Standard & Poor's Depositary Receipts
The SPDR S&P 500 (NYSE: SPY) is an exchange-traded fund from State Street Global Advisors that tracks the S&P 500.[1][2] For a long time, the fund was the largest ETF in the world.[3] As of August 2012, it is the largest exchange-traded product in the world, and also the most actively traded.[4]
History
On 29 January 1993, Boston asset manager SSgA (State Street Global Advisors) launched the Standard & Poor's Depositary Receipts as the first exchange-traded fund in the United States (preceded by the short-lived Index Participation Shares which had launched in 1989). The fund is part of the SPDRs ETF chain.[5][6][7] Designed and developed by American Stock Exchange executives Nathan Most and Steven Bloom,[8][9] the fund first traded on that market, but has since been listed elsewhere, including the New York Stock Exchange.[10]
According to web glossary InvestorWords.com:
"One SPDR unit is valued at approximately 1/10 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."[11]
The sponsor is PDR Services LLC, a wholly owned subsidiary of American Stock Exchange LLC.[citation needed]
Listing
Since 2011, the fund is listed on the Tokyo Stock Exchange (1557).
Competition
SPDR S&P 500's competition is largely other funds that are also based on the S&P 500. Other funds are based on similar indexes such as iShares Russell 1000 (NYSE Arca: IWB).
A somewhat different idea is the Guggenheim S&P 500 Equal Weight (NYSE Arca: RSP),[12] which uses an equal-weight version of the S&P 500.
ETFs that are based on the S&P 500 index include:
Normal
- iShares Core S&P 500 (NYSE Arca: IVV)[13]
- Vanguard S&P 500 ETF (NYSE Arca: VOO)[14]
This is related to the Vanguard 500 Index Inv (Mutual fund: VFINX).
Inverse
Leveraged 200%
Inverse leveraged 200%
Leveraged 300%
Inverse leveraged 300%
See also
References
- ^ What Is a Spider (SPDR)? - TheStreet Definition TheStreet
- ^ What is a spider and why should I buy one? Investopedia
- ^ "Largest ETFs: Top 25 ETFs By Market Cap". ETFdb. Retrieved 2010-11-03.
- ^ ETP Landscape Industry Highlights Black Rock
- ^ Bogle, John C. (2007-02-09). 'Value' Strategies. Wall Street Journal, 9 February 2007. Retrieved from https://www.wsj.com/articles/SB117099466838903386.
- ^ Dellva, Wilfred (2001-04). Exchange-Traded Funds Not for Everyone. Journal of Financial Planning, April 2001. Retrieved from "Archived copy" (PDF). Archived from the original (PDF) on 2006-10-05. Retrieved 2008-04-21.
{{cite web}}: CS1 maint: archived copy as title (link). - ^ Jennifer Bayot (2004-12-10). "Nathan Most Is Dead at 90; Investment Fund Innovator". New York Times. Retrieved 2008-04-23.
- ^ Carrel, Lawrence (2008), ETFs for the Long Run, John Wiley & Sons, 2008, ISBN 978-0-470-13894-6
- ^ http://ir.nasdaq.com/releasedetail.cfm?releaseid=206581
- ^ NYSE Arca: SPY
- ^ "SPDR". InvestorWords.com, WebFinance, Inc. Retrieved 2008-04-23.
- ^ Rydex page on RSP
- ^ iShares page on IVV
- ^ Vanguard page on VOO
- ^ ProShares page on SH
- ^ ProShares page on SSO
- ^ Rydex page on RSU
- ^ ProShares page on SDS
- ^ Rydex page on RSW
- ^ ProShares page on UPRO
- ^ ProShares page on SPXU