There are many ways to get broad exposure to a market – the route most select is via an ETF that represents the local market. Generally, this is the only mechanism available to investors/traders. However, in Australia, we have a somewhat interesting condition whereby you can actually invest in the exchange. After demutualisation many years the ASX became a listed company and its fortunes are tied to the fortunes of the market….sort of.
The chart below shows the relative performance of ASX versus STW.
As can be seen, it has been more effective to own the market owners rather than to own the market.
