Wednesday, December 29, 2010

Spiders

A "spider" is a Standard & Poor's Depositary Receipt, and represents a single unit in the SPDR trust. The units trade on the American Stock Exchange (AMEX) under the ticker SPY, and are designed to replicate the returns of the S&P 500 index. The unit price is equivalent to the current value of the S&P 500 index, divided by 10. Thus spiders are essential an ETF on the S&P 500 index.

Synonyms: S&P 500 ETF, S&P 500 fund, SPDR

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