The types of ETFs are wide and varied, but no matter what, they are not mutual funds.

These points are stressed by a recent SEC bulletin published by the agency's office of investor education and advocacy, report Reuters and Financial Planning.

Jessica Toonkel of Reuters pointed out that is the first time the SEC has addressed ETFs publicly since Norm Champ took over the SEC's division of investment management.

Financial Planning also poined that the bulletin refers to an SEC-issued investor alert from August 2009 that warns about the risks of leveraged and inverse ETFs for buy-and-hold investors.

Read the SEC bulletin here. 

Edited by: Irene Park


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