| The first ETF is widely believed to have been launched in 1993 in the US in the form of the SPDR S&P 500 ETF from State Street. Since then the US market has expanded rapidly to more than 1,500 products and $1.8trn (£1.1trn)assets under management as of May 2014.
But part of this development and the evolution of the industry in the UK, Europe and Asia, is the introduction of the ETCs and ETNs as well as the generic ETF. Tim Huver, ETF manager at Vanguard, says: “I think traditionally when we’ve talked about ETFs we have been talking about funds that provide exposure to indices in a fund structure, typically Ucits compliant that have rules around segregation of assets and diversification limits...............................................Full Article: Source
|