Financial advisors across the spectrum -- at registered investment advisors, wirehouses and independent broker-dealers -- are at a loss when it comes to understanding liquidity of exchange-traded funds, according to research from Cerulli Associates.

"ETF sponsors view misconceptions surrounding liquidity as the top growth challenge in 2013 as nearly two-thirds (63%) rated it as such," according to Alec Papazian, associate director at Cerulli Associates, referencing his study of ETF sponsors conducted earlier this year.

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