Week One Assignment

Describe an ETF and explain how these funds combine the characteristics of open- and
closed-end funds. Within the Vanguard family of funds, which would most closely resemble
a “Spider” (SPDR)? In what respects are the Vanguard fund (that you selected) and SPDRs
the same, and how are they different? If you could invest in only one of them, which would
it be? Explain.