Strategic Investment Group

EXCHANGE-TRADED FUNDS

June 2001

Exchange-traded funds, or ETFs, are baskets of securities traded like individual stocks on an exchange. They have an undeniable appeal, combining the low-cost, tax-efficient exposure of index funds with the trading flexibility of stocks. ETFs have exploded in popularity over the last two years. In the first quarter of 2001, inflows to ETFs were greater than inflows to stock mutual funds, according to the Investment Company Institute. The number of U.S.-listed ETFs has grown significantly in the last couple of years, from 32 at the end of 1999 to over 100 today. Registrations with the SEC indicate that the rapid growth of the ETF market shows no signs of abating.

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