30.01.2013 - ETFs mark 20th anniversary: A Look at the marketís hottest new product
On a cold January day 20 years ago, with the Dow Jones Industrial Average hovering at about 3,300, a team of investors from State Street Bank (STT) unveiled their new creation to the denizens of Wall Street: the SPDR S&P 500 ETF (SPY). They now describe the launch of the first exchange-traded fund (ETF) on this day in 1993 as "the one that started it all," calling the debut of the Spider (short for S&P Depositary Receipt) "an investment product that gave people a more precise way to buy and sell an entire index, but could be traded like a stock."..............................................Full Article: Source
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