State Street Global Advisors (SSgA), the asset management
business of State Street Corporation (NYSE: STT), today marked the
twentieth anniversary of the first exchange traded fund, the SPDR
S&P 500 ETF (Symbol: SPY)1. Launched on January 29, 1993 with
just $6.5 million in assets, the SPDR S&P 500 ETF is now the
world’s largest ETF with more than $123 billion in assets under
management and the most traded ETF with an average daily trading
volume of 144 million shares.2
“The launch of the SPDR S&P 500 ETF in 1993 was a
groundbreaking innovation that improved access to the market for
investors,” said James Ross, senior managing director and global
head of SPDR Exchange Traded Funds at SSgA. “It’s an honor to have
been a member of the team that introduced the first ETF. It’s also
tremendously rewarding to see SPY recognized as one of the most
investor-friendly innovations of our time and a major catalyst for
the growth of the ETF industry, which now includes more than 5,000
funds with nearly $2 trillion in assets globally.”
SSgA is marking this milestone with the release of SPY: The Idea
That Spawned an Industry, which explores the creation and early
years of the SPDR S&P 500 ETF through interviews with key
participants who conceived, tested and initially struggled to find
a market for the first ETF.
“The creation of SPY started an industry that has provided
countless institutional and individual investors with improved
access to virtually all areas of the market,” said Greg Ehret,
chief operating officer at SSgA. “The SPDR S&P 500 ETF is a
core portfolio holding for a growing number of investors because it
remains true to its original goal: to provide investors large and
small with liquid, low cost, transparent3 access to the S&P 500
Index. The way in which various investors construct portfolios is
very different today than it was twenty years ago due in part to
the SPDR S&P 500 ETF and the industry that was created by its
launch. With global ETF asset growth averaging 27 percent per
year4, it’s clear ETFs will remain an influential investment
product for years to come.”
To download a copy of SPY: The Idea That Spawned an Industry,
key information and current performance regarding the first ETF,
visit spdrs.com/firstetf.
Key Facts on the SPDR S&P 500 ETF
- Launched on January 29, 1993, SPY was
the first US-listed ETF
- With over $123 billion in assets, SPY
is the largest ETF – representing approximately 6.4 percent of
global ETF assets5
- In 13 of the last 20 years, SPY has
attracted more asset flows than any other ETF.6 In 2012, more than
$20 billion poured into SPY – representing 11 percent of total US
ETF asset inflows7
- With an average daily dollar volume of
$19.7 billion, SPY is the most traded equity security in the
world8
- SPY’s prominence in the market is
propelled in part by the fund’s low total cost of ownership -
combining a competitive expense ratio (0.945 percent net, 0.10
percent gross), high trading volume, and competitively lower per
share costs (as derived from tighter bid-ask spreads)
- Over the last year, SPY accounted for
17 percent of US-listed ETF share volume and 38 percent of
US-listed ETF dollar volume9
State Street manages more than $340 billion in SPDR ETF assets
worldwide (as of December 31, 2012)10 and is one of the largest ETF
providers globally.
About SPDR Exchange Traded Funds
SPDR ETFs are a comprehensive family spanning an array of
international and domestic asset classes. SPDR ETFs are managed by
SSgA Funds Management, Inc., a registered investment adviser and
wholly owned subsidiary of State Street Bank and Trust Company. The
funds provide professional investors with the flexibility to select
investments that are precisely aligned to their investment
strategy. Recognized as industry pioneer, State Street created the
first US listed ETF in 1993 (SPDR S&P 500® – Ticker SPY). Since
then, we’ve sustained our place as an industry innovator through
the introduction of many ground-breaking products, including
first-to-market launches with gold, international real estate,
international fixed income and sector ETFs. For more information,
visit www.spdrs.com.
About State Street Global Advisors
State Street Global Advisors (SSgA) is a global leader in asset
management. The firm is relied on by sophisticated investors
worldwide for its disciplined investment process, powerful global
investment platform and access to every major asset class,
capitalization range and style. SSgA is the asset management
business of State Street Corporation, one of the world’s leading
providers of financial services to institutional investors.
1The SPDR S&P 500 ETF is a fund that, before expenses,
generally corresponds to the price and yield performance of the
S&P 500® index. Our approach is designed to provide portfolios
with low portfolio turnover, accurate tracking, and lower costs
2Source: ArcaVision, SSgA, as of 12/31/12
3SPY trades throughout the day on exchange and is less expensive
than buying individual stocks. Holdings in the fund are available
throughout the day and can be found on spdrs.com. 4Source:
Bloomberg, L.P., Morningstar, SSgA, as of 12/31/12
5Source: Bloomberg. L.P., as of 12/31/12
6Source: Morningstar, SSgA, as of 12/31/2012. Past performance
is not a guarantee of future results
7Source: Bloomberg. L.P., as of 12/31/12
8Source: Arcavision, SSgA, as of 12/31/2012
9Source: Arcavision, SSgA. As of 12/31/2012
10This AUM includes the assets of the SPDR Gold Trust (approx.
$72 billion as of December 31, 2012), for which State Street Global
Markets, LLC, an affiliate of State Street Global Advisors, serves
as the marketing agent.
ETFs trade like stocks, are subject to investment risk,
fluctuate in market value and may trade at prices above or below
the ETFs net asset value. Brokerage commissions and ETF expenses
will reduce returns
Distributor: State Street Global Markets, LLC, member FINRA,
SIPC, a wholly owned subsidiary of State Street Corporation.
References to State Street may include State Street Corporation and
its affiliates. Certain State Street affiliates provide services
and receive fees from the SPDR ETFs. ALPS Distributors, Inc., a
registered broker-dealer, is distributor for SPDRS&P500, SPDR
S&P MidCap 400 and SPDR Dow Jones Industrial Average, all unit
investment trusts, and Select Sector SPDRs. ALPS Distributors, Inc.
is not affiliated with State Street Global Markets, LLC.
Before investing, consider the funds’ investment objectives,
risks, charges and expenses. To obtain a prospectus or summary
prospectus which contains this and other information, call
1-866-787-2257, download a prospectus or summary prospectus
CORP-0666
SPD000538
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