Exchange-traded funds (ETFs) emerged in 1993 with SPDR S&P 500, offering index exposure at low cost. Initially equity-focused, ETFs expanded into bonds, commodities, sectors, and smart beta strategies. Post-2000s, innovation brought leveraged, inverse, and actively managed ETFs. Global adoption accelerated, driven by transparency, liquidity, and efficiency, making ETFs core investment... https://businesssuccesselites.com/finance/evolution-of-exchange-traded-funds-etf/