Special report: Exchange-traded funds

Time for exchange

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Exchange-traded funds are a relatively recent phenomenon – only appearing in 1993 when State Street Global Advisors launched its SPDR fund which tracks the Standard & Poor’s 500 stock index. With assets touching $60 billion it’s the big beast of the ETF world, containing about 16% of total global investments in this asset class. The history of ETFs in Asia is even more short-lived, with the first not launched until the turn of the millennium; however it’s starting