Shares of SPDR® S&P 500® ETF Trust (SPY) took a tumble Tuesday following news that the exchange traded fund would dissolve following the death of actor Dick Van Dyke. The news came after an anonymous law student named Craig Stanton, a senior at Columbia, posted a screenshot of the prospectus on his Tik Tok.
The relevant section was tucked away on page ninety of the document. From his childhood home in Whippany, Mr. Stanton explained that it was common for investors to not read beyond the gross expense ratio. Most investors will invest their money without fully understanding that their life savings are dependent on specific individuals never dying.
Why Dick Van Dyke was chosen by SPYs creators is unknown. Unlike @StantMan, neither of the fund’s creators were able to be reached by social media.
The ETF’s price was down 23% at close and analysts are bearish. At the same time, rumors are swirling on the infamous /r/wallstreetbets message board. Multiple posts claim that Mr. Van Dyke is now living in Russia and will live another twenty to twenty-five years thanks to a drug cocktail of Ivermectin and hydroxychloroquin. Craig Stanton posted a video where he is “Dancing for Dick” in his Hell’s Kitchen Apartment. The ninety-six year old actor could not be reached for comment.