(1929 - 2019)
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An index fund is a fund that pools investors capital for the purpose of investing in securities, typically a mutual fund or exchange-traded fund (ETF), that aims to replicate the movements of an index of a specific financial market.
A well-managed index fund provides investors with a simple way to access such advantages as low costs, improved tax efficiency, style consistency and reduced manager risk. Investors should be mindful that not all index funds are low cost and that some indexes can be exploited by active investors when the indexes periodically reconstitute.
The key measure for accessing an index fund's efficiency is how well it tracks its benchmark index. (more...)
This week in financial history
- 1997 - On June 2, 1997, the minimum tick size on the NASDAQ stock exchange changed from 1/8 to 1/16 on all stocks with a bid price of $10 or more. The New York Stock Exchange implemented a similar change on June 24, 1997. Source: Spreads, Depths, and Quote Clustering on the NYSE and Nasdaq, available for download.
- 1934 - The Securities and Exchange Commission, the agency primarily responsible for enforcement of United States federal securities law was created by the June 6, 1934 enactment of the Securities Exchange Act of 1934. (Source)
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