDEXABLE

✅

CRAWLED

1 month ago

🚫

ROBOTS BLOCKED

Page Info Filters

Filter	Status	Condition	Details
HTTP status	PASS	`download_http_code = 200`	HTTP 200
Age cutoff	PASS	`download_stamp > now() - 6 MONTH`	1 months ago
History drop	PASS	`isNull(history_drop_reason)`	No drop reason
Spam/ban	PASS	`fh_dont_index != 1 AND ml_spam_score = 0`	ml_spam_score=0
Canonical	PASS	`meta_canonical IS NULL OR = '' OR = src_unparsed`	Not set

Page Details

Property	Value
URL	https://www.nism.ac.in/understanding-etf/
Last Crawled	2026-03-17 06:06:12 (1 month ago)
First Indexed	2023-10-22 16:06:38 (2 years ago)
HTTP Status Code	200
Meta Title	Understanding ETF - National Institute of Securities Markets (NISM)
Meta Description	null
Meta Canonical	null
Boilerpipe Text	An Exchange-Traded Fund (ETF) is a simple investment solution for a retail investor. It is a type of mutual fund whose units are traded on stock exchanges like shares. Like any other type of mutual fund, the investors’ money is pooled into a corpus that is invested in various securities to meet a defined investment objective. The construct Most of the ETFs worldwide are passive. They replicate a market index, be it a stock index, a bond index, or a commodity index. In that sense, the ETFs do not aim to outperform the index but merely deliver index-like returns to investors before expenses. As these funds are passive, their expense ratios are generally lower than those of actively managed mutual funds. Advantages of ETF ETFs offer multiple benefits over open-ended mutual funds in terms of real-time price and low costs. Many investors and investment advisors prefer ETFs in order to invest in an asset category or a market. ETFs are considered to be a highly cost-efficient solution for passive portfolios. The price per unit on the stock exchanges also closely tracks the real-time NAV, which ensures that the investor gets almost index-like returns. Uses of ETFs One of the primary uses of ETFs is to take exposure to a particular market or a segment of it; e.g., one can participate in the Indian stock markets by simply buying the units of an index that tracks a broader market index like the S&P BSE 500 or Nifty 500. Similarly, one can participate in the Indian banking sector by buying units of an ETF that tracks the banking sector index.. Limitations of ETFs Unlike units of mutual funds, ETF units are not available in fractions. There are additional costs that one must keep in mind, e.g., brokerage charges payable to the stock brokers while buying or selling the units and demat charges, as applicable.
Markdown	## Video Modal ## Video Modal [![National Institute of Securities Markets (NISM)](https://www.nism.ac.in/wp-content/uploads/2024/07/NISM-Logo-PNG.png)](https://www.nism.ac.in/) 7 Notifications 7 [SEBI Circular for NISM Series XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination dated March 11, 2026](https://www.nism.ac.in/circular/sebi-circular-for-nism-series-xxv-a-persons-associated-with-research-services-sales-and-other-non-core-services-certification-examination-dated-march-11-2026/) [NISM/Certification/ NISM Series XXIII – Social Impact Assessors Certification eCPE Program /2026/01 dated March 02, 2026.](https://www.nism.ac.in/circular/nism-series-xxiii-social-impact-assessors-certification-ecpe-program/) [NISM/Certification/ NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination/2026/01 dated January 30, 2026.](https://www.nism.ac.in/circular/nism-certification-nism-series-xxv-a-persons-associated-with-research-services-sales-and-other-non-core-services-certification-examination-2026-01-dated-january-30-2026/) [NISM/Certification/AIF Managers CPE/2026/01 dated January 30, 2026](https://www.nism.ac.in/circular/nism-certification-aif-managers-cpe-2026-01-dated-january-30-2026/) [NISM/Certification/ NISM Series XV: Research Analyst Certification Examination/2025/dated December 05, 2025.](https://www.nism.ac.in/circular/nism-certification-nism-series-xv-research-analyst-certification-examination-2025-dated-december-05-2025/) [SEBI and NISM launch National Financial Literacy Quiz 2026](https://nflq.nism.ac.in/) [NISM InvestorEduBytes](https://www.nism.ac.in//investor-edubytes/) ##### (NISM) The National Institute of Securities Markets (NISM) is a public trust established in 2006 by the Securities and Exchange Board of India (SEBI), the regulator of the securities markets in India. The institute carries out a wide range of capacity building activities at various levels aimed at enhancing the quality standards in securities markets. - [Home](https://www.nism.ac.in/) - [About NISM](https://www.nism.ac.in/understanding-etf/) - [About NISM](https://www.nism.ac.in/about-nism/) - [Purpose](https://www.nism.ac.in/purpose/) - [Board of Governors](https://www.nism.ac.in/board-of-governors/) - [Advisory Council](https://www.nism.ac.in/advisory-council/) - [Our Team](https://www.nism.ac.in/our-team/) - [Annual Reports](https://www.nism.ac.in/annual-reports/) - [Life @ Campus](https://www.nism.ac.in/life-campus/) - [NISM Certifications](https://www.nism.ac.in/understanding-etf/) - [Certification Examinations](https://www.nism.ac.in/) - [Certification Examinations](https://www.nism.ac.in/certifications/) - [SEBI Investor Awareness Test](https://www.nism.ac.in/sebi-investor-awareness-test/) - [Derivatives](https://www.nism.ac.in/derivatives/) - [Currency Derivatives](https://www.nism.ac.in/currency-derivatives/) - [Commodity Derivatives Certification Examination](https://www.nism.ac.in/commodity-derivatives-certification-examination/) - [Equity Derivatives](https://www.nism.ac.in/equity-derivatives/) - [Interest Rate Derivatives](https://www.nism.ac.in/interest-rate-derivatives/) - [Common Derivatives Certification Examination](https://www.nism.ac.in/common-derivatives-certification-examination/) - [Registrar & Transfer Agents](https://www.nism.ac.in/registrar-transfer-agents) - [RTA – Corporate](https://www.nism.ac.in/rta-corporate/) - [RTA – Mutual Fund](https://www.nism.ac.in/rta-mutual-fund/) - [Compliance](https://www.nism.ac.in/compliance/) - [Securities Intermediaries Compliance (Non-Fund)](https://www.nism.ac.in/securities-intermediaries-compliance-non-fund/) - [NISM-Series-III-C: Securities Intermediaries Compliance (Fund)](https://www.nism.ac.in/nism-series-iii-c-securities-intermediaries-compliance-fund/) - [Mutual Fund](https://www.nism.ac.in/understanding-etf/) - [Mutual Fund Distributors - NISM VA](https://www.nism.ac.in/mutual-fund-distributors/) - [Mutual Fund Foundation - NISM VB](https://www.nism.ac.in/mutual-fund-foundation/) - [Operations](https://www.nism.ac.in/operations/) - [Depository Operations](https://www.nism.ac.in/depository-operations/) - [Securities Operations and Risk Management](https://www.nism.ac.in/securities-operations-and-risk-management/) - [Merchant Banking](https://www.nism.ac.in/merchant-banking-2/) - [Merchant Banking](https://www.nism.ac.in/merchant-banking/) - [Investment Adviser](https://www.nism.ac.in/investment-adviser/) - [Investment Adviser (Level 1)](https://www.nism.ac.in/investment-adviser-level-1/) - [Investment Advisors (Level 2)](https://www.nism.ac.in/investment-advisors-level-2/) - [Investment Adviser Certification (Renewal) Examination](https://www.nism.ac.in/nism-series-x-c-investment-adviser-certification-renewal-examination/) - [Basics of Securities Markets](https://www.nism.ac.in/basics-of-securities-markets/) - [Securities Markets Foundation](https://www.nism.ac.in/securities-markets-foundation/) - [Research Analyst](https://www.nism.ac.in/research-analyst-2/) - [Research Analyst Certification Examination](https://www.nism.ac.in/research-analyst-certification-examination/) - [Research Analyst Certification (Renewal) Examination](https://www.nism.ac.in/nism-series-xv-b-research-analyst-certification-renewal-examination/) - [Retirement Adviser](https://www.nism.ac.in/retirement-adviser/) - [Retirement Adviser Certification Examination](https://www.nism.ac.in/retirement-adviser-certification-examination/) - [Alternative Investment Funds](https://www.nism.ac.in/alternative-investment-funds/) - [NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors](https://www.nism.ac.in/certifications/nism-series-xix-a-alternative-investment-funds-category-i-and-ii-distributors/) - [NISM Series XIX-B: Alternative Investment Funds (Category III) Distributors](https://www.nism.ac.in/nism-series-xix-b-alternative-investment-funds-category-iii-distributors/) - [NISM Series XIX-C: Alternative Investment Fund Managers](https://www.nism.ac.in/nism-series-xix-c-alternative-investment-fund-managers/) - [NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers Certification Examination.](https://www.nism.ac.in/certifications/nism-series-xix-d-category-i-and-ii-alternative-investment-fund-managers/) - [NISM-Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination](https://www.nism.ac.in/nism-series-xix-e-category-iii-alternative-investment-fund-managers-certification-examination) - [Portfolio Management Services](https://www.nism.ac.in/understanding-etf/) - [NISM Series XXI-A Portfolio Management Services (PMS) Distributors Certification Examination](https://www.nism.ac.in/about-portfolio-management-services-pms-distributors-certification-examination/) - [NISM-Series-XXI-B: Portfolio Managers Certification Examination](https://www.nism.ac.in/certifications/nism-series-xxi-b-portfolio-managers-certification-examination/) - [Social Impact Assessors](https://www.nism.ac.in/social-impact-assessors/) - [NISM Series XXIII: Social Impact Assessors Certification Examination](https://www.nism.ac.in/nism-series-xxiii-social-auditors-certification-examination/) - [Persons Associated](https://www.nism.ac.in/understanding-etf/) - [Research Services](https://www.nism.ac.in/nism-series-xxv-a-persons-associated-with-research-services-sales-and-other-non-core-services-certification-examination/) - [AML and CFT](https://www.nism.ac.in/aml-and-cft/) - [NISM-Series-XXIV: AML and CFT Provisions in Securities Markets Certification Examination](https://www.nism.ac.in/nism-series-xxiv-aml-and-cft-provisions-in-securities-markets-certification-examination/) - [IBBI-Valuation](https://www.nism.ac.in/ibbi-valuation/) - [IBBI- Valuation Examination in the Asset Class: Land and Building](https://ibbi.gov.in/en/examination/viewlist/19) - [IBBI- Valuation Examination in the Asset Class: Plant and Machinery](https://ibbi.gov.in/en/examination/viewlist/20) - [IBBI- Valuation Examination in the Asset Class: Securities or Financial Assets](https://ibbi.gov.in/en/examination/viewlist/21) - [Accredited Certifications](https://www.nism.ac.in/accredited-certifications/) - [CPE / eCPE](https://www.nism.ac.in/understanding-etf/) - [CPE / eCPE](https://www.nism.ac.in/continuing-professional-education-cpe-ecpe/) - [Upcoming CPE Programmes](https://www.nism.ac.in/forthcoming-cpe-programmes/) - [Upcoming eCPE Programmes](https://www.nism.ac.in/forthcoming-ecpe-programs/) - [Derivatives-CPE](https://www.nism.ac.in/understanding-etf/) - [Commodity Derivatives CPE/eCPE](https://www.nism.ac.in/about-commodity-derivatives-cpe/) - [Currency Derivatives CPE / eCPE](https://www.nism.ac.in/currency-derivatives-cpe/) - [Common Derivatives CPE/eCPE](https://www.nism.ac.in/common-derivatives-cpe/) - [Interest Rate Derivatives CPE/eCPE](https://www.nism.ac.in/interest-rate-derivatives-cpe/) - [Equity Derivatives CPE/eCPE](https://www.nism.ac.in/equity-derivatives-cpe/) - [Registrar & Transfer Agents-CPE](https://www.nism.ac.in/understanding-etf/) - [RTA – Corporate CPE/eCPE](https://www.nism.ac.in/rta-corporate-cpe/) - [RTA – Mutual Fund CPE/eCPE](https://www.nism.ac.in/rta-mutual-fund-cpe/) - [Mutual Fund-CPE](https://www.nism.ac.in/understanding-etf/) - [Mutual Fund Distributors CPE/eCPE](https://www.nism.ac.in/mutual-fund-distributors-cpe/) - [Mutual Fund Foundation CPE/eCPE](https://www.nism.ac.in/mutual-fund-foundation-cpe/) - [Operations-CPE/eCPE](https://www.nism.ac.in/understanding-etf/) - [Depository Operations CPE/eCPE](https://www.nism.ac.in/depository-operations-cpe/) - [Securities Operations and Risk Management CPE/eCPE](https://www.nism.ac.in/securities-operations-and-risk-management-cpe/) - [Social Impact Assessors](https://www.nism.ac.in/understanding-etf/) - [NISM Series XXIII – Social Impact Assessors eCPE](https://www.nism.ac.in/nism-series-xxiii-social-impact-assessors-ecpe/) - [Alternative Investment Fund](https://www.nism.ac.in/understanding-etf/) - [NISM Series XIX-C Alternative Investment Fund Managers](https://www.nism.ac.in/nism-series-xix-c-alternative-investment-fund-managers-2/) - [Securities Intermediaries Compliance(Non-Fund) CPE/eCPE](https://www.nism.ac.in/securities-intermediaries-compliancenon-fund-cpe/) - [Merchant Banking CPE/eCPE](https://www.nism.ac.in/merchant-banking-cpe/) - [Retirement Adviser CPE](https://www.nism.ac.in/retirement-adviser-cpe/) - [Portfolio Management Services](https://www.nism.ac.in/understanding-etf/) - [NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors CPE/eCPE](https://www.nism.ac.in/about-nism-series-xxi-a-portfolio-management-services-pms-distributors-certification-examination/) - [NISM-Series-XXI-B: Portfolio Managers CPE/eCPE](https://www.nism.ac.in/nism-series-xxi-b-portfolio-managers-certification-examination-2/) - [NISM-IFSCA Certification Course](https://www.nism.ac.in/understanding-etf/) - [NISM-IFSCA Certification Course](https://www.nism.ac.in/nism-ifsca-certification-course/) - [NISM-IFSCA: AML and CFT](https://www.nism.ac.in/understanding-etf/) - [NISM-IFSCA-01: Certification Course on Anti Money Laundering and Counter Terrorist Financing in the IFSC](https://www.nism.ac.in/nism-ifsca-certification-course/nism-ifsca-01-certification-course-on-anti-money-laundering-and-counter-terrorist-financing-in-the-ifsc/) - [Corporate Booking](https://www.nism.ac.in/corporate-booking/) - [Study Material](https://api.nism.ac.in/cmp/) - [Training](https://www.nism.ac.in/understanding-etf/) - [About Training](https://www.nism.ac.in/training/) - [Upcomings Events](https://www.nism.ac.in/events/) - [Upcoming Training/FDP/MDP](https://www.nism.ac.in/upcoming-training-fdp-mdp/) - [Upcoming Webinar](https://www.nism.ac.in/upcoming-webinar/) - [Study Tour](https://www.nism.ac.in/study-tour/) - [Summer School Programme](https://www.nism.ac.in/nism-summer-school-in-indian-securities-markets/) - [Long Term Program](https://www.nism.ac.in/long-term-programs/) - [Residential Programs](https://www.nism.ac.in/understanding-etf/) - [Post Graduate Diploma in Management (Securities Markets) — PGDM (SM)](https://www.nism.ac.in/long-term-programs/post-graduate-diploma-in-management-securities-markets-pgdm-sm/) - [LLM (Investment & Securities Laws)](https://www.nism.ac.in/long-term-programs/ll-m-investments-and-securities-law/) - [Post Graduate Program in Investment and Securities Markets (PGPISM)](https://www.nism.ac.in/long-term-programs/post-graduate-program-in-investments-securities-markets/) - [Post Graduate Certificate in Securities Markets (PGCSM)](https://www.nism.ac.in/long-term-programs/post-graduate-certificate-in-securities-markets/) - [Non-Residential Programs](https://www.nism.ac.in/understanding-etf/) - [Programs Post Graduate Program in Financial Planning (PGPFP)](https://www.nism.ac.in/long-term-programs/post-graduate-program-in-financial-planning-pgpfp/) - [Post Graduate Program in the Securities Market (Portfolio Management / Investment Advisory / Research Analysis)](https://www.nism.ac.in/long-term-programs/pgpipr/) - [Certificate Program in Data Science CPDS (Basic)](https://www.nism.ac.in/long-term-programs/cpds-basic/) - [Certificate Program in Data Science CPDS (Advance)](https://www.nism.ac.in/long-term-programs/cpds-advance/) - [Post Graduate Certificate in FinTech (PGCFT)](https://www.nism.ac.in/long-term-programs/pg-certification-in-fintech/) - [Convocation](https://www.nism.ac.in/9th-convocation-29th-may-2022/) - [Alumni](https://alumni.nism.ac.in/) - [Life @ Campus](https://www.nism.ac.in/life-campus/) - [Grievance](https://www.nism.ac.in/grievance-redressal/) - [Mandatory Disclosures](https://www.nism.ac.in/mandatory-disclosures/) - [Mandatory Committees](https://www.nism.ac.in/mandatory-committees/) - [eLearning](https://online.nism.ac.in/) - [eLearning](https://online.nism.ac.in/) - [Investor Education](https://www.nism.ac.in/understanding-etf/) - [Investor Education Webinars](https://www.nism.ac.in/understanding-etf/) - [Upcoming Webinars](https://www.nism.ac.in/investor-education-webinars) - [Past Webinars](https://www.nism.ac.in/investor-education-webinars#Webinar) - [Investor Education Initiatives](https://www.nism.ac.in/understanding-etf/) - [Reel Making Contest](https://www.nism.ac.in/reel-competition/) - [Ideathon 2025](https://www.nism.ac.in/ideathon-2025) - [WiW 2025](https://www.nism.ac.in/world-investor-week/) - [Investor Education Videos](https://www.nism.ac.in/investor-education-videos/) - [Investor Education Content](https://www.nism.ac.in/investor-education-content/) - [Financial Concepts for Households](https://www.nism.ac.in/education-category/financial-concepts-for-households/) - [Importance of Investing](https://www.nism.ac.in/education-category/importance-of-investing/) - [Understanding Securities Markets and Prodcts](https://www.nism.ac.in/education-category/understanding-securities-markets-and-products/) - [Understanding Investment Risks](https://www.nism.ac.in/education-category/understanding-investment-risks/) - [Investor Education Queries](https://www.nism.ac.in/investor-education-queries/) - [Financial Calculators](https://www.nism.ac.in/financial-calculators/) - [Masterclass](https://www.nism.ac.in/masterclass/) - [NFLQ 2026](https://nflq.nism.ac.in/) - [Edubytes](https://www.nism.ac.in/investor-edubytes-2026/) - [Blog](https://www.nism.ac.in/nism-blog/) - [Partnerships](https://www.nism.ac.in/nism-partnership/) - [Partnerships](https://www.nism.ac.in/nism-partnership/) - [Collaborations](https://www.nism.ac.in/collaborations//) - [CSR Initiatives](https://www.nism.ac.in/csr-initiatives/) - [More](https://www.nism.ac.in/understanding-etf/) - [Conferences](https://www.nism.ac.in/research/) - [Newsletters](https://www.nism.ac.in/newsletter-2026/) - [Press Releases](https://www.nism.ac.in/press-releases/) - [Recruitment](https://www.nism.ac.in/recruitment/) - [Regulatory Alerts](https://www.nism.ac.in/regulatory-alerts-2026/) - [Tenders](https://www.nism.ac.in/tenders/) [Contact Us](https://www.nism.ac.in/contact-us/) ![](https://www.nism.ac.in/wp-content/themes/nism/assets/img/topicon.svg) [![National Institute of Securities Markets (NISM)](https://www.nism.ac.in/wp-content/uploads/2024/07/NISM-Logo-PNG.png)](https://www.nism.ac.in/) - [Home](https://www.nism.ac.in/) - [About NISM](https://www.nism.ac.in/understanding-etf/) - [About NISM](https://www.nism.ac.in/about-nism/) - [Purpose](https://www.nism.ac.in/purpose/) - [Board of Governors](https://www.nism.ac.in/board-of-governors/) - [Advisory Council](https://www.nism.ac.in/advisory-council/) - [Our Team](https://www.nism.ac.in/our-team/) - [Annual Reports](https://www.nism.ac.in/annual-reports/) - [Life @ Campus](https://www.nism.ac.in/life-campus/) - [NISM Certifications](https://www.nism.ac.in/understanding-etf/) - [Certification Examinations](https://www.nism.ac.in/) - [Certification Examinations](https://www.nism.ac.in/certifications/) - [SEBI Investor Awareness Test](https://www.nism.ac.in/sebi-investor-awareness-test/) - [Derivatives](https://www.nism.ac.in/derivatives/) - [Currency Derivatives](https://www.nism.ac.in/currency-derivatives/) - [Commodity Derivatives Certification Examination](https://www.nism.ac.in/commodity-derivatives-certification-examination/) - [Equity Derivatives](https://www.nism.ac.in/equity-derivatives/) - [Interest Rate Derivatives](https://www.nism.ac.in/interest-rate-derivatives/) - [Common Derivatives Certification Examination](https://www.nism.ac.in/common-derivatives-certification-examination/) - [Registrar & Transfer Agents](https://www.nism.ac.in/registrar-transfer-agents) - [RTA – Corporate](https://www.nism.ac.in/rta-corporate/) - [RTA – Mutual Fund](https://www.nism.ac.in/rta-mutual-fund/) - [Compliance](https://www.nism.ac.in/compliance/) - [Securities Intermediaries Compliance (Non-Fund)](https://www.nism.ac.in/securities-intermediaries-compliance-non-fund/) - [NISM-Series-III-C: Securities Intermediaries Compliance (Fund)](https://www.nism.ac.in/nism-series-iii-c-securities-intermediaries-compliance-fund/) - [Mutual Fund](https://www.nism.ac.in/understanding-etf/) - [Mutual Fund Distributors - NISM VA](https://www.nism.ac.in/mutual-fund-distributors/) - [Mutual Fund Foundation - NISM VB](https://www.nism.ac.in/mutual-fund-foundation/) - [Operations](https://www.nism.ac.in/operations/) - [Depository Operations](https://www.nism.ac.in/depository-operations/) - [Securities Operations and Risk Management](https://www.nism.ac.in/securities-operations-and-risk-management/) - [Merchant Banking](https://www.nism.ac.in/merchant-banking-2/) - [Merchant Banking](https://www.nism.ac.in/merchant-banking/) - [Investment Adviser](https://www.nism.ac.in/investment-adviser/) - [Investment Adviser (Level 1)](https://www.nism.ac.in/investment-adviser-level-1/) - [Investment Advisors (Level 2)](https://www.nism.ac.in/investment-advisors-level-2/) - [Investment Adviser Certification (Renewal) Examination](https://www.nism.ac.in/nism-series-x-c-investment-adviser-certification-renewal-examination/) - [Basics of Securities Markets](https://www.nism.ac.in/basics-of-securities-markets/) - [Securities Markets Foundation](https://www.nism.ac.in/securities-markets-foundation/) - [Research Analyst](https://www.nism.ac.in/research-analyst-2/) - [Research Analyst Certification Examination](https://www.nism.ac.in/research-analyst-certification-examination/) - [Research Analyst Certification (Renewal) Examination](https://www.nism.ac.in/nism-series-xv-b-research-analyst-certification-renewal-examination/) - [Retirement Adviser](https://www.nism.ac.in/retirement-adviser/) - [Retirement Adviser Certification Examination](https://www.nism.ac.in/retirement-adviser-certification-examination/) - [Alternative Investment Funds](https://www.nism.ac.in/alternative-investment-funds/) - [NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors](https://www.nism.ac.in/certifications/nism-series-xix-a-alternative-investment-funds-category-i-and-ii-distributors/) - [NISM Series XIX-B: Alternative Investment Funds (Category III) Distributors](https://www.nism.ac.in/nism-series-xix-b-alternative-investment-funds-category-iii-distributors/) - [NISM Series XIX-C: Alternative Investment Fund Managers](https://www.nism.ac.in/nism-series-xix-c-alternative-investment-fund-managers/) - [NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers Certification Examination.](https://www.nism.ac.in/certifications/nism-series-xix-d-category-i-and-ii-alternative-investment-fund-managers/) - [NISM-Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination](https://www.nism.ac.in/nism-series-xix-e-category-iii-alternative-investment-fund-managers-certification-examination) - [Portfolio Management Services](https://www.nism.ac.in/understanding-etf/) - [NISM Series XXI-A Portfolio Management Services (PMS) Distributors Certification Examination](https://www.nism.ac.in/about-portfolio-management-services-pms-distributors-certification-examination/) - [NISM-Series-XXI-B: Portfolio Managers Certification Examination](https://www.nism.ac.in/certifications/nism-series-xxi-b-portfolio-managers-certification-examination/) - [Social Impact Assessors](https://www.nism.ac.in/social-impact-assessors/) - [NISM Series XXIII: Social Impact Assessors Certification Examination](https://www.nism.ac.in/nism-series-xxiii-social-auditors-certification-examination/) - [Persons Associated](https://www.nism.ac.in/understanding-etf/) - [Research Services](https://www.nism.ac.in/nism-series-xxv-a-persons-associated-with-research-services-sales-and-other-non-core-services-certification-examination/) - [AML and CFT](https://www.nism.ac.in/aml-and-cft/) - [NISM-Series-XXIV: AML and CFT Provisions in Securities Markets Certification Examination](https://www.nism.ac.in/nism-series-xxiv-aml-and-cft-provisions-in-securities-markets-certification-examination/) - [IBBI-Valuation](https://www.nism.ac.in/ibbi-valuation/) - [IBBI- Valuation Examination in the Asset Class: Land and Building](https://ibbi.gov.in/en/examination/viewlist/19) - [IBBI- Valuation Examination in the Asset Class: Plant and Machinery](https://ibbi.gov.in/en/examination/viewlist/20) - [IBBI- Valuation Examination in the Asset Class: Securities or Financial Assets](https://ibbi.gov.in/en/examination/viewlist/21) - [Accredited Certifications](https://www.nism.ac.in/accredited-certifications/) - [CPE / eCPE](https://www.nism.ac.in/understanding-etf/) - [CPE / eCPE](https://www.nism.ac.in/continuing-professional-education-cpe-ecpe/) - [Upcoming CPE Programmes](https://www.nism.ac.in/forthcoming-cpe-programmes/) - [Upcoming eCPE Programmes](https://www.nism.ac.in/forthcoming-ecpe-programs/) - [Derivatives-CPE](https://www.nism.ac.in/understanding-etf/) - [Commodity Derivatives CPE/eCPE](https://www.nism.ac.in/about-commodity-derivatives-cpe/) - [Currency Derivatives CPE / eCPE](https://www.nism.ac.in/currency-derivatives-cpe/) - [Common Derivatives CPE/eCPE](https://www.nism.ac.in/common-derivatives-cpe/) - [Interest Rate Derivatives CPE/eCPE](https://www.nism.ac.in/interest-rate-derivatives-cpe/) - [Equity Derivatives CPE/eCPE](https://www.nism.ac.in/equity-derivatives-cpe/) - [Registrar & Transfer Agents-CPE](https://www.nism.ac.in/understanding-etf/) - [RTA – Corporate CPE/eCPE](https://www.nism.ac.in/rta-corporate-cpe/) - [RTA – Mutual Fund CPE/eCPE](https://www.nism.ac.in/rta-mutual-fund-cpe/) - [Mutual Fund-CPE](https://www.nism.ac.in/understanding-etf/) - [Mutual Fund Distributors CPE/eCPE](https://www.nism.ac.in/mutual-fund-distributors-cpe/) - [Mutual Fund Foundation CPE/eCPE](https://www.nism.ac.in/mutual-fund-foundation-cpe/) - [Operations-CPE/eCPE](https://www.nism.ac.in/understanding-etf/) - [Depository Operations CPE/eCPE](https://www.nism.ac.in/depository-operations-cpe/) - [Securities Operations and Risk Management CPE/eCPE](https://www.nism.ac.in/securities-operations-and-risk-management-cpe/) - [Social Impact Assessors](https://www.nism.ac.in/understanding-etf/) - [NISM Series XXIII – Social Impact Assessors eCPE](https://www.nism.ac.in/nism-series-xxiii-social-impact-assessors-ecpe/) - [Alternative Investment Fund](https://www.nism.ac.in/understanding-etf/) - [NISM Series XIX-C Alternative Investment Fund Managers](https://www.nism.ac.in/nism-series-xix-c-alternative-investment-fund-managers-2/) - [Securities Intermediaries Compliance(Non-Fund) CPE/eCPE](https://www.nism.ac.in/securities-intermediaries-compliancenon-fund-cpe/) - [Merchant Banking CPE/eCPE](https://www.nism.ac.in/merchant-banking-cpe/) - [Retirement Adviser CPE](https://www.nism.ac.in/retirement-adviser-cpe/) - [Portfolio Management Services](https://www.nism.ac.in/understanding-etf/) - [NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors CPE/eCPE](https://www.nism.ac.in/about-nism-series-xxi-a-portfolio-management-services-pms-distributors-certification-examination/) - [NISM-Series-XXI-B: Portfolio Managers CPE/eCPE](https://www.nism.ac.in/nism-series-xxi-b-portfolio-managers-certification-examination-2/) - [NISM-IFSCA Certification Course](https://www.nism.ac.in/understanding-etf/) - [NISM-IFSCA Certification Course](https://www.nism.ac.in/nism-ifsca-certification-course/) - [NISM-IFSCA: AML and CFT](https://www.nism.ac.in/understanding-etf/) - [NISM-IFSCA-01: Certification Course on Anti Money Laundering and Counter Terrorist Financing in the IFSC](https://www.nism.ac.in/nism-ifsca-certification-course/nism-ifsca-01-certification-course-on-anti-money-laundering-and-counter-terrorist-financing-in-the-ifsc/) - [Corporate Booking](https://www.nism.ac.in/corporate-booking/) - [Study Material](https://api.nism.ac.in/cmp/) - [Training](https://www.nism.ac.in/understanding-etf/) - [About Training](https://www.nism.ac.in/training/) - [Upcomings Events](https://www.nism.ac.in/events/) - [Upcoming Training/FDP/MDP](https://www.nism.ac.in/upcoming-training-fdp-mdp/) - [Upcoming Webinar](https://www.nism.ac.in/upcoming-webinar/) - [Study Tour](https://www.nism.ac.in/study-tour/) - [Summer School Programme](https://www.nism.ac.in/nism-summer-school-in-indian-securities-markets/) - [Long Term Program](https://www.nism.ac.in/long-term-programs/) - [Residential Programs](https://www.nism.ac.in/understanding-etf/) - [Post Graduate Diploma in Management (Securities Markets) — PGDM (SM)](https://www.nism.ac.in/long-term-programs/post-graduate-diploma-in-management-securities-markets-pgdm-sm/) - [LLM (Investment & Securities Laws)](https://www.nism.ac.in/long-term-programs/ll-m-investments-and-securities-law/) - [Post Graduate Program in Investment and Securities Markets (PGPISM)](https://www.nism.ac.in/long-term-programs/post-graduate-program-in-investments-securities-markets/) - [Post Graduate Certificate in Securities Markets (PGCSM)](https://www.nism.ac.in/long-term-programs/post-graduate-certificate-in-securities-markets/) - [Non-Residential Programs](https://www.nism.ac.in/understanding-etf/) - [Programs Post Graduate Program in Financial Planning (PGPFP)](https://www.nism.ac.in/long-term-programs/post-graduate-program-in-financial-planning-pgpfp/) - [Post Graduate Program in the Securities Market (Portfolio Management / Investment Advisory / Research Analysis)](https://www.nism.ac.in/long-term-programs/pgpipr/) - [Certificate Program in Data Science CPDS (Basic)](https://www.nism.ac.in/long-term-programs/cpds-basic/) - [Certificate Program in Data Science CPDS (Advance)](https://www.nism.ac.in/long-term-programs/cpds-advance/) - [Post Graduate Certificate in FinTech (PGCFT)](https://www.nism.ac.in/long-term-programs/pg-certification-in-fintech/) - [Convocation](https://www.nism.ac.in/9th-convocation-29th-may-2022/) - [Alumni](https://alumni.nism.ac.in/) - [Life @ Campus](https://www.nism.ac.in/life-campus/) - [Grievance](https://www.nism.ac.in/grievance-redressal/) - [Mandatory Disclosures](https://www.nism.ac.in/mandatory-disclosures/) - [Mandatory Committees](https://www.nism.ac.in/mandatory-committees/) - [eLearning](https://online.nism.ac.in/) - [eLearning](https://online.nism.ac.in/) - [Investor Education](https://www.nism.ac.in/understanding-etf/) - [Investor Education Webinars](https://www.nism.ac.in/understanding-etf/) - [Upcoming Webinars](https://www.nism.ac.in/investor-education-webinars) - [Past Webinars](https://www.nism.ac.in/investor-education-webinars#Webinar) - [Investor Education Initiatives](https://www.nism.ac.in/understanding-etf/) - [Reel Making Contest](https://www.nism.ac.in/reel-competition/) - [Ideathon 2025](https://www.nism.ac.in/ideathon-2025) - [WiW 2025](https://www.nism.ac.in/world-investor-week/) - [Investor Education Videos](https://www.nism.ac.in/investor-education-videos/) - [Investor Education Content](https://www.nism.ac.in/investor-education-content/) - [Financial Concepts for Households](https://www.nism.ac.in/education-category/financial-concepts-for-households/) - [Importance of Investing](https://www.nism.ac.in/education-category/importance-of-investing/) - [Understanding Securities Markets and Prodcts](https://www.nism.ac.in/education-category/understanding-securities-markets-and-products/) - [Understanding Investment Risks](https://www.nism.ac.in/education-category/understanding-investment-risks/) - [Investor Education Queries](https://www.nism.ac.in/investor-education-queries/) - [Financial Calculators](https://www.nism.ac.in/financial-calculators/) - [Masterclass](https://www.nism.ac.in/masterclass/) - [NFLQ 2026](https://nflq.nism.ac.in/) - [Edubytes](https://www.nism.ac.in/investor-edubytes-2026/) - [Blog](https://www.nism.ac.in/nism-blog/) - [Partnerships](https://www.nism.ac.in/nism-partnership/) - [Partnerships](https://www.nism.ac.in/nism-partnership/) - [Collaborations](https://www.nism.ac.in/collaborations//) - [CSR Initiatives](https://www.nism.ac.in/csr-initiatives/) - [More](https://www.nism.ac.in/understanding-etf/) - [Conferences](https://www.nism.ac.in/research/) - [Newsletters](https://www.nism.ac.in/newsletter-2026/) - [Press Releases](https://www.nism.ac.in/press-releases/) - [Recruitment](https://www.nism.ac.in/recruitment/) - [Regulatory Alerts](https://www.nism.ac.in/regulatory-alerts-2026/) - [Tenders](https://www.nism.ac.in/tenders/) - [Home](https://www.nism.ac.in/) - [About NISM](https://www.nism.ac.in/understanding-etf/) - [About NISM](https://www.nism.ac.in/about-nism/) - [Purpose](https://www.nism.ac.in/purpose/) - [Board of Governors](https://www.nism.ac.in/board-of-governors/) - [Advisory Council](https://www.nism.ac.in/advisory-council/) - [Our Team](https://www.nism.ac.in/our-team/) - [Annual Reports](https://www.nism.ac.in/annual-reports/) - [Life @ Campus](https://www.nism.ac.in/life-campus/) - [NISM Certifications](https://www.nism.ac.in/understanding-etf/) - [Certification Examinations](https://www.nism.ac.in/) - [Certification Examinations](https://www.nism.ac.in/certifications/) - [SEBI Investor Awareness Test](https://www.nism.ac.in/sebi-investor-awareness-test/) - [Derivatives](https://www.nism.ac.in/derivatives/) - [Currency Derivatives](https://www.nism.ac.in/currency-derivatives/) - [Commodity Derivatives Certification Examination](https://www.nism.ac.in/commodity-derivatives-certification-examination/) - [Equity Derivatives](https://www.nism.ac.in/equity-derivatives/) - [Interest Rate Derivatives](https://www.nism.ac.in/interest-rate-derivatives/) - [Common Derivatives Certification Examination](https://www.nism.ac.in/common-derivatives-certification-examination/) - [Registrar & Transfer Agents](https://www.nism.ac.in/registrar-transfer-agents) - [RTA – Corporate](https://www.nism.ac.in/rta-corporate/) - [RTA – Mutual Fund](https://www.nism.ac.in/rta-mutual-fund/) - [Compliance](https://www.nism.ac.in/compliance/) - [Securities Intermediaries Compliance (Non-Fund)](https://www.nism.ac.in/securities-intermediaries-compliance-non-fund/) - [NISM-Series-III-C: Securities Intermediaries Compliance (Fund)](https://www.nism.ac.in/nism-series-iii-c-securities-intermediaries-compliance-fund/) - [Mutual Fund](https://www.nism.ac.in/understanding-etf/) - [Mutual Fund Distributors - NISM VA](https://www.nism.ac.in/mutual-fund-distributors/) - [Mutual Fund Foundation - NISM VB](https://www.nism.ac.in/mutual-fund-foundation/) - [Operations](https://www.nism.ac.in/operations/) - [Depository Operations](https://www.nism.ac.in/depository-operations/) - [Securities Operations and Risk Management](https://www.nism.ac.in/securities-operations-and-risk-management/) - [Merchant Banking](https://www.nism.ac.in/merchant-banking-2/) - [Merchant Banking](https://www.nism.ac.in/merchant-banking/) - [Investment Adviser](https://www.nism.ac.in/investment-adviser/) - [Investment Adviser (Level 1)](https://www.nism.ac.in/investment-adviser-level-1/) - [Investment Advisors (Level 2)](https://www.nism.ac.in/investment-advisors-level-2/) - [Investment Adviser Certification (Renewal) Examination](https://www.nism.ac.in/nism-series-x-c-investment-adviser-certification-renewal-examination/) - [Basics of Securities Markets](https://www.nism.ac.in/basics-of-securities-markets/) - [Securities Markets Foundation](https://www.nism.ac.in/securities-markets-foundation/) - [Research Analyst](https://www.nism.ac.in/research-analyst-2/) - [Research Analyst Certification Examination](https://www.nism.ac.in/research-analyst-certification-examination/) - [Research Analyst Certification (Renewal) Examination](https://www.nism.ac.in/nism-series-xv-b-research-analyst-certification-renewal-examination/) - [Retirement Adviser](https://www.nism.ac.in/retirement-adviser/) - [Retirement Adviser Certification Examination](https://www.nism.ac.in/retirement-adviser-certification-examination/) - [Alternative Investment Funds](https://www.nism.ac.in/alternative-investment-funds/) - [NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors](https://www.nism.ac.in/certifications/nism-series-xix-a-alternative-investment-funds-category-i-and-ii-distributors/) - [NISM Series XIX-B: Alternative Investment Funds (Category III) Distributors](https://www.nism.ac.in/nism-series-xix-b-alternative-investment-funds-category-iii-distributors/) - [NISM Series XIX-C: Alternative Investment Fund Managers](https://www.nism.ac.in/nism-series-xix-c-alternative-investment-fund-managers/) - [NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers Certification Examination.](https://www.nism.ac.in/certifications/nism-series-xix-d-category-i-and-ii-alternative-investment-fund-managers/) - [NISM-Series-XIX-E: Category III Alternative Investment Fund Managers Certification Examination](https://www.nism.ac.in/nism-series-xix-e-category-iii-alternative-investment-fund-managers-certification-examination) - [Portfolio Management Services](https://www.nism.ac.in/understanding-etf/) - [NISM Series XXI-A Portfolio Management Services (PMS) Distributors Certification Examination](https://www.nism.ac.in/about-portfolio-management-services-pms-distributors-certification-examination/) - [NISM-Series-XXI-B: Portfolio Managers Certification Examination](https://www.nism.ac.in/certifications/nism-series-xxi-b-portfolio-managers-certification-examination/) - [Social Impact Assessors](https://www.nism.ac.in/social-impact-assessors/) - [NISM Series XXIII: Social Impact Assessors Certification Examination](https://www.nism.ac.in/nism-series-xxiii-social-auditors-certification-examination/) - [Persons Associated](https://www.nism.ac.in/understanding-etf/) - [Research Services](https://www.nism.ac.in/nism-series-xxv-a-persons-associated-with-research-services-sales-and-other-non-core-services-certification-examination/) - [AML and CFT](https://www.nism.ac.in/aml-and-cft/) - [NISM-Series-XXIV: AML and CFT Provisions in Securities Markets Certification Examination](https://www.nism.ac.in/nism-series-xxiv-aml-and-cft-provisions-in-securities-markets-certification-examination/) - [IBBI-Valuation](https://www.nism.ac.in/ibbi-valuation/) - [IBBI- Valuation Examination in the Asset Class: Land and Building](https://ibbi.gov.in/en/examination/viewlist/19) - [IBBI- Valuation Examination in the Asset Class: Plant and Machinery](https://ibbi.gov.in/en/examination/viewlist/20) - [IBBI- Valuation Examination in the Asset Class: Securities or Financial Assets](https://ibbi.gov.in/en/examination/viewlist/21) - [Accredited Certifications](https://www.nism.ac.in/accredited-certifications/) - [CPE / eCPE](https://www.nism.ac.in/understanding-etf/) - [CPE / eCPE](https://www.nism.ac.in/continuing-professional-education-cpe-ecpe/) - [Upcoming CPE Programmes](https://www.nism.ac.in/forthcoming-cpe-programmes/) - [Upcoming eCPE Programmes](https://www.nism.ac.in/forthcoming-ecpe-programs/) - [Derivatives-CPE](https://www.nism.ac.in/understanding-etf/) - [Commodity Derivatives CPE/eCPE](https://www.nism.ac.in/about-commodity-derivatives-cpe/) - [Currency Derivatives CPE / eCPE](https://www.nism.ac.in/currency-derivatives-cpe/) - [Common Derivatives CPE/eCPE](https://www.nism.ac.in/common-derivatives-cpe/) - [Interest Rate Derivatives CPE/eCPE](https://www.nism.ac.in/interest-rate-derivatives-cpe/) - [Equity Derivatives CPE/eCPE](https://www.nism.ac.in/equity-derivatives-cpe/) - [Registrar & Transfer Agents-CPE](https://www.nism.ac.in/understanding-etf/) - [RTA – Corporate CPE/eCPE](https://www.nism.ac.in/rta-corporate-cpe/) - [RTA – Mutual Fund CPE/eCPE](https://www.nism.ac.in/rta-mutual-fund-cpe/) - [Mutual Fund-CPE](https://www.nism.ac.in/understanding-etf/) - [Mutual Fund Distributors CPE/eCPE](https://www.nism.ac.in/mutual-fund-distributors-cpe/) - [Mutual Fund Foundation CPE/eCPE](https://www.nism.ac.in/mutual-fund-foundation-cpe/) - [Operations-CPE/eCPE](https://www.nism.ac.in/understanding-etf/) - [Depository Operations CPE/eCPE](https://www.nism.ac.in/depository-operations-cpe/) - [Securities Operations and Risk Management CPE/eCPE](https://www.nism.ac.in/securities-operations-and-risk-management-cpe/) - [Social Impact Assessors](https://www.nism.ac.in/understanding-etf/) - [NISM Series XXIII – Social Impact Assessors eCPE](https://www.nism.ac.in/nism-series-xxiii-social-impact-assessors-ecpe/) - [Alternative Investment Fund](https://www.nism.ac.in/understanding-etf/) - [NISM Series XIX-C Alternative Investment Fund Managers](https://www.nism.ac.in/nism-series-xix-c-alternative-investment-fund-managers-2/) - [Securities Intermediaries Compliance(Non-Fund) CPE/eCPE](https://www.nism.ac.in/securities-intermediaries-compliancenon-fund-cpe/) - [Merchant Banking CPE/eCPE](https://www.nism.ac.in/merchant-banking-cpe/) - [Retirement Adviser CPE](https://www.nism.ac.in/retirement-adviser-cpe/) - [Portfolio Management Services](https://www.nism.ac.in/understanding-etf/) - [NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors CPE/eCPE](https://www.nism.ac.in/about-nism-series-xxi-a-portfolio-management-services-pms-distributors-certification-examination/) - [NISM-Series-XXI-B: Portfolio Managers CPE/eCPE](https://www.nism.ac.in/nism-series-xxi-b-portfolio-managers-certification-examination-2/) - [NISM-IFSCA Certification Course](https://www.nism.ac.in/understanding-etf/) - [NISM-IFSCA Certification Course](https://www.nism.ac.in/nism-ifsca-certification-course/) - [NISM-IFSCA: AML and CFT](https://www.nism.ac.in/understanding-etf/) - [NISM-IFSCA-01: Certification Course on Anti Money Laundering and Counter Terrorist Financing in the IFSC](https://www.nism.ac.in/nism-ifsca-certification-course/nism-ifsca-01-certification-course-on-anti-money-laundering-and-counter-terrorist-financing-in-the-ifsc/) - [Corporate Booking](https://www.nism.ac.in/corporate-booking/) - [Study Material](https://api.nism.ac.in/cmp/) - [Training](https://www.nism.ac.in/understanding-etf/) - [About Training](https://www.nism.ac.in/training/) - [Upcomings Events](https://www.nism.ac.in/events/) - [Upcoming Training/FDP/MDP](https://www.nism.ac.in/upcoming-training-fdp-mdp/) - [Upcoming Webinar](https://www.nism.ac.in/upcoming-webinar/) - [Study Tour](https://www.nism.ac.in/study-tour/) - [Summer School Programme](https://www.nism.ac.in/nism-summer-school-in-indian-securities-markets/) - [Long Term Program](https://www.nism.ac.in/long-term-programs/) - [Residential Programs](https://www.nism.ac.in/understanding-etf/) - [Post Graduate Diploma in Management (Securities Markets) — PGDM (SM)](https://www.nism.ac.in/long-term-programs/post-graduate-diploma-in-management-securities-markets-pgdm-sm/) - [LLM (Investment & Securities Laws)](https://www.nism.ac.in/long-term-programs/ll-m-investments-and-securities-law/) - [Post Graduate Program in Investment and Securities Markets (PGPISM)](https://www.nism.ac.in/long-term-programs/post-graduate-program-in-investments-securities-markets/) - [Post Graduate Certificate in Securities Markets (PGCSM)](https://www.nism.ac.in/long-term-programs/post-graduate-certificate-in-securities-markets/) - [Non-Residential Programs](https://www.nism.ac.in/understanding-etf/) - [Programs Post Graduate Program in Financial Planning (PGPFP)](https://www.nism.ac.in/long-term-programs/post-graduate-program-in-financial-planning-pgpfp/) - [Post Graduate Program in the Securities Market (Portfolio Management / Investment Advisory / Research Analysis)](https://www.nism.ac.in/long-term-programs/pgpipr/) - [Certificate Program in Data Science CPDS (Basic)](https://www.nism.ac.in/long-term-programs/cpds-basic/) - [Certificate Program in Data Science CPDS (Advance)](https://www.nism.ac.in/long-term-programs/cpds-advance/) - [Post Graduate Certificate in FinTech (PGCFT)](https://www.nism.ac.in/long-term-programs/pg-certification-in-fintech/) - [Convocation](https://www.nism.ac.in/9th-convocation-29th-may-2022/) - [Alumni](https://alumni.nism.ac.in/) - [Life @ Campus](https://www.nism.ac.in/life-campus/) - [Grievance](https://www.nism.ac.in/grievance-redressal/) - [Mandatory Disclosures](https://www.nism.ac.in/mandatory-disclosures/) - [Mandatory Committees](https://www.nism.ac.in/mandatory-committees/) - [eLearning](https://online.nism.ac.in/) - [eLearning](https://online.nism.ac.in/) - [Investor Education](https://www.nism.ac.in/understanding-etf/) - [Investor Education Webinars](https://www.nism.ac.in/understanding-etf/) - [Upcoming Webinars](https://www.nism.ac.in/investor-education-webinars) - [Past Webinars](https://www.nism.ac.in/investor-education-webinars#Webinar) - [Investor Education Initiatives](https://www.nism.ac.in/understanding-etf/) - [Reel Making Contest](https://www.nism.ac.in/reel-competition/) - [Ideathon 2025](https://www.nism.ac.in/ideathon-2025) - [WiW 2025](https://www.nism.ac.in/world-investor-week/) - [Investor Education Videos](https://www.nism.ac.in/investor-education-videos/) - [Investor Education Content](https://www.nism.ac.in/investor-education-content/) - [Financial Concepts for Households](https://www.nism.ac.in/education-category/financial-concepts-for-households/) - [Importance of Investing](https://www.nism.ac.in/education-category/importance-of-investing/) - [Understanding Securities Markets and Prodcts](https://www.nism.ac.in/education-category/understanding-securities-markets-and-products/) - [Understanding Investment Risks](https://www.nism.ac.in/education-category/understanding-investment-risks/) - [Investor Education Queries](https://www.nism.ac.in/investor-education-queries/) - [Financial Calculators](https://www.nism.ac.in/financial-calculators/) - [Masterclass](https://www.nism.ac.in/masterclass/) - [NFLQ 2026](https://nflq.nism.ac.in/) - [Edubytes](https://www.nism.ac.in/investor-edubytes-2026/) - [Blog](https://www.nism.ac.in/nism-blog/) - [Partnerships](https://www.nism.ac.in/nism-partnership/) - [Partnerships](https://www.nism.ac.in/nism-partnership/) - [Collaborations](https://www.nism.ac.in/collaborations//) - [CSR Initiatives](https://www.nism.ac.in/csr-initiatives/) - [More](https://www.nism.ac.in/understanding-etf/) - [Conferences](https://www.nism.ac.in/research/) - [Newsletters](https://www.nism.ac.in/newsletter-2026/) - [Press Releases](https://www.nism.ac.in/press-releases/) - [Recruitment](https://www.nism.ac.in/recruitment/) - [Regulatory Alerts](https://www.nism.ac.in/regulatory-alerts-2026/) - [Tenders](https://www.nism.ac.in/tenders/) ![](https://www.nism.ac.in/wp-content/uploads/2025/08/Investor-Education-1920X300.jpg) - [Home](https://www.nism.ac.in/) - / - Understanding ETF # Understanding ETF An Exchange-Traded Fund (ETF) is a simple investment solution for a retail investor. It is a type of mutual fund whose units are traded on stock exchanges like shares. Like any other type of mutual fund, the investors’ money is pooled into a corpus that is invested in various securities to meet a defined investment objective. The construct Most of the ETFs worldwide are passive. They replicate a market index, be it a stock index, a bond index, or a commodity index. In that sense, the ETFs do not aim to outperform the index but merely deliver index-like returns to investors before expenses. ![](https://www.nism.ac.in/wp-content/uploads/2023/10/1-12.png) As these funds are passive, their expense ratios are generally lower than those of actively managed mutual funds. ###### Advantages of ETF ETFs offer multiple benefits over open-ended mutual funds in terms of real-time price and low costs. Many investors and investment advisors prefer ETFs in order to invest in an asset category or a market. ETFs are considered to be a highly cost-efficient solution for passive portfolios. ![](https://www.nism.ac.in/wp-content/uploads/2023/10/2-10.png) The price per unit on the stock exchanges also closely tracks the real-time NAV, which ensures that the investor gets almost index-like returns. ###### Uses of ETFs One of the primary uses of ETFs is to take exposure to a particular market or a segment of it; e.g., one can participate in the Indian stock markets by simply buying the units of an index that tracks a broader market index like the S\&P BSE 500 or Nifty 500. Similarly, one can participate in the Indian banking sector by buying units of an ETF that tracks the banking sector index.. ![](https://www.nism.ac.in/wp-content/uploads/2023/10/3-7.png) ###### Limitations of ETFs Unlike units of mutual funds, ETF units are not available in fractions. There are additional costs that one must keep in mind, e.g., brokerage charges payable to the stock brokers while buying or selling the units and demat charges, as applicable. ![](https://www.nism.ac.in/wp-content/uploads/2023/10/4-4.png) ![Footer Logo](https://www.nism.ac.in/wp-content/themes/nism/assets/img/ftr-logo.png) #### About NISM - [About NISM](https://www.nism.ac.in/about-nism/) - [Purpose](https://www.nism.ac.in/purpose/) - [Board of Governors](https://www.nism.ac.in/board-of-governors/) - [Advisory Council](https://www.nism.ac.in/advisory-council/) - [Our Team](https://www.nism.ac.in/our-team/) - [Annual Reports](https://www.nism.ac.in/annual-reports/) - [Life @ Campus](https://www.nism.ac.in/life-campus/) - [Newsletter](https://www.nism.ac.in/newsletter-2026/) #### Certifications - [Certifications Examinations](https://www.nism.ac.in/certifications/) - [Accredited Certifications](https://www.nism.ac.in/accredited-certifications/) - [Regulatory Alerts](https://www.nism.ac.in/regulatory-alerts-2026/) - [CPE / eCPE](https://www.nism.ac.in/continuing-professional-education-cpe-ecpe/) - [Upcoming CPE Programmes](https://www.nism.ac.in/forthcoming-cpe-programmes/) - [Free Workbooks](https://api.nism.ac.in/cmp/) - [Corporate Booking](https://www.nism.ac.in/corporate-booking/) - [Circulars](https://www.nism.ac.in/circulars/) #### Training - [About Training](https://www.nism.ac.in/training/) - [Upcoming Events](https://www.nism.ac.in/events/) - [Upcoming Training/FDP/MDP](https://www.nism.ac.in/upcoming-training-fdp-mdp/) - [Upcoming Webinars](https://www.nism.ac.in/upcoming-webinar/) - [Study Tour](https://www.nism.ac.in/study-tour) - [Immersion Programme](https://www.nism.ac.in/nism-summer-school-in-indian-securities-markets/) #### NISM Programs - [Long Term Programs](https://www.nism.ac.in/long-term-programs/) - [Online Programs](https://online.nism.ac.in/) - [Convocation](https://www.nism.ac.in/9th-convocation-29th-may-2022/) - [Alumni](https://alumni.nism.ac.in/) - [Life @ Campus](https://www.nism.ac.in/life-campus/) - [Grievance](https://www.nism.ac.in/grievance-redressal/) - [Mandatory Disclosures](https://www.nism.ac.in/mandatory-disclosures/) - [Mandatory Committees](https://www.nism.ac.in/mandatory-committees/) - [AICTE Feedback](https://www.aicte-india.org/feedback/index.php) - [AICTE Scholarship/Fellowship Schemes](https://www.aicte.gov.in/schemes/students-development-schemes?utm_source=Netcore&utm_campaign=AICTE+Scholarship+Schemes+2+mac+2026&utm_medium=Email&utm_term=Campaign) #### Resources - [NISM- Partnership](https://www.nism.ac.in/nism-partnership/) - [Collaborations](https://www.nism.ac.in/collaborations/) - [News](https://www.nism.ac.in/our-news/) - [About SEBI](https://www.sebi.gov.in/) - [Library](https://library.nism.ac.in/) - [Tenders](https://www.nism.ac.in/tenders/) #### More - [Blog](https://www.nism.ac.in/nism-blog/) - [Press Releases](https://www.nism.ac.in/press-releases/) - [RTI](https://www.nism.ac.in/rti-act/) - [Recruitment](https://www.nism.ac.in/recruitment/) - [Archives](https://www.nism.ac.in/archives/) - [Our Gallery](https://www.nism.ac.in/gallery/) - [Contact Us](https://www.nism.ac.in/contact-us/) #### Newsletter Subscribe our newsletter to get our latest update & news. Visit Counter: 3764716 © 2026 National Institute of Securities Markets (NISM). All rights reserved. [Privacy Policy](https://www.nism.ac.in/privacy-policy/) [Disclaimer](https://www.nism.ac.in/disclaimer/)
Readable Markdown	An Exchange-Traded Fund (ETF) is a simple investment solution for a retail investor. It is a type of mutual fund whose units are traded on stock exchanges like shares. Like any other type of mutual fund, the investors’ money is pooled into a corpus that is invested in various securities to meet a defined investment objective. The construct Most of the ETFs worldwide are passive. They replicate a market index, be it a stock index, a bond index, or a commodity index. In that sense, the ETFs do not aim to outperform the index but merely deliver index-like returns to investors before expenses. ![](https://www.nism.ac.in/wp-content/uploads/2023/10/1-12.png) As these funds are passive, their expense ratios are generally lower than those of actively managed mutual funds. ###### Advantages of ETF ETFs offer multiple benefits over open-ended mutual funds in terms of real-time price and low costs. Many investors and investment advisors prefer ETFs in order to invest in an asset category or a market. ETFs are considered to be a highly cost-efficient solution for passive portfolios. ![](https://www.nism.ac.in/wp-content/uploads/2023/10/2-10.png) The price per unit on the stock exchanges also closely tracks the real-time NAV, which ensures that the investor gets almost index-like returns. ###### Uses of ETFs One of the primary uses of ETFs is to take exposure to a particular market or a segment of it; e.g., one can participate in the Indian stock markets by simply buying the units of an index that tracks a broader market index like the S\&P BSE 500 or Nifty 500. Similarly, one can participate in the Indian banking sector by buying units of an ETF that tracks the banking sector index.. ![](https://www.nism.ac.in/wp-content/uploads/2023/10/3-7.png) ###### Limitations of ETFs Unlike units of mutual funds, ETF units are not available in fractions. There are additional costs that one must keep in mind, e.g., brokerage charges payable to the stock brokers while buying or selling the units and demat charges, as applicable. ![](https://www.nism.ac.in/wp-content/uploads/2023/10/4-4.png)
Shard	72 (laksa)
Root Hash	13257882188375264272
Unparsed URL	in,ac,nism!www,/understanding-etf/ s443