The smallest block of ETF shares that can be bought or sold from the fund company at net asset value, usually 50,000. These are only bought and sold "in-kind." For example, when you sell one, you receive a portfolio of securities that approximates the ETF's holdings, not cash. Creation units' size means that only market makers and institutions can afford to buy or sell them. All other investors can buy or sell ETF shares in any size lot at the market price, rather than at NAV, over an exchange.
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