Standard & Poor's Depositary Receipts

From Wikipedia, the free encyclopedia
Jump to: navigation, search

The SPDR S&P 500 is an exchange-traded fund from State Street Global Advisors that tracks the S&P 500.[1][2] For a long time, the fund was the largest ETF in the world.[3] As of August 2012, it is the largest exchange-traded product in the world, and also the most actively traded.[4]


The Standard & Poor's Depositary Receipts were launched by Boston asset manager SSgA State Street Global Advisors on January 29, 1993 as the first exchange-traded fund in the United States (preceded by the short-lived Index Participation Shares that launched in 1989); and are part of the SPDRs ETF chain.[5][6][7] Designed and developed by American Stock Exchange executives Nathan Most and Steven Bloom,[8][9] the fund first traded on that market, but has since been listed elsewhere, including the New York Stock Exchange (NYSE ArcaSPY).

According to web glossary

One SPDR unit is valued at approximately 1/10 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.[10]

The sponsor is PDR Services LLC, a wholly owned subsidiary of American Stock Exchange LLC.


Since 2011, the fund is listed on the Tokyo Stock Exchange (1557).


SPDR S&P 500's competition is largely other funds that are also based on the S&P 500. Other funds are based on similar indexes such as iShares Russell 1000 (NYSE ArcaIWB).

A somewhat different idea is the Guggenheim S&P 500 Equal Weight (NYSE ArcaRSP),[11] which uses an equal-weight version of the S&P 500.

ETFs that are based on the S&P 500 index include:



Leveraged 200%[edit]

Inverse leveraged 200%[edit]

Leveraged 300%[edit]

Inverse leveraged 300%[edit]

See also[edit]


  1. ^ What Is a Spider (SPDR)? - TheStreet Definition TheStreet
  2. ^ What is a spider and why should I buy one? Investopedia
  3. ^ "Largest ETFs: Top 25 ETFs By Market Cap". ETFdb. Retrieved 2010-11-03. 
  4. ^ ETP Landscape Industry Highlights Black Rock
  5. ^ John C. Bogle, 'Value' Strategies, Wall Street Journal (Feb. 9, 2007).
  6. ^ Wilfred Dellva, Exchange-Traded Funds Not for Everyone, Journal of Financial Planning (Apr. 2001).
  7. ^ Jennifer Bayot (2004-12-10). "Nathan Most Is Dead at 90; Investment Fund Innovator". New York Times. Retrieved 2008-04-23. 
  8. ^ Carrel, Lawrence (2008), ETFs for the Long Run, John Wiley & Sons, 2008, ISBN 978-0-470-13894-6
  9. ^
  10. ^ "SPDR"., WebFinance, Inc. Retrieved 2008-04-23. 
  11. ^ Rydex page on RSP
  12. ^ iShares page on IVV
  13. ^ Vanguard page on VOO
  14. ^ ProShares page on SH
  15. ^ ProShares page on SSO
  16. ^ Rydex page on RSU
  17. ^ ProShares page on SDS
  18. ^ Rydex page on RSW
  19. ^ ProShares page on UPRO
  20. ^ ProShares page on SPXU

External links[edit]