Mutual Fund Summary Prospectus (497k)
October 31 2012 - 2:29PM
Edgar (US Regulatory)
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SPDR
®
S&P
500 Value ETF
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SPYV
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(NYSE Ticker)
SUMMARY PROSPECTUS - OCTOBER 31, 2012
Before you invest in the SPDR S&P 500
Value ETF (the Fund), you may want to review the Funds prospectus and statement of additional information, which contain more information about the Fund and the risks of investing in the Fund. The Funds prospectus and
statement of additional information dated October 31, 2012 , are incorporated by reference into this summary prospectus. You can find the Funds prospectus and statement of additional information, as well as other information about the
Fund, online at https://www.spdrs.com/product/fund.seam?ticker=SPYV. You may also obtain this information at no charge by calling (866) 787-2257 or by sending an e-mail request to Fund_inquiry@ssga.com.
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INVESTMENT
OBJECTIVE
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The SPDR S&P 500 Value ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally
to the total return performance of an index that tracks the performance of large capitalization exchange traded U.S. equity securities exhibiting value characteristics.
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FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (Shares). This table and the example below do not reflect brokerage commissions you may
pay on purchases and sales of the Funds Shares.
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ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your
investment):
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MANAGEMENT FEES
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0.20%
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DISTRIBUTION AND SERVICE (12b-1) FEES*
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None
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OTHER EXPENSES
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0.00%
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TOTAL ANNUAL FUND OPERATING EXPENSES
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0.20%
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*
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The Fund has adopted a Distribution and Service (12b-1) Plan pursuant to which payments of up to 0.25% of average daily net assets may be made, however, the Board
has determined that no such payments will be made through at least October 31, 2013.
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EXAMPLE:
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes
that you invest $10,000 in the Fund for the time periods indicated, and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Funds operating expenses
remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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YEAR 1
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YEAR 3
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YEAR 5
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YEAR 10
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$20
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$64
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$113
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$255
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PORTFOLIO TURNOVER:
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year,
the Funds portfolio turnover rate was 25% of the average value of its portfolio.
THE FUNDS PRINCIPAL INVESTMENT STRATEGY
In seeking to track the performance of the S&P 500 Value Index (the Index), the Fund employs a replication strategy,
which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index.
Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at
least 60 days notice prior to any material change
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in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase
agreements and money market funds (including money market funds advised by SSgA Funds Management, Inc. (SSgA FM or the Adviser), the investment adviser to the Fund).
The Index measures the performance of the large-capitalization value sector in the U.S. equity market. The Index consists of those stocks in the S&P 500 Index exhibiting the strongest value
characteristics based on: (i) book value to price ratio; (ii) earnings to price ratio; and (iii) sales to price ratio. The selection universe for the S&P 500 Index includes all U.S. common equities listed on the NYSE, NASDAQ
Global Select Market, NASDAQ Select Market and NASDAQ Capital Market with market capitalizations generally of $4.0 billion or more at the time of inclusion. Capitalization ranges may be revised by the Index Provider (as defined below) at any
time. To be included in the Index, a security should (i) have an annual dollar value traded to float adjusted market capitalization ratio of 1 or greater; (ii) trade a minimum of 250,000 shares in each of the six months leading up to
the evaluation date; (iii) have a public float of at least 50%; and (iv) have four consecutive quarters of positive as-reported earnings. The Index is market capitalization weighted and rebalanced annually on the third Friday of December.
As of September 30, 2012, the Index was comprised of 368 stocks.
The Index is sponsored by S&P Dow Jones Indices LLC (the
Index Provider) which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of
the Index.
PRINCIPAL RISKS OF INVESTING IN THE FUND
As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.
PASSIVE STRATEGY/INDEX RISK:
The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which
typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining
investments in securities regardless of market conditions or the performance of individual securities could cause the Funds return to be lower than if the Fund employed an active strategy.
INDEX TRACKING RISK:
While the Adviser seeks to track the performance of the Index as closely as possible (
i.e.,
achieve a high degree of correlation with the Index), the Funds return may not
match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take
several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund.
LARGE CAP RISK:
Returns on investments in stocks of large U.S. companies could trail the returns on investments in stocks of smaller and mid-sized companies.
VALUE RISK:
The Fund employs a value style of investing that emphasizes undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk
that the valuations never improve or that the returns on value equity securities are less than returns on other styles of investing or the overall stock market.
EQUITY INVESTING RISK:
An investment in the Fund
involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices.
NON-DIVERSIFICATION RISK:
The Fund is
non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Funds performance may be disproportionately impacted by the performance of
relatively few securities.
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FUND PERFORMANCE
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The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year and by
showing how the Funds average annual returns for certain time periods compare with the average annual returns of the Index. The Funds past performance (before and after taxes) is not necessarily an indication of how the Fund will perform
in the future. Updated performance information is available online at
http://www.spdrs.com
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ANNUAL TOTAL RETURN
(years ended 12/31)*
Highest
Quarterly Return: 18.25% (Q2 2003)
Lowest Quarterly Return: -21.13% (Q4 2008)
* As of September 30,
2012, the Funds Calendar Year-To-Date return was 15.56%.
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AVERAGE ANNUAL TOTAL RETURNS
(for periods ending 12/31/11)
The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not
reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through
tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The returns after taxes can exceed the return before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.
Prior to December 17, 2010, the Funds investment strategy sought to track the total return performance of an index different from the S&P 500 Value Index. Performance of the Fund prior to December 17, 2010 is therefore based on
the Funds prior investment strategy to track a different benchmark index.
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ONE YEAR
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FIVE YEARS
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TEN YEARS
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RETURN BEFORE TAXES
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-0.66%
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-2.80%
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2.67%
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RETURN AFTER TAXES ON DISTRIBUTIONS
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-1.02%
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-3.28%
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2.16%
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RETURN AFTER TAXES ON DISTRIBUTIONS AND SALE OF FUND SHARES
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-0.03%
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-2.44%
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2.25%
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S&P 500 VALUE INDEX
(reflects no deduction for fees, expenses or taxes)
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-0.48%
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-2.96%
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3.52%
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PORTFOLIO MANAGEMENT
INVESTMENT ADVISER
SSgA FM serves as the investment adviser to the Fund.
PORTFOLIO MANAGERS
The professionals primarily responsible for the day-to-day management of the Fund are Mike Feehily and John Tucker.
MIKE FEEHILY, CFA
, is a Managing Director of the Adviser. He joined the Adviser in 1997, moved to State Street Global Markets LLC in 2006 and rejoined the Adviser in 2010.
JOHN TUCKER, CFA
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a Senior Managing Director of the Adviser. He joined the Adviser in 1988.
PURCHASE AND SALE INFORMATION
The Fund will issue (or redeem) Shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks of
50,000 Shares known as Creation Units. Creation Unit transactions are typically conducted in exchange for the deposit or delivery of in-kind securities and/or cash constituting a substantial replication, or a representation, of the
securities included in the Funds benchmark Index.
Individual Shares of the Fund may only be purchased and sold on the NYSE Arca,
Inc., other national securities exchanges, electronic crossing networks and other alternative trading systems through your broker-dealer at market prices. Because Fund Shares trade at market prices rather than at net asset value (NAV),
Shares may trade at a price greater than NAV (premium) or less than NAV (discount).
TAX INFORMATION
The Funds distributions are expected to be taxed as ordinary income and/or capital gains, unless you are investing through a tax-deferred
arrangement, such as a 401(k) plan or individual retirement account.
SPYVSUMPRO
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