An exchange-traded fund (ETF) is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities, or bonds, and trades close to its net asset value over the course of the trading day. Most ETFs track an index, such as the S&P 500 or MSCI EAFE. ETFs may be attractive as investments because of their low costs, tax efficiency, and stock-like features. ETFs are the most popular type of exchange-traded product.^{[citation needed]}

Only so-called authorized participants (typically, large institutional investors) actually buy or sell shares of an ETF directly from or to the fund manager, and then only in creation units, which are large blocks of tens of thousands of ETF shares, usually exchanged in-kind with baskets of the underlying securities. Authorized participants may wish to invest in the ETF shares for the long-term, but usually act as market makers on the open market, using their ability to exchange creation units with their underlying securities to provide liquidity of the ETF shares and help ensure that their intraday market price approximates to the net asset value of the underlying assets. Other investors, such as individuals using a retail broker, trade ETF shares on this secondary market.

Gordon Kendrew Pape (born 1936) is a Canadian author and newsletter publisher. He has written more than 20 books on a variety of themes, including novels, personal finance guides, and Christmas trivia.

One of Canada's most respected financial authors and an expert on mutual funds^{[citation needed]}, Gordon Pape is the editor and publisher of the Internet Wealth Builder (IWB), The Income Investor, and The Canada Report and founding editor Mutual Funds/ETFs Update. His best-selling books include Retirement's Harsh New Realities, Sleep-Easy Investing, 6 Steps to $1 Million, Get Control of Your Money, Retiring Wealthy in the 21st Century, Quizmas: Christmas Trivia Family Fun, Quizmas Carols, and The Retirement Time Bomb. He was the first one to get out a book about the TFSA, which he followed up with a more elaborate sequel within a very short period of time. These were titled: Tax-Free Saving Accounts and The Ultimate TFSA Guide.

He is a columnist for Zoomer magazine, The Fund Library, Insurance and Investment Journal, The Toronto Star, and GlobeinvestorGOLD.com and is a frequent guest on radio and television programs across Canada.