CBOE launches exposure instrument on S&P 500
The Chicago Board Options Exchange (CBOE) yesterday launched Standard and Poor’s Depository Receipts (SPDRs), designed to give dealers, through a single product, exposure to the S&P 500 share index.
By buying SPDR shares, investors gain a stake in the 'SPDR Trust', a long-term unit investment trust set up to 'accumulate and hold a portfolio of the equity securities that comprise the Standard & Poor’s 500 index'. The CBOE said the initial market value of the trust is approximately 10% of the value of the S&P 500 index. The exchange has similar products that give exposure to the Nasdaq 100 and S&P 100 share indexes.
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