"The success of reaching the $100 billion mark reinforces the strength of the Amex as the global leader in the development of innovative new products," said Salvatore F. Sodano, Chairman and CEO of the American Stock Exchange. "With over $100 billion in assets and exceptional trading volumes, this significant milestone is a testament to the growing popularity of ETFs with investors."
In addition to topping the $100 billion threshold, two noteworthy ETF anniversaries occur in January: the five-year anniversary on January 20 of the start of trading in DIAMONDS, which currently exceeds $5 billion in assets, and the ten-year anniversary on January 29 of the start of trading in SPDR's, with current assets in excess of $40 billion.
ETFs are akin to index funds that trade like a stock. They are liquid and easy to use, and offer diversification, market tracking, low expenses and tax efficiency. ETFs offer a flexible mechanism to get needed exposure, while at the same time are more transparent and provide greater control than traditional mutual funds.
The Amex pioneered the concept of ETFs in 1993 with the introduction of trading in SPDRs - Standard & Poor's Depositary Receipts, an exchange-traded unit investment trust based on the Standard & Poor's 500 Index. In addition to the SPDR, over the last 10 years, the Amex has provided innovative investment opportunities through the listing of 122 ETFs, including the Nasdaq-100 Tracking Stock (QQQ), one of the most actively traded securities in the world.
With the recent introduction of fixed-income ETFs and other next-generation ETF products in the pipeline, the Amex collaborates with a strong network of investment management leaders and index providers to bring ETFs to the world's largest marketplace for ETFs, the Amex. In conjunction with Amex ETF Services, the Amex also provides comprehensive, turnkey solutions to ETF issuers, sponsors and service providers in an advisory capacity.
"As tax-efficient and highly-liquid funds, ETFs offer investors variety in long-term investment options at low costs," said Cliff Weber, senior vice president of the Amex's ETF group. "We are enthusiastic about this milestone achievement in the growth of ETFs and look forward to bringing new generations of ETFs to market."
