NEW YORK (TheStreet) -- Most ETF investors know that the first equity fund was the S&P 500 SPDR (SPY), which of course tracks a very broad index. Subsequent equity funds then got narrower to cover sectors, foreign countries, themes and possibly the ridiculous; there was a short-lived ophthalmology ETF from the now defunct Health Shares.
Bond ETFs are following a similar trajectory. The earlier funds have been generic, covering the U.S. Treasury market like the iShares Barclays 20+ year Treasury Bond Fund (TLT); very broad covering the entire market like the iShares Barclays Aggregate Bond Fund (AGG); or broadly covering the corporate bond market like the iShares iBoxx $ Investment Grade Corporate Bond Fund (LQD).
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