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Part of our Cash Investments collection, this passively managed exchange-traded fund (ETF) tracks the federal funds effective rate (aka the interest rate US commercial banks lend money to each other overnight). Essentially, it attempts to replicate the performance of a deposit if it were to earn the Fed Funds rate, with interest reinvested daily. It does this by replicating the performance of the Fed Funds Effective Rate Total Return Index synthetically with a swap. Income received by the fund is reinvested.
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