Shocking Numbers

Early advertisements for the SPDR ETF’s expressed its marketing proposition in a very straightforward manner; “Now you can trade the S&P 500 index all day long in real time.” It has lived up to its promises because has become the most traded stock in the world. Average trading volume for the SPDR is in range of 220 million shares, which in 2012 amounted to 6 trillion shares changing hands in just twelve months. Its total assets are in the $100 million range so that volume amounts to...