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Discussion Paper
Implications of Growth in ETFs: Evidence from Mutual Fund to ETF Conversions
The growth in exchange-traded funds (ETFs) in the United States has coincided with outflows from mutual funds. As shown in figure 1, in the past 10 years, there have been strong inflows into equity ETFs while equity mutual funds have experienced notable outflows. The shift from mutual funds to ETFs gives rise to questions about how this trend affects the stocks that these funds hold.