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Purpose -The purpose of this paper is to provide a brief review of three strands of the literature on exchange-traded funds. Design/methodology/approach -The paper starts with a review of the history of the growth of exchange-traded funds and their characteristics. The paper then examines the key factors and findings of the existing studies on, respectively, the pricing efficiency, the tracking ability/performance, and the impact on underlying securities of exchange-traded funds. Findings -Although there has been a substantial amount of research conducted to advance our knowledge on the trading, management, and effect of exchange-traded funds, the findings are still far from conclusive in addressing a number of research questions. Practical implications -Investors and other market participants will find this review informative in enhancing the understanding of exchange-traded funds. Originality/value -By highlighting the general theme of the related research findings, the paper provides a systematic review of the existing literature that future researchers can utilize in developing their research agenda.