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Investing Glossary:
SPDRs
Copyright 2009,
Campbell R. Harvey. All Rights Reserved.
Do not reproduce without explicit permission.
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| Definition: |
| SPDRs (Spiders) are designed to track the value of the Standard & Poor`s 500 Composite Price Index. Stands for Standard & Poor`s Depositary Receipt. They trade On the American Stock Exchange under the symbol SPY. SPDRs are similar to closed-end funds but are formally known as, a unit Investment trust. One SPDR Unit is valued at approximately one-tenth (1/10) of the value of the S&P 500. Dividends are disbursed quarterly, and are based on the accumulated Stock dividends held in trust, less any expenses of the trust. See: Mid-cap SPDR.
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