Describe the history of ETF.

ETF was created in 1989 by Index Participation Shares (an S&P 500 Proxy) that traded on the American Stock Exchange and Philadelphia Stock Exchange. In 1990, a similar product was launched on Tokyo Stock Exchange. ETFs have seen rapid growth over the past 20 years, reaching $882 billion across 916 funds by the end 2010. ETFs have been the most popular investment product worldwide, especially since 2008's meltdown. Investors across all geographies have been attracted to the many advantages such as convenience, low cost and transparency. All ETFs products launched initially tracking different equity indices. As investors gained confidence and the industry matured the product range has expanded to include funds that track Bond, Commodities Currency, Sector, Country, and other indices.