ETF.com Quotes Moriarty in “The 15 Most Important ETFs”
ETF.com spoke with Corporate partner Kathleen Moriarty regarding her role in bringing SPY, the first US-listed exchange traded fund (ETF), among other ETFs, to market.
According to Moriarty, SPY is actually a unit investment trust that has an expiration date: Jan. 22, 2118, or 20 years after the death of the last survivor of 11 people named in the Trust Agreement – the oldest of whom was born in 1990 and the youngest of whom was born in 1993.
Additionally, Moriarty commented on the history of the SPY name. SPY was originally named "SPIRS," which was the acronym for Standard & Poor's Index Receipts.
She added, “Eventually, it was decided that 'SPIRS' sounded like 'SPEARS' and no one wanted the product to be dubbed with the name of a weapon."