How to Invest in MidCap Spiders

You invest in MidCap Spiders the same way you would invest in any stock:

1.  Talk to your broker and/or access your brokerage account.
2.  Purchase as many shares as you like, starting with one.
3.  Monitor performance easily with the MidCap Spiders Quick Quote.
4.  Buy or sell any time during the trading day.

Details of Investing in MidCap Spiders

A single MidCap Spider can be seen as a "share" in the portfolio of the S&P MidCap 400® stocks held in the MidCap SPDR Trust. Just as a typical round lot for stock is 100 shares, a round lot for the MidCap Spider is 100 MidCap Spider shares. MidCap Spiders trade in round lots as well as odd lots (i.e., of less than 100) on the American Stock Exchange.

MidCap Spider prices are quoted in dollars and cents per share with a minimum price variation of $0.01 (one penny). Of course, the MidCap Spider price also reflects its share of dividends accrued in the Trust. In addition, market forces including supply and demand and other factors will affect prices.

The net asset value (NAV) of MidCap Spiders is computed each business day at the close of trading on the New York Stock Exchange (normally 4:00 p.m., Eastern Time). NAV represents the aggregate closing market value of the underlying Trust portfolio of S&P Midcap 400 securities plus any accrued dividends, minus accumulated Trust expenses, on a per-MidCap Spider share basis. The actual closing price of MidCap Spiders is published in major newspapers the following business day, including The Wall Street Journal, as well as on numerous financial websites, like amex.com.