The concept of fractional ownership in the transportation industry is nearly half a millennium old. From the 1500s to the 1800s, it was common practice for owners of trade vessels to use fractional-ownership arrangements.

Ships were loaded with goods and dispatched to sell or trade those goods for items that could be sold on return. After liquidation of the acquired goods, the profits would be divided, with a portion going to the ship’s captain and crew and the balance enriching the ship’s fractional owners.

Trading-ship ventures were commonly sold in 1/64th shares. A merchant might buy anywhere from a 1/64th to a half share of the ship’s profits or losses. Even today, many national ship registries still record ownership in 1/64ths. In 1986 the concept came to business aviation.