While still a relatively small part of the fund industry, the importance of exchange-traded funds (ETFs) has grown very rapidly since the first ETF was launched in 1993. Total ETF assets under management (AUM) crossed the $100 billion mark in 2002 and are now around $1.5 trillion. ETFs are typically low-cost funds that offer a lot of flexibility in terms of trading as they are traded throughout the day like stocks. That allows investors to use limit orders, sell the funds short, and in many cases trade options tied to the funds. While particularly popular among smaller investors, the use of ETFs is increasing among asset managers and it is likely that ETFs as a whole will continue to see...
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