Edited by William A. Birdthistle and John Morley
Chapter 11: Exchange-traded funds: neither fish nor fowl
The chapter conducts a comprehensive analysis of exchange-traded funds. Specifically, it explores the design of ETFs, traces their growth, and reviews their trading and investment strategies. It then considers the newest development in the world of ETFs, the advent of “actively managed” ETFs. Finally, it considers ETFs more broadly, to determine whether they pose a risk to the financial system that warrants greater regulation by the SEC and the Federal Reserve Board.
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