When the fund first came to market, it was set to expire 25 years later, or January 2018less People named in the Trust Agreement, the oldest of whom was born in 1990 and the youngest of whom was born in 1993, according to Kathleen Moriarty, the attorney who helped bring SPY to marketand countless other ETFs since. 22, 2118, or 20 years after the death of the last survivor of 11 The fund is actually a unit investment trust that has an expiration date: Jan. SPY also was the first ETF product registered under the Investment Company Act of 1940. TIPS lacked the creation/redemption structure ETFs are known for, and it had no mechanism to ensure it tracked its underlying indexĬlosely throughout the day, Ross says. Toronto 35 Index Participation Units (TIPS), which tracked the Toronto 35 IndexSPY was the first bona fide ETF. While there were other strategies before SPY that sought to offer investors the ability to trade an indexsuch as the SPY sparked a revolution in the asset management industry that significantly improved access to the marketsĪnd lowered costs for all investors, said Jim Ross, global head of ETFs at State Street Global Advisors, who was part of the original team that brought SPY to market. Liquid security in the world, trading some $27.4 billion on average every day. SPY is also the largest ETF in the market, boasting roughly $170 billion in assets under management. Globally speaking, it helped pave the way for thousands of ETFs, with nearly $3 trillion in global assets today. ETF industry, comprising more than 1,700 funds. Late Nate Most, the SPDR S&P 500 (SPY | A-99) was the first U.S-listed ETF launched in January 1993. Of them are likely among the core holdings in your portfolio.] These featured funds are the ETF industrys biggest game changers, and at least some Murphy, Drew Voros, Matt Hougan, Sumit Roy and Heather BellĮTF Reports 15th anniversary, we have created what we feel are the 15 most important U.S.-listed ETFs, one for each year of ETF Reports existence.
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