TY - JOUR T1 - Are ETFs Liquid Securities? JF - ETFs and Indexing SP - 106 LP - 110 VL - 2001 IS - 1 AU - Timothy F. Ryan AU - Jeanne Follet Y1 - 2001/09/21 UR - http://guides.pm-research.com/content/2001/1/106.abstract N2 - The recent expansion of ETFs in the world and especially in Europe is driven by the growing interest of investors, but more by the liquidity of these tools. To demonstrate this attribute, the authors examine the liquidity mechanism of ETFs, the so-called in-kind subscription/redemption mechanism. It helps to explain why ETFs are such highly liquid instruments. ETFs are thus more than just alternative index funds and derivatives products. ER -