At 10:00A.m., Homer called his broker and placed an order to purchase a security that represented a claim on the S&P 500. At 2:00 p.m., Homer sold the security and realized a $600 gain. Homer paid his broker a $10 commission on each transaction. The security Homer purchased was:

Question

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SPDRs (Standard & Poor's Depository Receipts), also known as "spiders," are exchange-traded funds (ETFs) that track the S&P 500 index. They can be bought and sold throughout the trading day, allowing Homer to realize a gain within the same day.

At 10:00AM