Also, known as SPDRs and Spiders, these are the Standard & Poor’s Depositary Receipts (SPY), a tradable fund listed on the American Stock Exchange that is based on the S&P 500. Like all ETFs such as the QQQs (tracking the Nasdaq-100) SMHs (tracking the SOX semiconductor index), the BBH, tracking the biotechs–the SPYs can be bought and sold like stocks. You can buy SPYs on margin. You can also short SPYs just like stocks, but without the disadvantage of the uptick rule.

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