It is important to note that John Bogle or Vanguard did not invent ETFs. They popularized it. The first rudimentary ETF was probably Toronto 35 Index Particip

It is important to note that John Bogle or Vanguard did not invent ETFs. They popularized it. The first rudimentary ETF was probably Toronto 35 Index Participation Units (TIPs 35) traded on Toronto Stock Exchange. The first fully mature ETF was State Street Global Investors's S&P 500 Trust ETF (SPDR). State Street company is still a major player in the ETF space today.