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Global Fund Advisor Introduced Webs

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Chapter 1 : Introduction: The idea of ETF was first perceived by NATHAN MOST in 1993. Nathan’s first ETF was called SPARD (also referred to as SPIDER) and it was first traded on the American stock exchange (AMEX) by state street GA. SPARD’s only purpose is to track the S&P 500. The number of ETFs that track different indexes all over the world exchange markets have increased significantly since 1993. SPARD, as a first ETF, dominated the markets in the 1990s, together with CUBES, which was designed to track NASDAQ-100. The ETF is a financial product, which has attracted a large number of financial product designers. The ETF as a creative idea has opened a significant number of empty rooms on the exchange market, which needed to be filled with new ETF products. This is what attracted the financial product designers to create different types of ETFs in the last 21 years. Barclays’ global fund advisor introduced WEBS (world equity benchmark shares) in 1996 as a first ETF to provide American investors with easy access to the forging markets. They created a family of ETFs and each ETF had “ishares” as a first name and the index it followed as a second name (Ferri, 2002) . The ETF influence could first be seen in Europe, when the German Deutsche bank presented an ETF linked to commodity in 2006 (Fuchita & Yasuyuki, 2007). ETF Barclays continued to generate new EFT products by launching the first ETF linked to the bond price index in 2002. The ETF as a financial product on the

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