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Index Solutions: Basis for a Range of Investment Vehicles

ETFs Linked to S&P Dow Jones Indices

Exchange-traded funds (ETFs)—which represent share ownership of an index fund but trade like shares of stock—have become some of the most actively traded securities on stock markets around the world.

17% 6-year CAGR in ETF AUM based on S&P Dow Jones Indices

AUM: A Mix of Flows and Price Valuation

(dollars in billions) (years ended December 31)

$1,701$58$333$1,309$90($125)$1,343$137$184$1,023$120$88$815$8($25)$832$98$66$6684501,350900$1,80020152016201720182019201420132012S&P Dow Jones Indices Joint Venture Established

Source:  Morningstar and S&P Dow Jones Indices

*Flows calculated as point-in-time

Growing and Diversifying ETF Assets Based on S&P Dow Jones Indices (1)

2003: $79 billion65%35%2019: $1,701 billion46%54%

S&P Dow Jones Indices offerings serve as the basis for ETFs, futures, options and other investable products around the world

ETFs

The launch of the SPDR S&P 500 ETF (Symbol: SPY) put S&P Dow Jones Indices at the forefront of ETF development. Launched in January 1993, SPY was the very first exchange-traded fund listed in the U.S.

The world’s largest and most traded ETF with $307 billion in assets for the year ending 2019

SPDR S&P 500 (Symbol: SPY) (2)

(ending AUM; dollars in billions)

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'13
'14
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Dollars
$123.0
$174.8
$215.9
$182.0
$224.8
$277.5
$243.4
$307.4

ETFs based on indices that consist of companies in the S&P 500 as classified by sector according to the Global Industry Classification Standard (GICS®)

Select Sector SPDRs (Symbols: XLY, XLP, XLE, XLF, XLV, XLI, XLB, XLK, XLU, XLRE, XLC) (2)

(ending AUM; dollars in billions

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'14
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Dollars
$50.9
$79.7
$97.8
$92.2
$110.8
$136.5
$121.1
$145.3

ETF based on the DJIA, a price-weighted index and the oldest continuous barometer of the U.S. stock market

SPDR Dow Jones Industrial Average ETF (Symbol: DIA) (2)

(ending AUM; dollars in billions)

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'15
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Dollars
$10.9
$12.6
$13.1
$12.9
$14.7
$22.3
$20.0
$22.5

Exchange-Traded Derivatives

S&P Dow Jones Indices has been an important contributor to the exchange-traded derivatives market since the introduction of the S&P 500 futures contracts by CME in 1982 and the S&P 100 and S&P 500 options by Cboe in 1983.

Represents a fraction of the value of a corresponding standard futures contract

S&P 500 E-mini Contracts Traded on the CME (includes Futures and Options on Futures) (3)

(contracts in millions)

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E-mini
509.4
543.6
547.2
564.8
628.5
517.5
636.9
546.1

Gives the right to buy or sell the value of the S&P 500 at the stated exercise price

S&P 500 Option Contracts Traded on the Cboe (4)

(contracts in millions)

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'14
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Options
174.9
209.0
216.8
239.1
260.1
292.7
371.3
318.9

Based on the Cboe Volatility Index (VIX®), the leading measure of the stock market’s expectation of volatility, as implied by S&P 500 options

VIX® Contracts Traded on the Cboe (includes Futures, Options, and Options on Futures) (5)

(contracts in millions)

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'14
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VIX
134.8
183.3
210.1
196.5
208.4
255.2
241.4
189.1
Sources:
(1)

Bloomberg (2003, 2012–2015), Morningstar (2016–2019). The joint venture was established in June 2012. Flows calculated as point-in-time

(2)

Bloomberg (2012–2015), Morningstar (2016–2019)

(3)

Chicago Mercantile Exchange

(4)

Cboe Global Markets

(5)

Cboe Global Markets. Contract volume may be based on preliminary reported volume rather than cleared volume