The Fate of the World’s Largest ETF Is Tied to 11 Random Millennials
- A wonky structure pegs the fund’s future to their mortality
- Most of those named in the ETF’s documents were not aware
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The fate of the world’s largest exchange-traded fund rests on the health of a group of twenty-somethings.
Thanks to a quirk in the legal structure used to set up the SPDR S&P 500 ETF Trust, known as SPY, more than $250 billion rests on the longevity of 11 ordinary kids born between May 1990 and January 1993.