Standard & Poor's Depositary Receipts

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Standard & Poor's Depositary Receipts (SPDRS, with symbol SPY), commonly referred to as "Spiders," are exchange traded funds (ETFs) created to track the value of the Standard & Poor's 500 Index. One SPDR unit is valued at about one-tenth of the value of the S&P 500. Dividends are distributed quarterly, and are based on the accumulated stock dividends held in trust, less any expenses of the trust.

Scope of Products

There are scores of SPDR ETFs of different stripes managed by SSgA. State Street Global Advisors (SSgA) lists more than 76 ETFs worldwide, with SPDRS being the dominant leader in that group.

Other SPDRs track domestic and international stock indexes (such as Dow Jones Wilshire indexes) or particular industry groups or asset classes. More specifically, offerings can be viewed by market cap, style, sector/industry, specialty (e.g., real estate), international focus, region, and fixed income (as well as pricing and performance).

The SPDR Trust, Series 1, known as the Spiders is structured as a unit investment trust, but Select Sector SPDRs that track various sector indexes by carving up the S&P 500 Index into separate industry groups are open-ended funds.

Where Are SPYDRs Traded

Spiders trade on the American Stock Exchange under the symbol SPY. Options on SPDRs are offered for trading on six U.S. options exchanges.

Resources

• SSGA Funds: ETF Pricing. State Street Global Advisors. Retrieved on November 7, 2007.
• "State Street Enhances Its ETF Offering with Six New Emerging Markets ETFs". BNET. Retrieved on November 7, 2007.