for $70 each and those in Ford were pur- chased for $35, and the investors tax rate on capital gains income is 20%, how much extra will the investor owe on this years taxes as a result of these transactions?       4.6 EXCHANGE-TRADED FUNDS   Exchange-traded funds (ETFs) are offshoots of mutual funds that allow investors to trade index portfolios just as they do shares of stock. The first ETF was the "spider," a nickname for SPDR, or Standard & Poors Depositary Receipt, which is a unit investment trust hold- ing a portfolio matching the S&P 500 index. Unlike mutual funds, which can be bought or I. Introduction 4. Mutual Funds and Other Investment Companies The McGraw−Hill Companies, 2001           CHAPTER 4 Mutual Funds and Other Investment Companies 117     Table 4.3 ETF Sponsors   Sponsor Product Name   Barclays Global Investors i-Shares Merrill Lynch Holders StateStreet/Merrill Lynch Select Sector SPDRs Vanguard VIPER*   *Vanguard has filed with the SEC for approval to issue exchange-traded versions of its index funds, but VIPERs do not yet trade. Source: Karen Damato, "Exchange Traded Funds Give Investors New Choices, but Data Are Hard to Find," The Wall Street Journal, June 16, 2000.     sold only at the end of the day when NAV is calculated, investors can trade spiders through- out the day, just like any other share of stock. Spiders gave rise to many similar products such as "diamonds" (based on the Dow Jones Industrial Average, ticker DIA), "qubes" (based on the Nasdaq 100 Index, ticker QQQ), and "WEBS" (World Equity Benchmark Shares, which are shares in portfolios of foreign stock market indexes). By 2000, there were dozens of ETFs on broad market indexes as well as narrow industry portfolios. Some of the sponsors of ETFs and their brand names are given in Table 4.3.