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Pooled money managed by professionals and invested in many assets.
A mutual fund pools money from many investors and a manager invests it in stocks, bonds or both. Unlike ETFs, mutual funds are bought and sold once a day at a price calculated after the market closes.
You put $100 a month into a balanced mutual fund at your bank; the manager decides what it holds.
Mutual funds can be convenient, but some charge high yearly fees that eat into returns. Comparing fees with a similar ETF is always worth it.