The issuer of an ETF is the Trust or Register Investment Company and is commonly called the "fund" or the issuer. The fund’s investment objective, defined in the prospectus, will be to closely track the performance of a specified index or defined broad asset class. To achieve this objective, the fund will act according to the instructions provided by the investment advisor and/or the sponsor. The investment advisor or the sponsor will direct the fund to add and/or remove securities from the portfolio based on changes in the index.
 How do ETFs work?
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