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Big Fish, Small (Liquidity) Pond: Emerging-Market Debt ETFs and Why Active Managers Should Worry
Introduction The index exchange-traded fund is one of the biggest innovations of modern financial markets. Since its introduction in the early 1990s, the ETF market has grown to a USD4-trillion industry. The appeal of ETFs to investors is evident: not only do they offer intra-day liquidity, but they also provide…
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