If you over generalize, then yes, IF = floating element. 
In the case of Nikon, they refer to a floating element 
design, for wide angles, as Close-Range Correction 
(CRC). It's intended to improve performance of the lens 
when focused close. Aside from the single CRC element 
the lens focuses like a regular one. The IF lenses move 
groups of elements (and the group changes from one lens 
design to another) for basic focus.

From: Fred <[EMAIL PROTECTED]>

Actually, though, it is not clear in my mind, but 
wouldn't IF
lenses be, in effect, lenses that have floating elements 
(inasmuch
as one or more elements move relative to the other 
elements when
focusing)?  Or, to put it another way, couldn't the term 
be applied
to any lens that moves elements (or groups of elements)
differentially, compared to other elements (or groups)?

Fred
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