It was actually in Canada — where the equity market is just 8 per cent of the size of the U.S. and assets in ETFs total about US$215 billion — less than the SPDR S&P 500 ETF Trust on its own. It doesn’t register much beyond the ETF industry, but Canada has quietly built a reputation for this kind of coup.
As with many areas of innovation, deciding who or what was first in the financial world can come down to definition, but most agree that the Toronto 35 Index Participation fund, or TIPs, was the first iteration of a modern ETF in 1990. While it hasn’t enjoyed the astronomical growth of the U.S. industry — which kicked off with SPY’s launch in 1993 — Canada’s ETF market has frequently introduced products not tried anywhere else.
“Canadian regulators seem much more willing to embrace innovation,” said Nate Geraci, president of the ETF Store, an advisory firm.
Success for the owners of the fund getting actual real money profits for the bitcoin they bought a few months ago.
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