ETFs: investors’ flexible friends

ETF's flexibility is part of their attraction for investors

Ten years after the introduction of exchange-traded funds (ETFs) in Europe and few would have predicted that 85–90% of the users of these passively managed, index-tracking funds would be institutional, not retail investors. Or, even more surprisingly, that hedge funds would have been the fastest-growing group of global users over this period. The compound annual growth rate for this group of active investors was 42.4% over the 11 years to the end of 2008, according to a recent research report by

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