 way to get exposure to the market in a non-qualified account. This is how you end up with big short-term gains that are taxable, and you're going to have to pay those taxes each year. If, on the other hand, we are in an index fund, an ETF, exchange-traded fund, that means, then we're getting exposure to a sector of the market, and we're doing it in a way that allows flexibility because that ETF is going to be holding essentially a basket of stocks