Exchange traded funds are taking over markets. Shares in Apple, the world’s biggest and most heavily traded company, turn over more than $3bn each day. But that is dwarfed by the biggest ETF, State Street’s SPDR S&P 500, which trades more than $14bn each day. Five of the world’s seven most heavily traded equity securities are ETFs. It is not just in trading that ETFs dominate. Their assets under management were negligible 20 years ago, but now exceed $3tn. This series examines the global rise of ETFs.
