This is a scheme that invests only in equity.

 A feature offered by some mutual fund in which an investor is able to switch from one scheme to another within the fund family without having to pay any charges. Same as Switching.

 The major portion of investment in ELSS is in equity. The dividends in this scheme are tax-free.

 Exchange Traded Fund is a security that tracks an index, a commodity or a sector like an index fund or a sectoral fund but trades like a stock on the exchange.

 A mutual fund's operating expenses, expressed as a percentage of its average net assets. Mutual funds with lower expense ratios are able to distribute a higher percentage of their total returns to their shareholders.