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Exchange-Traded Funds: An Overview of Institutions, Trading, and Impacts

Author

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  • Ananth Madhavan

    (Global Head of iShares® Research at BlackRock® Inc., San Francisco, California 94105)

Abstract

Exchange-traded funds (ETFs) have grown substantially in diversity and size in recent years, reflecting a broader shift toward passive, index investing. As a consequence, there is increased attention by investors, regulators, and academics seeking to assess and understand the implications of this rapid growth. This article provides a unified framework to examine these issues and review the research to date, demonstrating that ETFs have extended significant benefits to investors and to the functioning of markets that meaningfully outweigh any perceived or actual weaknesses.

Suggested Citation

  • Ananth Madhavan, 2014. "Exchange-Traded Funds: An Overview of Institutions, Trading, and Impacts," Annual Review of Financial Economics, Annual Reviews, vol. 6(1), pages 311-341, December.
    • Handle: RePEc:anr:refeco:v:6:y:2014:p:311-341
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    File URL: http://www.annualreviews.org/doi/abs/10.1146/annurev-financial-110613-034316
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    Cited by:

    1. Bae, Kyounghun & Kim, Daejin, 2020. "Liquidity risk and exchange-traded fund returns, variances, and tracking errors," Journal of Financial Economics, Elsevier, vol. 138(1), pages 222-253.

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