Thirty years ago, the first exchange-traded fund listed in the U.S. became available to the masses, a disruptive force that would go on to spawn a new market.
Thirty years ago this month, the first exchange-traded fund listed in the U.S. became available to the masses, a disruptive force that would go on to spawn a new market.
The SPDR S&P 500 ETF Trust, which trades under the ticker SPY, started Jan. 22, 1993. An entire industry exploded around it. SPY, a passive fund that tracks the S&P 500 index, also became a cheaper alternative to “high-fee” mutual funds as active managers “continued to underperform through and after the financial crisis,” according to DataTrek.
Apple would move into “music players, smartphones, tablets, watches and services,” he said, while Amazon now “sells everything.”
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