Product Description
MidCap SPDRs — Standard
& Poor’s MidCap 400 Depositary Receipts — are Exchange-traded securities
that represent ownership in the MidCap SPDR Trust, a long-term unit investment trust
established to accumulate and hold a portfolio of common stocks that is intended to generally correspond to the performance
and dividend yield of the Standard & Poor’s MidCap 400
Index. MidCap SPDRs are designed to provide a security whose market value approximates 1/5
the value of the underlying S&P MidCap 400 Index.
Holders of MidCap SPDRs are entitled to receive proportionate quarterly distributions
corresponding to the dividends which accrue on the S&P MidCap 400 stocks in the
underlying portfolio, less accumulated Trust expenses. |
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Sponsor and Trustee
The sponsor of the MidCap SPDR
Trust is PDR Services LLC, a Delaware limited liability company whose sole member is The American Stock Exchange
LLC. The trustee for MidCap SPDRs is The Bank of New York. The distributor for
MidCap SPDRs is ALPS Mutual Funds Services, Inc. |
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Trading Unit
A round lot is 100 MidCap SPDRs. Odd lots (i.e., less than 100 MidCap SPDRs) trade as well. |
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Price Quotations
Quotations in dollars and
fractions per MidCap SPDR; fractions of a dollar in minimum increments of 1/64. Example: a
quote of 70 1/64 represents a price of $70.0156 (or $7,001.56 for a MidCap SPDR round
lot). |
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Settlement of Trades
Three business days. All MidCap SPDRs are held in book-entry form only at The Depository Trust Company (DTC). |
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Dividend Equivalent
Dividend equivalent amounts — a pro rata amount (less accumulated Trust expenses) of regular cash dividends for
the stocks in the trust which have gone ex-dividend — are paid quarterly on the last
business day in April, July, October and January. MidCap SPDRs’ ex-dividend date is
the third Friday in March, June, September and December. Quarterly accrual periods begin
on the ex-dividend date and extend to the next ex-dividend date. DTC’s Dividend
Reinvestment Service will be made available to DTC participant brokers for quarterly
reinvestment of cash distributions received by MidCap SPDR holders. |
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Creations and Redemptions
MidCap SPDRs can be created in "creation unit" block sizes of 25,000 MidCap SPDRs by depositing a portfolio of
stocks closely approximating the composition of the S&P MidCap 400 Index, with a
specified amount of cash, into the MidCap SPDR Trust. Conversely, a creation unit of
25,000 MidCap SPDRs can be redeemed for a specific portfolio of stocks and a specified
cash amount. The shares of component stocks in a creation unit are determined by the
trustee prior to the opening of trading each business day. The required cash amount is
determined on the same day following the close of trading. |
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Net Asset Values
The net asset value (NAV) per MidCap SPDR is computed each business day at the close of trading, normally 4 p.m. New
York time. NAV represents the aggregate closing market value of the underlying portfolio
of S&P MidCap 400 securities in the MidCap SPDR Trust plus any accrued dividends,
minus accumulated Trust expenses on a per MidCap SPDR basis. |
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Initial Customer Margin
Regulation T margin requirements for exchange-traded securities apply. Long positions
require 50 percent margin; short positions require 150 percent margin. |
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Exemption From Short Sale Rule
Unlike common stocks, MidCap SPDRs are exempt from the rule that requires shares to be
sold short only on an uptick (a last sale price higher than the preceding last sale). MidCap SPDRs can be sold short on a downtick. |
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Net Asset Values
The net asset value (NAV) per MidCap SPDR is computed each business day at approximately 4 p.m. New York time.
NAV represents the aggregate closing market
value of the underlying portfolio of MidCap-400 Index securities in the MidCap SPDR Trust, plus
portfolio cash and any accrued dividends and minus accumulated Trust expenses on a per
MidCap SPDR basis. |
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Initial Customer Margin
Regulation T margin requirements for exchange-traded securities apply. Long positions require 50 percent margin; short
positions require 150 percent margin. |
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| Symbols |
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Product Description
Amex Rule 1000 requires members to provide to all purchasers of MidCap SPDRs in the secondary market a written Product
Description for MidCap SPDRs in a form provided by the Exchange not later than the time a
confirmation of the first transaction in MidCap SPDRs is delivered to such purchaser. The
Product Description must also accompany MidCap SPDR sales material sent out by members.
See Amex Rule 1000, Commentary .01. |
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Trading Hours
9:30 a.m. to 4:15 p.m. New York time. |
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CUSIP Number
595635103 |
