Wheaton, Illinois, a city of 53,000 people, has become a hub of one of the fastest-growing segments of money management: ETFs
There is a gutted brick bank about an hour’s drive west of downtown Chicago that bears testament to an unusual feature of the suburb of Wheaton, Ill.: It has played an outsize role in the $6 trillion exchange-traded-fund industry.
Here, longtime Wheaton residents Bruce Bond and John Southard, co-founders of the ETF powerhouse formerly known as PowerShares, are renovating new offices for their latest ETF venture, a company called Innovator. Just down the street is First Trust, the sixth-biggest ETF issuer in the U.S., with...
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