Standard & Poor's Depository Receipts

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Standard & Poor's Depository Receipts or SPDR is an US-based exchange-traded fund which is specifically linked to the S&P 500.

The fund is formulated as a Unit Investment Trust with the sponsor being PDR Services LLC, a wholly-owned subsidiary of American Stock Exchange LLC.

[edit] Explanation

SPDR, also called Standard & Poor's Depositary Receipt are often referred to as "Spider" are shares of a security designed to track the value of the S&P 500 (Standard & Poor's 500). Spiders trade on the American Stock Exchange under the symbol SPY. One SPDR unit is valued at approximately 1/10th 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.