Experience Stern | News & Events

Excerpt from VoxEU -- "...we propose studying the implications of converting a rapidly growing class of open-end mutual funds into ETFs. If the SEC is to undertake a ‘root-and-branch review’ of the ETF industry (Financial Times 2016), it ought to consider it in the context of the mutual fund industry as a whole, allowing for the serious possibility that – relative to mutual funds holding illiquid assets – ETFs could reduce systemic risk."

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