What is the meaning of widget?

widget is a brand of listed security representing a claim against a share or basket of shares. A widget with an underlying index or basket is comparable to SPDRS (q. V.) or WEBS (q. V.) listed on the American Stock Exchange, but can have a different underlying portfolio. A widget with an underlying share is comparable to an ADR (q. V.). W. I. Carr Indosuez of Hong Kong created and listed widgets on the Luxembourg Stock Exchange. (Rachel Horsewood, "What's in a Name – Introducing the Widget" AsiaRisk, August 1997.) The main advantage is reducing the transaction cost for investing in a basket of shares.