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Ben Johnson

Ben Johnson, CFA, is director of global exchange-traded fund research for Morningstar. Follow Ben on Twitter: @MstarETFUS

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Liquidity, transparency, and tax efficiency are hallmarks of ETFs, but Ben Johnson says some of these benefits can be oversold.

Ben Johnson says the new line of active factor-focused funds from Vanguard dovetails with the rest of the firm's lineup, and is unlikely to have a major near-term impact on the firm or the industry.