The SPDR S&P 500 trust is an ETF which trades on the NYSE under the symbol (NYSE: SPY). SPDR is an acronym for the Standard & Poor's Depositary Receipts, the former name of the ETF. It is designed to track the S&P 500 stock market index. For a long time, this fund was the largest ETF in the world. SPDR is a trademark of Standard and Poor's Financial Services LLC, a subsidiary of McGraw-Hill Companies, Inc. The ETF's CUSIP is 78462F103. The fund does all short selling, and has a Net Expense Ratio of 0.0945%. The value of one share of the ETF is worth approximately 1/10 of the cash S&P 500's current level. On April 9, 2013 the average daily volume was 117 million shares, the highest volume in any ETF. The sponsor is PDR Services LLC, a wholly owned subsidiary of American Stock Exchange LLC. Dividends are distributed quarterly, and are based on the accumulated stock dividends held in trust, less any expenses of the trust.