As others have said, "ED" stands for "Extra-low Dispersion." (Although the common usage of "ED" in television commercials may imply otherwise.

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It is important to keep in mind that it is not the extra-low dispersion of the glass that allows it to be used for improved color correction. If you want to design a lens that can be made in a reasonable focal length, is free of aberrations, and is agreeable to a production environment, you need to pick two glasses that have markedly different dispersions. For an achromat, this usually means a Crown like BK7 and a flint like F2.
A flint glass spreads out or disperses light more than a crown glass. If that was the only difference, we'd be in good shape. Unfortunately, the difference between the dispersions varies with color. In other words, there is no single number that would describe the difference between the two across the entire spectrum.
With ED material, the variation between the dispersion and the dispersion of some crowns as you move across the spectrum is much smaller. You could almost say at every point of the spectrum the crown spreads out the light X percent more. When a proper crown is matched with an ED material (fluor-crown) you can get a large reduction in secondary spectrum.
I hope that was understandable.
Clear skies, Alan
Clear skies, Alan