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The ETF Report

An exchange-traded fund (ETF) is a type of pooled investment security that operates much like a mutual fund. Typically, ETFs will track a particular index, sector, commodity, or other asset, but unlike mutual funds, ETFs can be purchased or sold on a stock exchange the same way that a regular stock can. An ETF can be structured to track anything from the price of an individual commodity to a large and diverse collection of securities. ETFs can even be structured to track specific investment strategies.

Markets

BlackRock pulling $2 trillion of assets out of State Street

BlackRock Inc. BLK -0.10% is pulling some $2 trillion of assets out of State Street Corp.’s STT -2.29% safekeeping, a move that will reduce the investing firm’s reliance on a small number of parties and lower the fees it pays for back-office work.