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"D. Sieler" <d4944@xxxxxxxxxxx> wrote:
> "Another variation on closed end funds are S&P Depository Receipts.
> Abbreviated SPDR's, & called Spiders, these securities also trade
> exactly like a stock. Their symbol is SPY, & they trade on the American
> Exchange.
>
> Spiders provide a way of "buying" the S&P 500 index. They are
> engineered to almost mimic the movement of the S&P500, & their shares
> are priced at 1/10 the index's value, that means they are currently
> selling at around $90.00/share (my note: as of today, $109.25).
This has always confused me. Why does SPY on my BMI feed show a
closing price on 8/24 of 1088.13 -- exactly identical to the SPX
closing price? I've plotted SPX and SPY on top of each other and
most of the time they are *identical*. Occasionally there will be a
slight divergence but only for one bar.
Should BMI be showing SPY at 1/10 * SPX? Do I have a wrong setting
or something?
Gary
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