The world's largest and most traded ETF, according to SSgA, began trading on the ASX yesterday morning.
The ETF, which represents the 500 largest US shares by market capitalisation, represents more than US$172 billion in assets under management and 82 million shares traded daily.
SSgA head of Asia Pacific Lochiel Crafter said the announcement would allow Australian investors to diversify their portfolios through "one of the most cost-effective, reliable and liquid investments in the Australian market".
SSgA head of SPDR ETFs Amanda Skelly labelled the introduction of the SPDR S&P500 ETF a "milestone in the evolution of the Australian ETF industry".
"It also signifies SSgA’s commitment to the growth of the ETF market in Australia, and our belief that ETFs are a valuable addition to investors’ portfolios," Ms Skelly said.
"As opportunities in Australia become harder to find, local investors need to be thinking globally about how to grow their assets in order to secure a comfortable retirement.
"SPDR ETFs are an ideal vehicle to access international markets, sectors and geographies while providing sustainable and diversified growth and income streams," Ms Skelly said.
