What is the meaning of ETF and what is its significance? Also, its meant for trading or investing?

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Mutual funds that trade on the exchange are called ETF's. It is more meant for investing than trading. For example if you are bullish on Nifty and don't know which stock to buy, you can buy the Nifty ETF (Nifty bees) which will mirror what Nifty does. Similarly with Gold ETF's and others. 

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