Exchange-traded funds will continue on a strong, albeit somewhat scaled back, growth track, expanding assets by an average of 19% a year over the next five years through 2014, according to Financial Research Corp. Over the last five years, the annual growth rate has been 23%.

“ETFs will continue to pick up assets at the expense of mutual funds, and we expect nearly 15% year-over-year growth in 2010,” said Lynette DeWitt, author of the FRC study.

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