If a new product improves on something by making it cheaper or faster, then there will be demand for that product.
Exchange-traded funds (ETFs) have made it cheaper and faster to make trades that involve more than just buying or selling a single stock. In the 32 years since SPDR S&P 500 (SPY -0.38%↓ ) became the first U.S.-listed ETF, the industry has grown significantly, with approximately $12 trillion in assets under management today.
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And according to Morningstar data (first reported by Bloomberg), there are now more ETFs listed on U.S. exchanges than there are individual stocks.
After I read Bloomberg’s article, I posted the chart above on X with the caption: “There are now more recipes than there are ingredients.“
The post was reposted a couple of hundred times, and…
