Recent mergers of E*Trade's proprietary index fund line-up could indicate a shift in strategy for the online brokerage firm. Despite recently liquidating two funds and merging two others, the firm insists that it is committed to providing customers with a comprehensive slate of funds.

However, the mergers are clearly linked to strategic changes taking place at the firm. "There will be a number of things coming up that we're not quite ready to share the details of yet," said Liat Rorer, head of investment products at E*Trade.

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