This section explains the research topic, why this research study is important, and how far the study will go. Included are the study's goals, the research methods that focus on each goal, and the hypotheses that were needed for the study. This part also explains why the study is important and how the chapters will be put together, which will set the tone for the rest of the thesis.
1.1 How do index funds work?
In 1896, Charles Dow put out the Dow Jones Industrial Average, which was the first index of the stock market. After that, everyone who bought stocks did the same thing. But it wasn't until 1976 that John Bogle started the Vanguard Group and sold the first index fund to the public. (Ferri, 2002). As more research was done in the field of finance in 1993, index-tracking exchange-traded funds were made. To understand how index funds came to be, you need to know a bit about how the mutual fund business has changed over time. The first mutual fund that was set up correctly was the Massachusetts Investors Trusts (MIT), which began in 1924. This was the first fund with no limits on how many shares could be bought.
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