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The first ETF in the US, SPY, was launched 30 years ago. It allowed retail customers to trade the "stock market" in the same manner they traded individual stocks. Today SPY is the most security traded in US stock markets. This section explains the structure and operation of ETFs benchmarked to total market indexes for stocks and bonds.

AIM 05.1 Securities lending

ETFs often lend out the securities of the fund using repurchase agreements, and the lending income generated from these loans is used to subsidize the fund's operations. This section examines this practice.

  • Lecture notes

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