īarclays added currency hedging features to the Canadian iShares, to distinguish them from US products in response to the elimination of limits on foreign holdings by Canadians in an RRSP. This solidified the iShares position in Europe as the leading ETF provider. On November 7, 2006, iShares announced the purchase of the INDEXCHANGE ETF unit of HypoVereinsbank for €240 million. WEBS were soon renamed the iShares MSCI Series as part of that program. Most had retired from the American Stock Exchange some years earlier and settled in California. The effort was led by Lee Kranefuss, who worked closely with the inventor of the ETF, Nate Most, at that time Chairman of the WEBs Board and an adviser to Barclays on the iShares effort. In 2000, Barclays put a significant strategic effort behind growing the ETF market, launching over 40 new funds, branded as iShares, supported by an extensive education and marketing effort. Unlike the SPDR fund that was a unit investment trust, the underlying vehicle of the WEBS were mutual funds. WEBS, an acronym for World Equity Benchmark Shares, were developed in cooperation with Barclays Global Investors, the fund manager. In response, Morgan Stanley launched a series of ETFs called WEBS which tracked its MSCI foreign stock market indices. This was the first ETF to trade in the United States, and it continues to trade to this day. In 1993, State Street, in cooperation with American Stock Exchange, launched Standard & Poor's Depositary Receipts ( NYSE Arca: SPY) (now the 'SPDR S&P 500'), which was traded in real time and tracked the S&P 500 index. iShares is the largest issuer of ETFs in the US and globally. Stock exchanges listing iShares funds include the London Stock Exchange, American Stock Exchange, New York Stock Exchange, BATS Exchange, Hong Kong Stock Exchange, Mexican Stock Exchange, Toronto Stock Exchange, Australian Securities Exchange, B³ Brasil Bolsa Balcão and a number of European and Asian stock exchanges. Most iShares funds track a bond or stock market index, although some are actively managed. The first iShares ETFs were known as World Equity Benchmark Shares (WEBS) but have since been rebranded. IShares is a collection of exchange-traded funds (ETFs) managed by BlackRock, which acquired the brand and business from Barclays in 2009. JSTOR ( November 2012) ( Learn how and when to remove this template message).Unsourced material may be challenged and removed. Please help improve this article by adding citations to reliable sources. This article needs additional citations for verification.
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