CBOE launches exposure instrument on S&P 500

SPDRs can be bought and sold throughout the trading day like common stock, in much the same way as exchange-traded funds.

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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