{"id":46535,"date":"2023-02-07T14:30:48","date_gmt":"2023-02-07T19:30:48","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/how-the-etf-conquered-wall-street-in-just-30-years\/"},"modified":"2024-07-19T12:20:42","modified_gmt":"2024-07-19T16:20:42","slug":"how-the-etf-conquered-wall-street-in-just-30-years","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/how-the-etf-conquered-wall-street-in-just-30-years\/","title":{"rendered":"How the ETF conquered Wall Street in just 30 years"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a00bbc675eb4]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a00bbc675eb4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/technology\/\" rel=\"category tag\">\n                    Technology\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">How the ETF conquered Wall Street in just 30 years<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a00bbc67b9dc'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg Intelligence <\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">February 7, 2023<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a00bbc67d830'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400\">This analysis is by Bloomberg Intelligence Analysts Eric Balchunas and Businessweek Editor Joel Weber. It appeared first on the Bloomberg Terminal.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400\">Thirty years after its birth, the exchange-traded fund has remade the investing landscape. This is how it happened. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Thirty years ago today, the very first exchange-traded fund started trading on the American Stock Exchange. At the time, Bill Clinton had just moved into the White House and America was trying on its new role as the world\u2019s lone superpower. On Wall Street, an entire industry soon realized that the ETF was a revolution all its own. Now there are more than 3,000 ETFs listed in the US, plus another 6,000 international iterations. Together they hold $6.8 trillion in assets.<\/span><\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Bloomberg Intelligence: Data-driven research<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_5430516053686752328\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/bloomberg-terminal\/research\/bloomberg-intelligence\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400\">In \u201cThe ETF Story,\u201d a special <\/span><b>six-part series<\/b><span style=\"font-weight: 400\"> first published five years ago, Eric Balchunas and Joel Weber explore the origins of the first ETF and how it\u2019s come to dominate investing. Among those interviewed are Jack Bogle, Kathleen Moriarty, Bob Toll, Howard Kramer, Rob Arnott, Dave Ritter, Reggie Browne, Dave Nadig, John O\u2019Brien, Bruce Bond, Gary Eisenreich and more. <\/span><\/p>\n<p><strong><a href=\"https:\/\/omny.fm\/shows\/trillions\/the-etf-story-1-the-crash\">The ETF Story 1: The Crash<\/a><br \/>\n<\/strong><\/p>\n<p><span style=\"font-weight: 400\">On Monday Oct. 19, 1987, the stock market fell 23 percent, the worst day ever for stocks two times over. It was in the aftermath of that crash that the idea for exchange-traded funds was born. And it came from a very unlikely place: the U.S. Securities and Exchange Commission.<\/span><\/p>\n<p><strong><a href=\"https:\/\/omny.fm\/shows\/trillions\/the-etf-story-2-the-report\">The ETF Story 2: The Report<\/a><\/strong><\/p>\n<p><span style=\"font-weight: 400\">Government reports are known more for curing insomnia than providing inspiration for revolutionary products. The October 1987 Market Break Report might be an exception. A paragraph deep in the SEC&#8217;s 800-page white paper happened to outline a \u201cproduct\u201d for trading baskets of stocks. On this episode of \u201cThe ETF Story,\u201d you&#8217;ll learn how those words gave Nate Most and Steve Bloom the idea for what would become the exchange-traded fund. You&#8217;ll also hear from Vanguard founder John Bogle, who passed on Most&#8217;s pitch &#8212; and who may have shaped the ETF in the process.<\/span><\/p>\n<p><strong><a href=\"https:\/\/omny.fm\/shows\/trillions\/the-etf-story-3-the-approval\">The ETF Story 3: The Approval<\/a><\/strong><\/p>\n<p><span style=\"font-weight: 400\">When the SPDR S&amp;P 500 Trust (SPY) was submitted to the SEC in 1988, George Michael\u2019s &#8220;Faith&#8221; was the No. 1 song and Magic Johnson led the Lakers to another NBA Championship. By the time SPY finally launched in 1993, Nirvana had ushered in the grunge era and Michael Jordan had taken over the NBA. While the SEC wrestled with this unique product &#8212; which was almost like a foreign object that had landed on their desks &#8212; the whole culture had changed.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In those four long years, there was much back and forth between the SEC and the SPY teams over logistics, structure, and the creation-redemption process, which was inspired by commodities warehouses. The patience and labor paid off for the ETF&#8217;s creators, who figured out how to keep fees low and also earn some unintended windfalls, such as the products\u2019 tax efficiency.<\/span><\/p>\n<p><strong><a href=\"https:\/\/omny.fm\/shows\/trillions\/the-etf-story-4-the-competition\">The ETF Story 4: The Competition<\/a><\/strong><\/p>\n<p><span style=\"font-weight: 400\">Just as Steve Jobs and Steve Wozniak weren\u2019t the only two geeks in a garage working on a computer in the 1970s, the AMEX wasn\u2019t the only exchange looking to get a market basket instrument listed. The late 1980s saw multiple attempts to create something like an ETF, including SuperShares, Equity Index Participation Shares, Cash Index Participation Shares and the Toronto 35 Index Participation Units.<\/span><\/p>\n<p><strong><a href=\"https:\/\/omny.fm\/shows\/trillions\/the-etf-story-5-the-sleeper\">The ETF Story 5: The Sleeper<\/a><\/strong><\/p>\n<p><span style=\"font-weight: 400\">SPDR S&amp;P 500, or SPY, is the world\u2019s largest ETF today with about $240 billion in assets, but it wasn\u2019t much to look at when it debuted in 1993. Some days it was on \u201cvolume life support,\u201d trading as little as 18,000 shares; there was even talk of pulling the plug. Yet true believers, guerrilla marketing, and a booming 1990s stock market helped the product gain favor. And once SPY took off, the markets were forever changed. This episode also explores how SPY soon inspired a host of other ETFs, from international and sectors to fixed income and gold.<\/span><\/p>\n<p><strong><a href=\"https:\/\/omny.fm\/shows\/trillions\/the-etf-story-6-the-revolution\">The ETF Story 6: The Revolution<\/a><\/strong><\/p>\n<p><span style=\"font-weight: 400\">SPY wasn\u2019t just a hit product, it was an inspiration for an entire industry to take off. But it didn\u2019t happen overnight. It took about 10 years for the ETF structure to be utilized for other asset classes and strategies, which today seem normal but at the time were revolutionary.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On this installment we look at many of the game changing products that followed, including the first bond ETF, the first gold ETF, Vanguard\u2019s entry and the rise of smart-beta, which was active management\u2019s way to get into the action.<\/span><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a00bbc6826d9]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a00bbc6826d9'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n        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Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_5766612431386417755\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Thirty years after its birth, the exchange-traded fund has remade the investing landscape. This is how it happened.<\/p>\n","protected":false},"author":1820,"featured_media":29170,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"1250","footnotes":""},"categories":[3661,444],"tags":[565,577,543],"series":[],"class_list":["post-46535","post","type-post","status-publish","format-standard","hentry","category-technology","category-trading","tag-bloomberg-intelligence","tag-research","tag-technology","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How the ETF conquered Wall Street in just 30 years | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Thirty years after its birth, the exchange-traded fund has remade the investing landscape. 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