Within what period must ETF and mutual fund shares traded through a broker settle?

1. Settlement is the point at which a completed trade is finally exchanged for cash. 2. Shares of both ETFs and mutual funds traded through a broker must settle in two business days. 3. The rule is the same for both products, so the wrapper does not change the settlement period. 4. Seven days is a different obligation: it is the outer limit for a mutual fund to send payment for redeemed shares. _Source: US SEC Office of Investor Education and Advocacy, "Mutual Funds and ETFs: A Guide for Investors", section Common Features of Mutual Funds and ETFs_