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EXCHANGE-TRADED PRODUCTS:
About the Index
EXCHANGE-TRADED FUNDS (ETFs) Widely regarded as the best single gauge of the U.S. equities market, this world-renowned
SPDR® index includes 500 leading companies in leading industries of the U.S. economy. Although the
Select Sector SPDRs
iShares S&P 500, Growth & Value
S&P 500 focuses on the large cap segment of the market, with approximately 75% coverage of
iUnits S&P 500 U.S. equities, it is also an ideal proxy for the total market. S&P 500 is part of a series of S&P
Short S&P 500 ProShares
U.S. indices that can be used as building blocks for portfolio construction.
Rydex 2x S&P 500
Horizons BetaPro S&P 500 Bear Plus S&P 500 is maintained by the S&P Index Committee, a team • Financial Viability. Companies should have four consecutive
ProShares UltraPro S&P 500
of Standard & Poor’s economists and index analysts, who quarters of positive as-reported earnings, where as-reported
FUTURES meet on a regular basis. The goal of the Index Committee earnings are defined as GAAP Net Income excluding
S&P 500
is to ensure that the S&P 500 remains a leading indicator of discontinued operations and extraordinary items.
E-Mini S&P 500
U.S. equities, reflecting the risk and return characteristics • Adequate Liquidity and Reasonable Price. The ratio of
S&P 500 Growth & Value
S&P 500 Sector Futures of the broader large cap universe on an on-going basis. The annual dollar value traded to market capitalization for the
Index Committee also monitors constituent liquidity to ensure company should be 0.30 or greater. Very low stock prices
OPTIONS
S&P 500 efficient portfolio trading while keeping index turnover to a can affect a stock’s liquidity.
Select Sector SPDRs minimum. • Sector Representation. Companies’ industry classifications
and removals, policy statements, and research papers are Closed-end funds, holding companies, partnerships,
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available on the Web site at www.indices.standardandpoors. investment vehicles and royalty trusts are not eligible.
index_services@standardandpoors.com
com. These guidelines provide the transparency required and Equity Real Estate Investment Trusts (REITs) and business
New York +1.212.438.2046 development companies (BDCs) are eligible for inclusion.
fairness needed to enable investors to replicate the index and
Toronto +1.416.507.3200
London +44.20.7176.8888 achieve the same performance as the S&P 500. Continued index membership is not necessarily subject to
Tokyo +813.4550.8463 CRITERIA FOR INDEX ADDITIONS these guidelines. The Index Committee strives to minimize
Beijing +86.10.6569.2919
• U.S. Company. Determining factors include location of the unnecessary turnover in index membership and each removal
Sydney +61.2.9255.9870 is determined on a case-by-case basis.
company’s operations, its corporate structure, its accounting
For more information about S&P Indices,
standards and its exchange listings. CRITERIA FOR INDEX REMOVALS
visit our Web site:
• Market Capitalization. Companies with market cap in • Companies that substantially violate one or more of the
www.indices.standardandpoors.com
excess of US$ 3 billion. This minimum is reviewed from criteria for index inclusion.
For comprehensive index data and
time to time to ensure consistency with market conditions. • Companies involved in merger, acquisition, or significant
reporting functionality, visit Standard &
Poor’s Index Data Platform (IDP):
• Public Float. There must be public float of at least 50%. restructuring such that they no longer meet the inclusion
www.sp-indexdata.com criteria.
Leading Measures for
U.S. Markets S&P 500
S&P U.S. Indices
September 30, 2009 S&P Composite 1500
The large cap segment of the U.S. S&P 500 S&P MidCap 400 S&P SmallCap 600
equities market, covering S&P 100
approximately 75% of the U.S. equities S&P 900
market.
S&P 1000
Standard & Poor's assumes no responsibility for the accuracy or completeness of the above data and disclaims all express or implied warranties in connection therewith.