The unique “exchange traded” structure offers several advantages to ETF investors:
1) buy and sell a basket of stocks at any time during the trading day
2) instantly get exposure to a portfolio of stocks or bonds
3) buy on margin
4) sell short, even on a downtick
5) no sales loads, although brokerage commissions will apply
6) lower fees
7) tax efficiencies

http://www.accesstradingmgmt.com/ETFs.html
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