TY - JOUR T1 - All Are Not Created Equal: <em>An Exploration of ETF Asset Growth</em> JF - The Journal of Index Investing SP - 49 LP - 61 DO - 10.3905/jii.2012.3.3.049 VL - 3 IS - 3 AU - Pauline Shum AU - Ken Y. Chen Y1 - 2012/11/30 UR - https://pm-research.com/content/3/3/49.abstract N2 - Exchange-traded funds (ETFs) are unique pooled investments. They are traded on a stock exchange, and their shares can be created and redeemed accordingly to demand. Unlike mutual funds, ETFs appeal to both retail and institutional investors. In this article, we examine the drivers of ETF asset growth. In particular, we compare the growth path of ETFs that track an identical underlying index. Our results suggest that individual ETF asset growth is driven not only by asset returns but also by a host of financial/technical and investor attention variables. Importantly, the extent of the influence of specific drivers is conditional on an ETF’s growth stage and clientele. We also explore measurable factors that may influence investor attention.TOPICS: Exchange-traded funds and applications, portfolio construction, mutual fund performance ER -