The study also revealed that the majority of traditional mutual fund and ETF investments in Vanguard’s study were categorized as buy-and-hold investments (83% and 62%, respectively). “We found little evidence of speculative behavior in either share structure,” concluded the Vanguard report.
The data does not support the narrative that ETFs are responsible for a massive conversion of the public to day trading, and instead supports the notion that ETFs are increasingly used within a portfolio-building context.