Reports of the death of mutual funds have been greatly exaggerated, even if the headlines suggest otherwise.

Sure, exchange-traded funds (ETFs) have been gathering assets at a furious pace in recent years. Meanwhile, the business of open-end mutual funds, which have been around for nearly a century, is relatively lethargic—or worse, for some firms. But as several financial advisors are quick to explain, there’s still a strong case for using open-end products.

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