Are there risks involved in investing in SPDRs and MidCap SPDRs?
Yes. Because SPDRs and MidCap SPDRs represent diversified portfolios, they are subject to the risk that the general level of stock prices will decline. If the S&P 500 and S&P MidCap 400 drop, the values of SPDRs and MidCap SPDRs will decline as well. In addition, the levels of the indexes and the values of SPDRs and MidCap SPDRs will continue to be reported even if trading is interrupted in some or all of the S&P 500 or S&P MidCap 400 component stocks. As a result, reported index levels and SPY and MDY price quotations may at times be based on non-current price information with respect to some or even all of the stocks in the S&P 500 or the S&P MidCap 400. SPDRs and MidCap SPDRs may trade below, at or above net asset value. Trading of SPDRs and MidCap SPDRs will be halted whenever Exchange trading in equity securities generally is halted as a result of activation of market-wide “circuit breakers” that are tied to large decreases in the Dow Jones Industrial Average. Trading in SPDRs and
