ETF Innovation: The rise of XTFs
You've heard of ETFs. What about XTFs? They are making something of a splash these days. These near-ETFs are different in that they include only shares that rank in the top 100 of an existing index, as determined by a quantitative group within the American Stock Exchange. The goal is to one-up the overall index. PowerShares Capital Management, of Wheaton, IL, has been the driving force behind the idea, but others will likely crop up.
> Here's a New York Times article.
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