Chasing Performance With ETFs by Chris Brightman, Feifei Li and Xi Liu, Research Affiliates
Key Points

1. It is well established that many investors tend to purchase “winning” stocks—those that have recently outperformed—and to shun “losers.”
2. ETF providers evidently take investors’ preference for winners into account by predominately launching funds whose underlying indices are outperforming at the time they make new product decisions.
3. Strategies that produced excess returns over the prior . . .
   

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