Exchange-Traded Funds
Exchange-traded funds (ETFs) are currently the most rapidly growing type of professionally managed asset, According to the Investment Company Institute (ICI) statistics presented in Chapter 3., total net assets invested in ETFs have exploded from approximately $83 billion in 2001 to over $1.3 trillion in 2012. The number of ETFs has also increased from 359 to over 1,200 by the end of 2012.
In this chapter, I deviate slightly from the method of discussion for each PMA outlined in Chapter 6. After defining an ETF, I distinguish it from its close cousins—exchange-traded notes (ETNs) and holding company depository receipts ...
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