is a type of investment fund characterized by the free circulation of shares on stock exchange within the same framework as other securities (the presence of a list level, assigned trading platforms). Thus, the principal mark of ETIF is share’s fair price which is determined daily (except for weekends and holidays) based on exchange trading. Often ETIFs’ share fair price is tied to a particular stock index profitability, in this case the fund's asset structure follows the index structure and the management strategy is defined as passive. However, there are restrictions by the Central Bank on the ETF’s fair price dramatic deviations along the trading sessions in order to protect investors from speculative actions by traders. By definition, Russian ETIFs are close analogues to global Exchange-Traded Funds (ETF).
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