The first ETF is 30 years old this week. It launched a revolution in low-cost investing
Publishing timestamp: 2023-01-23 06:34:45
Summary
30 years ago, State Street Global Advisors launched the first U.S.-based Exchange Traded Fund (ETF), which tracked the S&P 500. Today, it is the largest ETF in the world with over $370 billion in assets under management. ETFs have many advantages over mutual funds, such as lower fees and more tax efficiency. Initially, ETFs were not popular on Wall Street, but retail investors helped the product break out. By 2000, there were 80 ETFs in existence, and by 2010, there were $991 billion. The ETF business has since expanded beyond equities, into bonds and commodities. Currently, there are roughly 2700 ETFs operating in the U.S., worth about $7 trillion.
Sentiment: POSITIVE
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