Financial Tribune - With the subscription deadline set by the government’s bank-based exchange-traded fund ending on May 21, the Ministry of Economy announced that more than 58.86 trillion rials ($345 million) were generated via subscription of ETF units.

More than 3.481 million people subscribed for the initial phase that lasted for three weeks, according to a notice on the ministry’s news portal shada.ir.

The ETF, dubbed as the “First Financial Intermediary” offered government shares in three banks and two insurance companies.

ETF is a basket of securities that trade on an exchange, just like a stock. ETFs can contain all types of investments including stocks, commodities, or bonds.