ETFs enter adolescence

Exchange-traded funds, or ETFs, celebrated their first decade in Europe this April. Like any other 10-year-old, ETFs are fast-growing, rapidly changing, and full of promise. These funds began humbly, with the simplest of broad stock indices, but have since proliferated to cover nearly every asset class imaginable. Investment structures grew in complexity, costs fell, and assets skyrocketed. Still, these funds only represent a tiny percentage of investible assets across Europe and will continue to see tremendous changes in the coming years. The potential benefits of investing in ETFs have ne...