Only about 6% of the portfolio managers of exchange-traded funds at the industry’s two largest providers, State Street Global Advisors and Barclays Global Investors, have their own money invested in their funds, The Wall Street Journal reports, citing SEC-mandated data in statements of additional information in fund prospectuses.

On the other hand, 43% of traditional mutual funds have made investments in their funds, a study of 1,400 funds as of the end of 2004 by the Georgia Institute of Technology, the London Business School and the University of South Florida shows.

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