Happy 20th Birthday, ETFs: A Look Back at Nate Most and His Novel Idea

最近在纽约聚集的专家小组争辩返回固定收益较大的股票终止终止。毕竟，在2013年第一季度，股市达到了新的高峰，因为恢复了股票的记录190亿美元。虽然小组成员和股权分析师Rich Repetto，Sandler O'Neill的校长同意，我们可以看到股票旋转的开始，他合格他的观察：这次被动股票可能包括狮子的股权资产份额。这是因为交易所交易资金或ETF的增长远远超过了积极管理的增长，重复观察。

The timing for an equity resurgence into ETFs could not be better. This year marks the 20th anniversary of the Standard & Poor’s Depository Receipts or SPDRs, the first ETF, approved by the Securities and Exchange Commission in 1993. The proliferation of these vehicles, which now number around 1,450 funds, would not surprise Nathan Most, whose idea for the unique ETF structure arose from his long experience in commodities trading. Before his death in 2004, Most predicted the new product would grow far beyond its early start as an equity index vehicle.

As fund providers continue to develop new types of ETFs and seek a way to crack the 401k market, it is time to honor Most, who, like many early rock stars, never received a penny in royalties from his successful creation. In 2004, just a few months before his death at age 90, Senior Writer Frances Denmark spoke with Most about how he came up with the idea for these funds and his vision for their future development.

Most’s concept for the ETF was based on having spent most of his career as what he termed “a commodities man.” The stage was set in 1976 when he left the Commodities Futures Trading Commission in Washington, D.C. and headed to New York to create new financial products for the American Stock Exchange that included a couple of commodity exchanges.

Most’s creativity was triggered by a confluence of events: decreasing profits at the Amex and a changing financial landscape. As head of new product development in the option and derivative section, Most spent his days developing new types of indexes for different parts of the market and applying them to options. But the equity side of the exchange was in trouble with only two million shares traded each day. “I thought there had to be a better way than entertaining company executives only to see them list on Nasdaq anyway,” Most confided.

大多数人开始寻找一群新的证券，这些证券还没有在amex上列出。他看着相互资金作为答案，因为他们在50或60年内没有改变。他选择了标准普尔500指数的共同基金作为第一个ETF产品，并访问了Jack Bogle的访问，然后是Vanguard集团负责人，讨论这个想法。“杰克非常有礼貌，但他说，在交易所上市的共同基金会增加交易成本，并不能正常工作，因为他致力于低成本运营，”大多数人都被拒绝被拒绝被拒绝。即使在Vanguard增加了ETF到其基金阵容之后，Bogle也继续贬低他们，相信他们鼓励他们的日常交易。

Most conceived of the new fund as a kind of commodity product. His thinking: Many commodities are stored in warehouses or grain elevators. The warehouses issue a bulk receipt to the owner of the commodity. The owner will also sell against the commodity stored and obtain a subwarehouse receipt in the amount sold, which the buyer can hold. This form of transaction led Most to think in terms of depositing standard blocks of securities in a depository and then obtaining a receipt that could be divided into many pieces tradable on the exchange.

与许多新颖的想法一样，大多数人都受到怀疑的怀疑。AMEX律师告诉他，永远不会通过SEC批准过程，这需要豁免于1940年的投资公司法案。但时间正在发生变化。

1987年股市崩盘后，SEC开始意识到他们需要更好的对冲机制 - 更好地处理股票投资 - 而不是他们拥有。在“投资组合保险”时期的失败 - 期货合约用于对冲市场 - 也有助于大多数事业。他提出了在崩溃之前提出了ETF的想法，包括如果秒允许ETF在下面的速度缩短的情况下，能够将其用作套期保值仪器的想法。崩溃，这导致了很多新的思维在秒内为SPDR铺平了道路。

新产品对共同资金有很多好处，这些资金源于通过将股票与基金存放而不是现金的股票来创建和购买单位的想法。要退出产品，投资者将单位提交所需的篮子规模，并将备份股票。通过这种方式，没有钱或经纪费 - 改变了手;它旨在仅具有来回股票。

To keep the retail investor out of the fund, ETFs could only be created in large blocks, which would also cut costs. The original SPDR was $100 a share for 50,000 shares. Only “authorized participants,” that is, designated, large investment companies, would be able to trade in and out of the funds. Retail investors would only be able to trade ETFs on the stock exchange.

The idea of buying positions in the ETF with stock deposited with the fund instead of money is what makes it possible to arbitrage. Most and his legal team — headed by “SPDR Woman,” Kathleen Moriarty, a partner at the New York–based law firm Katten Muchin Rosenman, had to persuade the National Securities Clearing Corporation (NSCC, now a subsidiary of the Depository Trust and Clearing Corporation) to build a new system that would permit issuance of the ETFs using deposit of stocks instead of money. The standard clearing system at the time would only transfer stock in one direction and money in the other.

套利追踪ETF跟踪基金的净资产价值的潜力很重要，因为没有这个，ETF可能像封闭式基金一样行动。仲裁允许跟踪ETF到底层索引。购买股票组合的能力在交易日的任何时候需要在任何时候创建ETF，并且在一天结束时将其与基金的关联相匹配至关重要。由于赎回程序而不是金钱，纳税投资者从一年结束的资本增益中释放出来的资本收益。

大多数人需要三年时间，让Amex投资于ETF创作，另外三个是第一次通过艰苦的秒审批流程来实现。最多79岁。第一个买家是使用SPDR进行临时定位的机构。因为投资者可以将产品缩短了下跌，它被用于对冲并开始与期货竞争。

2004年，大多数人都设想了积极管理的ETF以及商品和金η的到来。“ETF结构几乎可以用于任何东西，”他说。“只要底层产品具有交易流动性，您可以在这种结构中进行几乎任何东西。”他补充说：“那里只有一个巨大的市场，如果我们仅限于使用股权指数，我们就会被困。总有一天有人会决定机会太大，无法忽视。“波士顿的Cerulli Associates同意。他们在未来两年将在2017年增长到超过2万亿美元的项目，并于2017年达到4万亿美元。