Research Handbook on the Regulation of Mutual Funds
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Research Handbook on the Regulation of Mutual Funds

Edited by William A. Birdthistle and John Morley

The growth of mutual funds has been a truly global phenomenon and deserves a broad international analysis. Local political economies and legal regimes have created different regulatory preferences for the oversight of these funds, and academics, public officials, and legal practitioners wishing to understand the global investing environment need an appreciation for these international differences. This Handbook addresses these and several other issues concerning mutual funds. The contributors, leading scholars in the field of investment law from around the world, provide a current legal analysis of funds from a variety of perspectives and using an array of methodologies that consider the large fundamental questions governing the role and regulation of investments funds as well identity and behavior of investors and issues surrounding less orthodox funds, such as money market funds, ETFs, and private funds.
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Chapter 11: Exchange-traded funds: neither fish nor fowl

Eric D. Roiter

Abstract

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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