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SPDR S&P 500 (NYSE: SPY) is an exchange-traded fund from State Street Global Advisors that tracks the S&P 500. For a long time, the Fund was the largest investment fund in the world. As of August 2012, it is the largest trading product on the stock exchange in the world and also the most active trading. On January 29, 1993 (1993-01-29), SSgA launched Standard & Poor's deposit receipts as the first exchange-traded fund in the United States (preceded by the short-term index launched in 1989). The fund is part of the SDRs ETF series. It was designed and developed by USE executives Nathan Most and Stephen Bloom, and the fund is first traded in that market, but has since been listed elsewhere, including the NEW York Stock Exchange.According to The Web Frozen InvestorWords.com: "s 0"s value of one unit of SPDR is estimated at about 1/10 of the S&P 500 value. The profits are distributed quarterly and are based on accumulated dividends held in a trust fund, minus any expenses from the secretariat."