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The Elusive Trade
On January 22, 1993, the first exchange-traded fund was launched in the United States. It was called the SPDR fund—also known as the "Spider"—and it offered convenient and affordable exposure to a range of markets in a new way, different from traditional mutual funds. Shortly after this introduction, ETFs became an incredibly popular option for both individuals and for institutional investors, and they began to grow in numbers. In The Elusive Trade: How Exchange-Traded Funds Conquered Wall Street, Ralph H. Lehman leverages his twenty-year financial background and investment expertise to dive deep into the history of ETFs in this country, explore their development, and highlight the people who paved the way for the Spider's success, leading to the market we know now.
The Elusive Trade
In The Elusive Trade, investment consultant and financial expert Ralph H. Lehman takes a close look at the development of the successful Spider fund amid its competitors as the ETF became a fixture of the market. Lehman reviews the people and the regulations that paved the way for the Spider's success.
