Futures Contract

In the municipal market, an agreement to purchase or sell the municipal bond index (The Bond Buyer 40-Bond Index) for delivery in the future.

Remarks: Bond funds including mutual funds (open-end and closed-end, actively managed and indexed), exchange-traded funds and unit investment trusts offer a convenient and affordable way to invest in a diversified portfolio of bonds, but a bond fund investment can differ from a bond investment in ways that are important to understand.