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Fund
A pool in which money from many investors is invested together.
An investment fund pools money from many investors and invests it under fixed rules, for example in shares, bonds or both. In an actively managed fund a fund manager decides what to buy; an ETF follows an index.
Fund assets are held separately: if the fund company goes bust, they still belong to the investors. Active funds usually cost noticeably more than ETFs because the management has to be paid.