How ETFs Will Destroy Wall Street

Index mutual funds have been around for 35 years, but they largely coexisted peacefully with active funds throughout most of that time. Exchange-traded funds, on the other hand, appear to be driving the nail in the coffin of traditional mutual funds. With the writing on the wall, some of the largest money-management companies have thoroughly embraced ETFs, leaving less forward-looking firms in what could prove to be a dying industry.