From Dustin Woodard,
Your Guide to Mutual Funds.
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Definition: The S&P 500 O-Strip Index is a subset of the popular S&P 500 index. It is simply the S&P 500 stocks that are listed on NASDAQ, which amounts to approximately 75 NASDAQ traded stocks.

Standard and Poor's officially announced this index on March 29th, 2004.

Here's what Standard and Poor's says about the o-strip index:

"We created this index to provide an effective way to measure the performance of this subset of the S&P 500 and establish a basis for our licenses to meet investor demand for a more efficient way to acquire the underlying components of the S&P 500... Investors can also use this new index as an alternative to the Nasdaq 100."

Once a NYSE-only strip version of the S&P 500 comes out, investors can use the o-strip index to under-weight or overweight the Nasdaq portion of the S&P 500, depending on their chosen strategy.

The first company to offer an ETF based on this strategy was State Street Global Advisors. Their S&P 500 O-strip ETF uses the tickers OOO.

Also Known As: O-strip, SP 500 O-strip, O-strip Index