TY - JOUR T1 - ETF Best Execution JF - ETFs and Indexing SP - 155 LP - 157 VL - 2009 IS - 1 AU - Abraham (ABE) Kohen Y1 - 2009/09/21 UR - http://guides.pm-research.com/content/2009/1/155.abstract N2 - The explosive growth in all kinds of ETFs—from broad-based indexes to narrow sector funds to commodities and fixed-income funds—has given rise to the need to examine how to achieve best execution for these securities. Should one treat ETFs as just another security, much like an individual stock, and seek best execution on the ETF only? Or should one recognize that an ETF has replicating or alternative securities, some of which could be traded in lieu of the ETF, thus prompting consideration as to whether to buy the cheapest of the related securities and sell the dearest? (For profit-and-loss (P&L) reasons, if not yet for regulatory requirements, one should choose the latter.) ER -