Spider-SPDR
SPDR is an abbreviation for Standard & Poor's Depository Receipts and is pronounced "Spider." Spiders are shares of a security in a trust that owns stocks in the exact same proportion as stocks in S&P 500 index. One spider share has the value of one-tenth of the S&P 500.
Spiders are traded under stock symbol SPY, and since they are considered exchange traded funds, they trade on American Stock Exchange like other shares, have quarterly dividend distributions whose value is based on accrued stock dividends in the trust.
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