Gone are the days when exchangetraded funds (EFTs) were linked solely to the S&P and other major indexes. Investors are now buying shares in ETFs representing every corner of the market: value stocks, municipal bonds, partial mortgages, leveraged loans, S&P stocks with the lowest volatility or with buyback programs, emerging market debt and international equities.
‘Over time, institutional and retail investors started redesigning their portfolio around ETFs,’ says Rich Ledee, a director and head of ETF sales at Bank of America Merrill Lynch…
