Introduction

Exchange-traded funds (ETFs) are playing a role that, until fairly recently, would have been widely regarded as unexpected. Originally conceived as stock market index tracking products that would provide retail investors with a cheap alternative to mutual funds, ETFs have undergone a sea change in recent years.

ETF-like products that track virtually every major asset class, including currencies and commodities, are now available, and many instruments are slowly but surely building liquidity. This

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