SPDR S&P 500 ETF

SPDR S&P 500 ETF (SPY)

Index ETF

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Fund Quick Facts

As of 09/22/2008

Closing NAV:	$120.55		Current Distribution Rate:	2.28%
Closing Share Price:	$121.31		Premium/(Discount):	0.63%

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52 Week High-Low NAV: $156.39-$121.48	As of 08/31/2008
52 Week High-Low Share Price: $156.4800-$120.9900

	Fund Basics

Category:	Growth - Domestic	Inception Date:	02/18/1993*
Fund Sponsor:	State Street Global Advisors	Inception NAV:	$43.30
Portfolio Manager:	Arlene M. Rockefeller	Inception Share Price:	$43.41
		Cusip Number:	78462F103
AMEX -symbol:	SPY	NASDAQ Symbol:	--
*The actual inception date of this fund is 01/29/1993. Historical data, prior to the Inception Date listed above, is being sought for this fund. Please check back soon.

	Investment Objective

The Trust's Holdings are comprised of the 500 stocks in the S&P 500 Index, which is designed to capture the price performance of a large cross-section of the U.S publicly traded stock market. The main objective of the fund is to replicate the total return of the S&P 500 Index. The SPDR Trust, Series 1 seeks to match the total return of the S&P 500 Index. To accomplish this, the trust utilized a full replication approach. With this strategy, all 500 securities of the S&P 500 Index are owned by the Trust in their approximate market capitalization weight.

	Share Price and NAV History

Data reflects performance over the previous 12 months | since inception

As of 08/31/2008

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	Premium/Discount History

Data reflects performance over the previous 12 months | since inception

As of 08/31/2008

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	Distribution History

Payable Date	Ex Date	Distribution Amount	Long Gain	Short Gain
10/31/2008	09/19/2008	0.6909	0	0
07/31/2008	06/20/2008	0.6692	0	0
04/30/2008	03/20/2008	0.6420	0	0
01/31/2008	12/21/2007	0.7754	0	0
10/31/2007	09/21/2007	0.7187	0	0
07/31/2007	06/15/2007	0.6556	0	0
04/30/2007	03/16/2007	0.5513	0	0
01/31/2007	12/15/2006	0.7927	0	0
10/31/2006	09/15/2006	0.5793	0	0
07/31/2006	06/16/2006	0.5555	0	0
04/28/2006	03/17/2006	0.5195	0	0
01/31/2006	12/16/2005	0.6717	0	0

This data shows both historical and future distributions as reported by fund sponsors to our data provider, Thomson Financial.
Distribution History Since Inception

	Performance History

Calendar Year Total Returns As Of 08/31/2008 since inception					Annualized Total Returns As Of 08/31/2008
NAV					NAV
1999 20.84%	2000 -9.15%	2001 -11.90%	2002 -22.07%	2003 28.36%	1 Year	3 Year	5 Year	10 Year	since inception
2004 10.76%	2005 4.79%	2006 15.65%	2007 5.43%	2008(YTD) -11.39%	-11.16%	3.58%	6.81%	4.58%	9.13%
Share Price					Share Price
1999 20.39%	2000 -9.73%	2001 -11.79%	2002 -21.54%	2003 28.13%	1 Year	3 Year	5 Year	10 Year	since inception
2004 10.72%	2005 4.83%	2006 15.81%	2007 5.17%	2008 -11.04%	-10.96%	3.57%	6.82%	4.60%	8.99%
Source: Thomson, as of 08/31/2008

	Sector and Holdings Summary

As of 05/31/2008
Holding	Dollar Value	% of Total Portfolio
Exxon Mobil Corp	N/A	3.89
General Electric Co	N/A	2.51
At&T Inc	N/A	1.97
Microsoft Corp	N/A	1.86
Chevron Corp New	N/A	1.69
Procter & Gamble Co	N/A	1.66
Johnson & Johnson	N/A	1.55
International Business Mach	N/A	1.47
Apple Inc	N/A	1.36
Cisco Sys Inc	N/A	1.3

Industry Diversification As of 05/31/2008	Creation/Redemption Features As of 08/31/2008 Creation Unit 50000 Creation Unit Fee 3000 Maximum Creation Fee 3000 Redemption Unit 50000 Redemption Fee 3000 Max. Red. Fee 3000
Country Diversification 2 Countries with 5% or more As of 05/31/2008	ETF Facts As of 08/31/2008 Marginable Yes Option Tradable Yes Short Selling Yes Min. Secondary Share Purchase 1 Expense Ratios 0.10%

	Other Portfolio Data

Fundamental Data As of 05/31/2008 Common Average Weighted Maturity (years) -- Average Priced-to-Date Average Coupon -- Average Duration (years) -- Average Bond Price of Portfolio -- % of Portfolio Pre-Refunded -- %AMT (as of 05/31/2008) -- Derivatives -- Semi Annual Fund Data *Data is from latest annual/semi-annual report. As of 06/30/2008 Total Net Assets $71,654,684,000 Common Total Common Assets $71,654,684,000 Shares Outstanding 560,392,836

Monthly Fund Data As of 08/31/2008 Common Net Asset Value Per Share $128.62 Share Price $128.7900 Premium/Discount 0.13% Distribution Per Share (As of 09/19/2008) $0.6909 Current Distrib. Rate (on share price) 2.08% Average Daily Volume (shares) 222,420,000

	Past performance is no guarantee of future results.
	Investing in ETFs involve certain risks such as:
>	Market risk - General stock market fluctuations and volatile increases and decreases in value as market confidence in and perceptions of the issuers change. Investor perceptions can be based on various and unpredictable factors including expectations regarding government, economic, monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and political climates. The value of any security can rise or fall and when liquidated, may be worth more or less than the original investment.
>	Interest rate risk - The risk that a rise in interest rates will cause the value of an investment to decline.
>	Lack of Diversification - A concentrated or sector fund may be subject to greater price volatility or adversely affected by the performance of the securities in that particular sector. In addition, it may be more susceptible to any single economic, political, or regulatory occurrence than the holdings of an investment company that is more broadly diversified.
>	Foreign Investment risk - Investing in foreign countries or securities may involve additional risks and considerations, including but not limited to, currency risk or the risk that a currency devaluation or exchange rate will result in the decline in the value of an investment; market risks; and unfavorable political developments that are not usually associated with investments in the U. S.
>	Liquidity Risk - The risk that the market cannot accommodate an order to buy or sell a security in the desired timeframe, or the risk that trading on a stock exchange may be halted because of market conditions.

Footnotes

1. Annualized total return is determined by subtracting the initial investments from the redeemable value of the investment at the end of the investment period, dividing the remainder by the initial investment and expressing the result as a percentage. For multiple years, 1 would be added to the results, this number could then be raised to the power of 1/years annualized - 1 to find the result of a multiple year annualized return. The calculation assumes that all income and capital gains distributions by the Fund have been reinvested at net asset value (share price) on the ex dates during the period.

2. Country Diversification shows the percentage of the fund invested in a country based on total assets. A country is only listed if the investment in the country is more than 5% of the total assets.

3. Income from this fund may be subject to state and local taxes, as well as to the alternative minimum tax. Capital gains, if any, will be subject to tax.