Roiter on ETFs

Eric D. Roiter has posted Exchange-Traded Funds: Neither Fish Nor Fowl on SSRN with the following abstract:

This article first explains the design of ETFs, traces their growth, and reviews trading and investment strategies. The article next examines the regulatory framework within which ETFs must be made to fit, the record of exemptive relief granted by the SEC, and the agency’s protracted efforts to adopt rules for ETFs.