Exchange-Traded Funds (ETFs) are a wrapper for underlying assets. ETFs can hold anything from bonds to indexes to shares and sometimes even cash products. Like the name suggests, ETFs are traded on exchanges like the Johannesburg Stock Exchange (JSE). The price of this basket of assets are dependent on the underlying assets. In other words, to determine the price of the an ETF, you need to look at the price of the underlying assets. This price is managed by something called a market maker. Because of the market maker ETFs have a higher liquidity.