IDEAS home Printed from https://ideas.repec.org/a/ucp/jnlbus/v75y2002i3p453-472.html
   My bibliography  Save this article

Spiders: Where Are the Bugs?

Author

Listed:
  • Edwin J. Elton

    (New York University)

Abstract

This article examines the characteristics and performance of an exchange-traded index fund known by the name of Standard & Poor's Depository Receipts or SPDR or Spiders. The Spiders' net asset value is kept close to market price by the ability to create and delete them by in-kind transactions. Spiders underperform the S&P Index by 28 basis points and low-cost index funds by 18 points. This is primarily due to the lost income caused by holding dividends received on the underlying shares in cash. Nevertheless, Spiders are the most actively traded stock and the instrument of choice for most hedging.

Suggested Citation

  • Edwin J. Elton, 2002. "Spiders: Where Are the Bugs?," The Journal of Business, University of Chicago Press, vol. 75(3), pages 453-472, July.
    • Handle: RePEc:ucp:jnlbus:v:75:y:2002:i:3:p:453-472
    DOI: 10.1086/339891
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1086/339891
    File Function: main text
    Download Restriction: Access to the online full text or PDF requires a subscription.
    File URL: https://libkey.io/10.1086/339891?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ucp:jnlbus:v:75:y:2002:i:3:p:453-472. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Journals Division (email available below). General contact details of provider: https://www.jstor.org/journal/jbusiness .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.