In the early 1990s, executives of the now-defunct American
Stock Exchange hatched a revolutionary idea: a hybrid mutual fund-type
investment that would trade like a stock.
But in an era when hot-handed mutual fund managers had rock-star status,
the concept of the “exchange-traded fund,” or ETF — low-cost, pre-programmed
portfolios designed to simply replicate a broad or narrow swath of the market —
didn't get a lot of people's hearts pounding.
Twenty years later, however, exchange-traded funds have
ballooned into a $1.4-trillion industry in the U.S. and $2 trillion worldwide.
Asset growth has surged since 2007 as the number of ETFs has soared past 1,400,
covering every corner of stock, bond and commodity markets…..
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