ETF (Exchange Traded Fund) is an open-ended investment fund traded on the stock exchange, which tracks the performance of an exchange index. Like other investment funds, an ETF is regulated by EU Directives and national regulations. An ETF may create and redeem "units/shares" on on-going (daily) basis. ETF creation units are traded on the stock exchange on the same terms as shares. WIG20 ETF creation units are securities.