S&P 500
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About the Index
Widely regarded as the best single gauge of the U.S. equities market, this world-renowned
index includes 500 leading companies in leading industries of the U.S. economy. Although the
S&P 500® focuses on the large cap segment of the market, with approximately 75% coverage
of U.S. equities, it is also an ideal proxy for the total market. S&P 500 is part of a series of S&P
U.S. indices that can be used as building blocks for portfolio construction.
S&P 500 is maintained by the S&P Index Committee, a team quarters of positive as-reported earnings, where as-reported
of Standard & Poor’s economists and index analysts, who earnings are defined as GAAP Net Income excluding
meet on a regular basis. The goal of the Index Committee discontinued operations and extraordinary items.
is to ensure that the S&P 500 remains a leading indicator of • Adequate Liquidity and Reasonable Price. The ratio
U.S. equities, reflecting the risk and return characteristics of annual dollar value traded to float adjusted market
of the broader large cap universe on an on-going basis. The capitalization for the company should be 1.0 or greater. Very
Index Committee also monitors constituent liquidity to ensure low stock prices can affect a stock’s liquidity.
efficient portfolio trading while keeping index turnover to a • Sector Representation. Companies’ industry classifications
minimum. contribute to the maintenance of a sector balance that is in
Index Methodology line with the sector composition of the universe of eligible
The S&P Index Committee follows a set of published companies with market cap in excess of US$ 3.5 billion.
guidelines for maintaining the index. Complete details of • Company Type. All U.S. common equities listed on the NYSE
these guidelines, including the criteria for index additions (including NYSE Arca and NYSE Amex) and the NASDAQ
and removals, policy statements, and research papers are stock market. REITs (excluding mortgage REITs) and
available on the Web site at www.indices.standardandpoors. business development companies (BDCs) are also eligible for
com. These guidelines provide the transparency required and inclusion. Closed end funds, ETF’s, ADR’s, ADS’s and certain
fairness needed to enable investors to replicate the index and other types of securities are ineligible for inclusion. See
achieve the same performance as the S&P 500. methodology for details.
Criteria for Index Additions Continued index membership is not necessarily subject to
• U.S. Company. Determining factors include location of the these guidelines. The Index Committee strives to minimize
unnecessary turnover in index membership and each removal
company’s assets & revenues, its corporate structure, its
is determined on a case-by-case basis.
SEC filing type, and its exchange listings.
• Market Capitalization. Companies with market cap in Criteria for Index Removals
excess of US$ 3.5 billion. This minimum is reviewed from • Companies that substantially violate one or more of the
time to time to ensure consistency with market conditions. criteria for index inclusion.
• Public Float. There must be public float of at least 50%. • Companies involved in merger, acquisition, or significant
• Financial Viability. Companies should have four consecutive restructuring such that they no longer meet the inclusion
criteria.
 S&P 500
Equity Indices |
June 30, 2010

The large cap segment of the U.S. S&P Composite 1500

equities market, covering S&P 500 S&P MidCap 400 S&P SmallCap 600
approximately 75% of the U.S. equities S&P 100
market.
S&P 900

S&P 1000

Index Performance 5 Year Historical Performance

Returns 1 Month -5.23% 2500
3 Month -11.43%
YTD -6.65% 2200
Annualized 1 Year 14.43%
Returns 3 Years -9.81% 1900
5 Years -0.79%
7 Years 2.84% 1600
Annualized 3 Years Std Dev 20.73%
Risk 5 Years Std Dev 16.83% 1300
Sharpe Ratio 3 Years -0.4515
5 Years -0.1146 1000
Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10

Top 10 Companies By Weight

Float Adjusted Investable
Market Cap Index Sector Weight
Country Company ($ Million) Weight Weight Factor GICS ® Sector
United States Exxon Mobil Corp 291,748.2 3.13% 25.39% 1.00 Energy
United States Apple Inc. 228,876.7 2.46% 11.49% 1.00 Information Technology
United States Microsoft Corp 175,440.7 1.88% 8.80% 0.87 Information Technology
United States Procter & Gamble 172,736.6 1.85% 14.53% 1.00 Consumer Staples
United States Johnson & Johnson 162,891.6 1.75% 12.69% 1.00 Health Care
United States Intl Business Machines Corp 158,344.3 1.70% 7.95% 1.00 Information Technology
United States General Electric Co 153,955.4 1.65% 13.88% 1.00 Industrials
United States JP Morgan Chase & Co 145,660.0 1.56% 8.35% 1.00 Financials
United States Bank of America Corp 144,173.4 1.55% 8.27% 1.00 Financials
United States AT&T Inc 142,938.7 1.53% 48.21% 1.00 Telecommunication Services

Tickers Sector Breakdown Index Portfolio Characteristics

S&P 500 Telecom Svc Utilities Cons Disc Number of Companies 500
BLOOMBERGSM SPX 3.0% 3.7% 10.1% Adjusted Market Cap ($ Billion) 9,320.01
Materials
Reuters .SPX Company Size By Market Cap (Adjusted $ Billion):
3.4% Cons Staples
Total Return Average 18.64
11.5%
BLOOMBERGSM SPTR Info Tech Largest 291.75
Reuters .SPXTR 18.8% Smallest 1.01
Energy
Median 8.29
10.7%
% Weight Largest Company 3.13%
Industrials Top 10 Holdings (% Market Cap Share) 19.06%
10.3% Financials
Health Care 16.3%
12.1%

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