State Street Global Advisors (SSGA) launched the first ever ETF in 1993, with the S&P 500 Depositary Receipts. According to SPDR, this ETF now has AUM of nearly USD 275 billion*, which makes it the largest ETF in the world.
ETFs and passive products have seen huge inflows in the US for many years. But in Europe -- and the Nordic countries in particular -- investors have been slower to adopt the product.
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