SPDR S&P 500 ETF (SPY)

FUND OBJECTIVE

The SPDR® S&P 500® ETF is a fund that, before expenses, generally corresponds to the price and yield performance of the S&P 500 Index (Ticker: SPTR). Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

Ordinary brokerage commissions may apply.

Fund Information
As of  07/05/2009
Ticker SymbolSPY
Primary BenchmarkS&P 500
CUSIP78462F103
MarginableYes
Short Selling AllowedYes
Gross Expense Ratio0.10%
Net Expense Ratio0.0945%
Inception Date01/22/1993
Investment ManagerState Street Global Advisors
Management TeamETF Management Team
DistributorALPS Distributors, Inc.
Distribution FrequencyQuarterly
ExchangeNew York Stock Exchange
Fund Characteristics
As of  07/02/2009
Dividend Yield2.77%
Earnings Growth 5 Year10.73%
FY 1 P/E Ratio13.93
Number of Holdings501
Price/Book Ratio1.88
Weighted Average Market Cap$69,696.94 M
Index Characteristics
As of  07/02/2009
Dividend Yield2.42%
Earnings Growth 3 Year10.74%
FY 1 P/E Ratio13.94
Number of Holdings500
Price/Cash Flow5.26
Price/Earnings13.28
Return On Equity20.90%
Fund Performance
Month End
as of05/31/2009
Quarter End
as of03/31/2009
QTD 15.65% -10.97%
YTD 2.96% -10.97%
1 Year -32.36% -37.88%
3 Year -8.21% -13.02%
5 Year -1.93% -4.78%
10 Year -1.77% -3.05%
Inception01/22/1993 6.58% 5.70%

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted.

Fund Market Price
As of  07/01/2009
Bid/Ask$92.34
Closing Price$92.34
Day High$93.23
Day Low$92.21
Exchange Volume (shares)35,911,610
Premium/Discount-0.02%
Fund Net Asset Value  
As of  07/01/2009
Price$92.36
Shares Outstanding672.09 M
Total Net Assets$62,075.01 M
Fund Net Cash Amount
As of  07/02/2009
Net Cash Amount$36,478,629.69
Index Risk Matrix
As of  05/31/2009
Annualized Volatility8.37
Beta vs S&P 5001.03
Index Statistics
As of07/02/2009
Weighted Average Market Cap $69,591.70 M
Average Size:
Mean $16,249.68 M
Median $6,663.72 M
Size Range:
Largest $334,231.20 M
Smallest $668.38 M
Fund Correlation Matrix
As of05/31/2009
S&P 500 DJ US DJIA DJ Lg Cap
S&P 500 1.00
DJ US 0.97 1.00
DJIA 0.99 0.93 1.00
DJ Lg Cap 1.00 0.98 0.98 1.00

PURCHASE INFORMATION

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions apply.



In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.


After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.


ETFs trade like stocks, are subject to investment risk and will fluctuate in market value.


Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.


Not FDIC Insured –No Bank Guarantee – May Lose Value


The "SPDR" trademark is used under license from The McGraw-Hill companies, Inc. ("McGraw-Hill"). No financial product offered by State Street corporation or its affiliates is sponsored, endorsed, sold or promoted by McGraw-Hill. S&P® is a trademark of The McGraw-Hill companies, Inc. and has been licensed for use by State Street Bank and Trust Company.


All total return figures assume reinvestment of dividend and capital gains at net assets value; actual returns may differ.

SPDR - Standard & Poor's Depositary Receipts - are exchange traded funds that represent ownership in the SPDR Trust, a unit investment trust.

The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. The index is heavily weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. The S&P 500 Index figures do not reflect any fees, expenses or taxes.


Unless otherwise noted all infomation contained herein is that of the SPDR S&P 500 ETF.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, call 1-800-843-2639. Read the prospectus carefully before investing.