What is SPY?
SPY is the symbol for a SPDR “Exchange Traded Fund” or ETF. An ETF is an investment vehicle traded on stock exchanges, much like stocks are. An ETF holds assets such as stocks or bonds and trades at approximately the same price as the net asset value of its underlying assets. SPY holds shares of S&P 500 Index stocks and closely follows the overall Index’s value. When Congress is not in session, the Congressional Effect Fund utilizes SPY as an effective means of investing in the overall S&P 500 Index.
