Vanguard, the biggest mutual fund company in the U.S., plans to introduce 19 hybrid products this month that allow investors to mix mutual and exchange-traded funds. Investors can designate whether they want a mutual fund or an ETF, each with identical underlying investments, or use both options. As part of the move, the fund manager is creating the Vanguard 500 Index ETF, which will track the Standard & Poor's 500.

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