Investors should avoid a new generation of rip-off ETFs

But when it came to exchange-traded funds, the investment vehicle through which people commonly invest in index funds, Bogle was sceptical. The first ETFs were launched in 1990, a decade-and-a-half after Bogle’s first passive mutual fund. They came with the ability to buy and sell shares instantaneously. To the godfather of passive investing, minute-by-minute trading made them a “wolf in sheep’s clothing”. He believed they would become a vehicle for speculation and chasing market fads, rather than long-term investment.