The death on investment funds – long live ETFs!
Around 7 or 8 years ago, during the period when I was working for Headley Financial Services (HFS) after they bought my business ahead of my retirement, I was asked as the most technically qualified member of their investment committee to research and write a report for the committee on the then relatively new asset type of exchange traded funds (ETFs) and their cousins (rarer) ETCs and ETPs.
I don’t have a copy of the report now but I can more or less recall what I concluded, which was that although the likes of Vanguard had succeeded in creating cheap funds that tracked the main widely used stock market indices (by an automatic process – so passively) the market in ETFs had even by then expanded to track all sorts of other indices, including ones made to order, generally but not always at quite low cost.
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