Shares of a security designed to track the value of the S&P 500; also called SPDRs or Spyders. Spyders trade on the American Stock Exchange under the symbol SPY. One SPDR unit is valued at approximately one-tenth of the value of the S&P 500. Dividends are distributed quarterly and are based on the accumulated stock dividends held in trust, less any expenses of the trust.
Standard & Poor's Depositary Receipts
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The Standard & Poor's Depositary Receipts were launched by Boston asset manager SSgA State Street Global Advisors on January 29, 1993 as the first exchange-traded fund in the United States (preceded by the short-lived Index Participation Shares that launched in 1989); and are part of the SPDRs ETF chain.[1][2][3] Devised by American Stock Exchange executive Nathan Most, the fund first traded on that market, but has since been listed elsewhere, including the New York Stock Exchange (NYSE: SPY). This specific fund is now called SPDR S&P 500 ETF.
According to web glossary InvestorWords.com:
One SPDR unit is valued at approximately 1/10th of the value of the S&P 500. Dividends are distributed quarterly, and are based on the accumulated stock dividends held in trust, less any expenses of the trust.[4]
With a market capitalization of $70.7 billion as of June 2009, it is the largest exchange-traded fund.
The sponsor is PDR Services LLC, a wholly-owned subsidiary of American Stock Exchange LLC.
Contents |
Competition
Competitors to the SPY SPDR include the following:
Regular
NYSE: IVV - iShares NYSE: RSP - RydexShares (this one uses an equal-weighted version of the index)
Inverse
Leveraged 200%
NYSE: RSU - RydexShares NYSE: SSO - ProShares
Inverse leveraged 200%
NYSE: RSW - RydexShares NYSE: SDS - ProShares
Leveraged 300%
Inverse leveraged 300%
References
- ^ John C. Bogle, 'Value' Strategies, Wall Street Journal (Feb. 9, 2007).
- ^ Wilfred Dellva, Exchange-Traded Funds Not for Everyone, Journal of Financial Planning (Apr. 2001).
- ^ Jennifer Bayot (2004-12-10). "Nathan Most Is Dead at 90; Investment Fund Innovator". New York Times. http://www.nytimes.com/2004/12/10/obituaries/10most.html. Retrieved 2008-04-23.
- ^ "SPDR". InvestorWords.com, WebFinance, Inc.. http://www.investorwords.com/4632/SPDR.html. Retrieved 2008-04-23.
See also
External links
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Mentioned in
- Spiders (in banking)
- American Stock Exchange (AMEX) (in banking)
- SPDR (disambiguation)
- SPY
- Securities and commodities exchanges (SIC 6231) (industry)
- NASDAQ-100
- S&P 500
- Exchange-traded fund
- List of exchange-traded funds
