Abstract
In this article, we provide a chronology of the evolution of exchange-traded products (ETPs), from simple beta products that track equity benchmarks to alpha products based on different asset classes operating at the discretion of a fund manager. We discuss the market conditions that led to their introduction and rapid rise in popularity. We compare new product developments witnessed in the U.S. and Europe in all major asset classes including equity, debt, commodities, and currency. We determine the origin of innovations (region wise–the U.S. or Europe) to identify the market leader in various asset classes.
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