It's been 20 years since the launch of State Street Global Advisor's [profile] first SPDR ETF, which began the industry we all know and love.

While the New York Stock Exchange has several celebrations of the anniversary planned, Barron's Focus on Funds blogger Brendan Conway is responding with a bit more sarcasm.

"Any spontaneous outburst of self-congratulation on Wall Street begs the question of who is being congratulated, and for what," he writes.

Conway goes on to note that ETFs didn't take off until they had a big enouigh budget behind them, and that even then they didn't represent the kind of "quantum leap" set off by Jack Bogle's indexed funds.

To see more about the anniversary (if you're in the ETF space) or laugh at Conway's snark (if you're not), check out the original article. 

Edited by: Ben Geier


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