In 1993, we invented an investment product that gave people a more precise way to buy and sell an entire index, but could be traded like a stock. It was the beginning of the trillion-dollar exchange traded fund industry.
Working together with the NYSE*, we introduced the SPDR® S&P 500® exchange traded fund [SPY]. It tracks the S&P 500, one of the most commonly used benchmarks for the US market. Today, SPY is the largest and most actively traded security in the world.† Clearly, our idea has caught on.
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