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By Bernard TANCRÉ, Head of Investment Fund Services, Clearstream
1993 marked an important year for Exchange-Traded Funds (ETFs): after two initial attempts to launch proxy-instruments in 1989 and 1990 proved relatively unsuccessful, State Street Global Investors launched the S&P 500 Trust ETF (called the SPDR or “spider” for short), the first widely-accepted and popular ETF, which is still one of the most traded ETFs worldwide. Since then, the ETF market has evolved into a huge success story. The value of ETFs issued has risen globally, approaching EUR 5 trillion at the end of 2018.
Although the US still accounts for the vast majority of the issued asset value, around 15% of the global ETF asset value is now attributable to European ETFs. While in...
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