Horizon Kinetics Q3 2025 Commentary
2025-10-30 21:15:00 ET
What We're Doing Now: The Index Risk Avoidance and Active Management Redux Edition, Part II
The 25th anniversary of the modern era of indexation investing coincided with last quarter's Commentary . Since their introduction in May 2000, the iShares ETFs have supplied a bounty of data about the performance record of ETFs. It's not what people expected. We'll get to that in a couple of paragraphs.
Although the SPDR S&P 500 (SP500), (SPX) dates to 1993, in 2000 it was still a rounding error within the equity market. All 80 ETFs that existed that year totaled about $65 billion, 1 a mere 0.4% of the U.S. stock market. 2 By year-end 2023 assets in passive funds finally exceeded those in active funds; lately, to pick a single ETF totally at random, the iShares Bitcoin (BTC-USD) Trust ETF alone is close to $90 billion. 3 ...
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Horizon Kinetics Q3 2025 Commentary
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