Though many investors - laden with significant losses in their 401(k)s and flat returns on other products – have turned to ETFs to try to even out their earnings, new Vanguard research says ETFs have not necessarily launched a new generation of desparate day-traders.

According to a new study, Evaluating Dollar-Weighted Returns of ETFS versus Traditional Fund Returns, Vanguard says the critics of ETFs base their day-trader madness argument on share-turnover data that’s measured at an institutional level, not the individual level.

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