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Describe an etf and explain how these funds combine the

Question: Describe an ETF and explain how these funds combine the characteristics of both open end and closed-end funds. Consider the Vanguard family of funds. Which of its funds most closely resembles a "spider" (SPDR)? In what respects are the Vanguard fund (that you selected) and spiders the same? How are they different? If you could invest in only one of them, which would it be? Explain.

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