SPDR ® ETF Treatment of Weyerhaeuser Company Special Dividend
August 19 2010 - 5:19PM
Business Wire
As previously announced on August 4, 2010, SPDR® S&P 500 ETF
Trust (NYSE: SPY), The Materials Select Sector SPDR® Fund (NYSE:
XLB), SPDR® Dow Jones Large Cap ETF (NYSE: ELR), SPDR® Dow Jones
Large Cap Value ETF (NYSE: ELV) and SPDR® Dow Jones Total Market
ETF (NYSE: TMW) (collectively, the “SPDR Funds”), as record holders
of Weyerhaeuser Company (NYSE: WY), do not intend to make a special
dividend payment reflecting the amounts received from the
Weyerhaeuser Company special dividend. The amounts received from
Weyerhaeuser Company will be reflected as part of each SPDR ETFs’
scheduled dividend payments.
S&P 500 ETF Trust (NYSE: SPY) has elected the “STOCK”
option. The Materials Select Sector SPDR® Fund (NYSE: XLB), SPDR®
Dow Jones Large Cap ETF (NYSE: ELR), SPDR® Dow Jones Large Cap
Value ETF (NYSE: ELV) and SPDR® Dow Jones Total Market ETF (NYSE:
TMW) have elected the ‘CASH” option. The details of each option are
available in Weyerhaeuser Company’s prospectus supplement filed
with the Securities and Exchange Commission on July 13, 2010.
Although several SPDR Funds elected the CASH option, it is expected
that each SPDR Fund electing CASH will receive a mix of cash and WY
stock. The ratio of cash and stock is not available at this time
but, under the terms, up to 90% of the dividend could be paid in WY
stock. Each SPDR Fund intends to retain the newly-issued WY
securities unless its underlying index does not increase the WY
weightings.
If more definitive information or revised information regarding
the corporate action becomes available prior to payment date or if
circumstances warrant, each SPDR Fund reserves the right to take
actions deemed reasonable or necessary to best pursue its
investment objectives consistent with the principal investment
strategies of each SPDR Fund.
The SPDR Funds undertake no obligation to publicly update these
statements to reflect subsequent events or circumstances.
State Street manages more than $200 billion in SPDR ETF assets
worldwide (as of June 30, 2010) and is one of the largest ETF
providers in the US and globally.
About State Street Global Advisors
State Street Global Advisors (SSgA) is a global leader in asset
management that sophisticated investors worldwide rely on for a
disciplined investment process, powerful global investment platform
and access to every major asset class, capitalization range and
style. SSgA is the asset management business of State Street, one
of the world’s leading providers of financial services to
institutional investors.
Note to Editors: SPDR® Exchange Traded Funds
SPDR ETFs are a comprehensive family spanning an array of
international and domestic asset classes. SPDR ETFs provide
professional investors with the flexibility to select investments
that are precisely aligned to their investment strategy. Recognized
as the industry pioneer, State Street—in partnership with the
American Stock Exchange—created the first ETF in 1993 (SPDR S&P
500 – Ticker SPY). Since then, we’ve sustained our place as an
industry innovator through the introduction of many ground-breaking
products, including first-to-market successes with gold,
international real estate, international fixed income and sector
ETFs. SPDR ETFs are managed or marketed by SSgA or SSgA Funds
Management, Inc, a registered investment adviser and wholly owned
subsidiary of State Street Bank and Trust Company.
ETFs trade like stocks, are subject to investment risk,
fluctuate in market value and may trade at prices above or below
the ETFs net asset value. Brokerage commissions and ETF
expenses will reduce returns.
Foreign investments involve greater risks than U.S. investments,
including political and economic risks and the risk of currency
fluctuations, all of which may be magnified in emerging
markets.
Frequent trading of ETFs could significantly increase
commissions and other costs such that they may offset any savings
from low fees or costs.
Because of their narrow focus, sector funds tend to be more
volatile than funds that diversify across many sectors and
companies.
"SPDR®" is a registered trademark of Standard & Poor’s
Financial Services LLC ("S&P") and has been licensed for use by
State Street Corporation. No financial product offered by State
Street Corporation or its affiliates is sponsored, endorsed, sold
or promoted by S&P or its Affiliates, and S&P and its
affiliates make no representation, warranty or condition regarding
the advisability of buying, selling or holding units/shares in such
products. Standard & Poor’s®, S&P®, SPDR®, S&P 500® and
Select Sector SPDRs® are registered trademark of Standard &
Poor’s Financial Services LLC and have been licensed for use by
State Street Corporation.
Distributor (for SPDR ETFs, except as noted below): State Street
Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary
of State Street Corporation.
ALPS Distributors, Inc., a registered broker-dealer, is
distributor for SPDR S&P 500 shares, MidCap SPDRs and Dow
Diamonds, all unit investment trusts and Select Sector SPDRs.
References to State Street may include State Street Corporation
and its affiliates. Certain State Street affiliates provide
services and receive fees from the SPDR ETFs.
Before investing, consider the funds’ investment objectives,
risks, charges and expenses. To obtain a prospectus or summary
prospectus which contains this and other information, call
1-866-787-2257 or visit www.spdrs.com. Read it
carefully.
CORP-0174
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