Company: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 (Template:NYSE Arca).
A somewhat different idea is the Guggenheim S&P 500 Equal Weight (Template:NYSE Arca),[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 (Template:NYSE Arca)[13]
- Vanguard S&P 500 ETF (Template:NYSE Arca)[14]
This is related to the Vanguard 500 Index Inv (Template:Mutf).
Inverse
- ProShares Short S&P500 (Template:NYSE Arca)[15]
Leveraged 200%
- ProShares Ultra S&P500 (Template:NYSE Arca)[16]
- Guggenheim 2x S&P 500 (Template:NYSE Arca)[17]
Inverse leveraged 200%
- ProShares UltraShort S&P500 (Template:NYSE Arca)[18]
- Guggenheim Inverse 2x S&P 500 (Template:NYSE Arca)[19]
Leveraged 300%
- ProShares UltraPro S&P 500 (Template:NYSE Arca)[20]
Inverse leveraged 300%
- ProShares UltraPro Short S&P 500 (Template:NYSE Arca)[21]
See also
- List of exchange-traded funds
- Collective investment scheme
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. http://etfdb.com/compare/market-cap/. 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". http://www.tiaa-crefinstitute.org/research/articles/docs/040001a.pdf..
- ↑ Jennifer Bayot (2004-12-10). "Nathan Most Is Dead at 90; Investment Fund Innovator". New York Times. https://www.nytimes.com/2004/12/10/obituaries/10most.html. 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
- ↑ Template:NYSE Arca
- ↑ "SPDR". InvestorWords.com, WebFinance, Inc.. http://www.investorwords.com/4632/SPDR.html. 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
External links
- SSGA page for SPDR S&P 500
- Official SPDR ETFs website – State Street Global Advisors
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