Option-Adjusted Duration (Effective Duration) 

A measure of the bond?s movement for a shift in the yield curve. For noncallable bonds modified duration and effective duration are the same.

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.