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SPDR S&P Dividend ETF (SDY)
Fund Objective Why was this benchmark selected?

The SPDR® S&P® Dividend ETF† before expenses, seeks to closely match the returns and characteristics of the S&P High Yield Dividend Aristocrats® Index (ticker: SPHYDATR). Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

Ordinary brokerage commissions may apply.

  Market Price
  As of 05/08/2008
  Closing Price $53.25  
  Bid/Ask $53.34  
  Premium/Discount -0.04%  
  Day High $53.64  
  Day Low $53.25  
  Exchange Volume (shares) 4,500  
  Premium Discount to Nav Chart
  Net Asset Value
  As of 05/08/2008
  Price $53.34  
  Shares Outstanding 5,100,131  
  Total Net Assets $272,055,538.74  
  Most Recent NAV / NAV History
  Performance  
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 Before Taxes      Fund After Taxes
Month End Performance
Total Return * Index Market Value NAV
  As of 04/30/2008 As of 04/30/2008 As of 04/30/2008
QTD 2.84%   2.28%   2.83%  
YTD -2.69%   -3.50%   -2.94%  
Annualized      
1 Year -12.67%   -13.45%   -12.87%  
3 Year N/A   N/A   N/A  
5 Year N/A   N/A   N/A  
Since Inception 3.67%   3.46%   3.46%  
Quarter End Performance
Total Return Index Market Value NAV
  As of 03/31/2008 As of 03/31/2008 As of 03/31/2008
QTD -5.38%   -5.65%   -5.61%  
YTD -5.38%   -5.65%   -5.61%  
Annualized      
1 Year -12.54%   -12.43%   -12.77%  
3 Year N/A   N/A   N/A  
5 Year N/A   N/A   N/A  
Since Inception 2.61%   2.61%   2.38%  
Fund Inception Date: 11/08/2005
  Top Holdings ‡
  As of 05/08/2008
  Security Name   Fund Weight
  Keycorp New 3.58%           
  Comerica Inc 3.55%           
  Synovus Finl Corp 3.46%           
  Regions Financial Corp New 3.44%           
  Fifth Third Bancorp 3.32%           
  Bb&T Corp 3.11%           
  Firstmerit Corp 3.11%           
  Bank Of America Corporation 2.99%           
  Integrys Energy Group Inc 2.88%           
  Leggett & Platt Inc 2.76%           
View/Download All Holdings
  Top Sectors
  As of 05/08/2008
        View/Download All Holdings  
  Fund Characteristics
  As of 05/08/2008
  Dividend Yield 3.92%  
  FY1 P/E Ratio 13.38x  
  Number of Holdings 51  
  Price/Book Ratio 1.63x  
  Weighted Average Market Cap $M $29,491.79  
  Fund Information
  As of 05/09/2008
  Ticker Symbol SDY  
  CUSIP 78464A763  
  Marginable Yes  
  Short Selling Allowed Yes  
  Gross Expense Ratio 0.35%  
  Inception Date 11/08/2005  
  Primary Benchmark S&P High Yield Dividend Aristocrats Index  
  Investment Manager SSgA Funds Management, Inc.  
  Management Team ETF Management Team  
  Distributor State Street Global Markets, LLC  
  Distribution Frequency Quarterly  
  Fund Documents
  Quarterly Fund Fact Sheet (.pdf)
  Fund Prospectus (.pdf)
  Statement of Additional Information (.pdf)
  Fund Semi-Annual Report (.pdf)
  Fund Annual Report (.pdf)
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‡ Subject to Change

†Prior to January 8, 2007 the SPDR® S&P® Dividend ETF was known as the SPDR® Dividend ETF.

Index returns do not represent actual ETF performance and are for illustration purposes only. Index performance does not reflect charges and expenses associated with the fund or brokerage commissions associated with buying and selling exchange traded funds. It is not possible to invest directly in an index.

After-tax returns are calculated 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, and 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.

After tax returns presented above may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.        

 Average annual total return and total return are historical and include change in share value and reinvestment of dividends and capital gains , if any.

Funds investing in a single sector may be subject to more volatility than funds investing in a diverse group of sectors.

Except where indicated, all information is as of date noted and source of data is SSgA research.

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETFs may be bought and sold on the exchange through any brokerage account, ETFs 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.

Shares of the ETFs funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company.

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. Standard & Poor's®, S&P®, S&P 500®, Select Sector SPDR®, Select Sector SPDRs® are trademarks of The McGraw-Hill Companies, Inc., and have been licensed for use by State Street Bank and Trust Company.