On Aug. 31, the first index mutual fund will celebrate its 50th birthday. On that day in 1976, an upstart fund company by the name of Vanguard run by the late John C. Bogle launched the first publicly available S&P 500 index mutual fund. A half-century later, all share classes of the fund, including the investor share class of Vanguard 500 Index VFINX, have $1.67 trillion in assets. According to the Investment Company Institute, index mutual funds and exchange-traded funds comprise 50% more
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