State Street Global Advisors Announces New Benchmarks for Five SPDR® ETFs
October 24 2011 - 10:09AM
Business Wire
State Street Global Advisors (SSgA)*, the asset management
business of State Street Corporation (NYSE: STT), today announced
changes to the indices and names of five financial industry SPDR
ETFs. Effective October 24, 2011, the five SPDR ETFs will seek to
track S&P® Select Industry Indices that provide access to the
same market segments as funds’ current index and offer broader
diversification and reduced concentration risk.
The changes will affect the following SPDR ETFs:
Current
New
ETF Name
Index
ETF Name
Index
SPDR KBW Bank ETF (KBE)
KBW Bank Index
SPDR S&P Bank ETF (KBE)
S&P Banks Select Industry Index
SPDR KBW Capital Markets ETF (KCE)
KBW Capital Markets Index
SPDR S&P Capital Markets ETF (KCE)
S&P Capital Markets Select Industry
Index
SPDR KBW Insurance ETF (KIE)
KBW Insurance Index
SPDR S&P Insurance ETF (KIE)
S&P Insurance Select Industry
Index
SPDR KBW Mortgage Finance ETF (KME)
KBW Mortgage Finance Index
SPDR S&P Mortgage Finance ETF
(KME)
S&P Mortgage Finance Select Industry
Index
SPDR KBW Regional Banking ETF (KRE)
KBW Regional Banking Index
SPDR S&P Regional Banking ETF
(KRE)
S&P Regional Banks Select Industry
Index
The funds’ ticker symbols and expense ratios will remain
unchanged.
“As a leading manager of industry and sector ETFs, we are
constantly reviewing the SPDR ETF offering to improve access to a
wide range of asset classes,” said James Ross, senior managing
director and global head of SPDR Exchange Traded Funds at State
Street Global Advisors. “In addition to unifying our industry SPDR
ETFs around a single index provider, the new S&P indices offer
investors greater diversification and a rules-based methodology
that enhances transparency.”
The S&P Select Industry Indices are designed to measure the
performance of various Global Industry Classification Standard
(GICS®) sub-industries, the most detailed level of industry
definition. Constituent stocks are members of the S&P Total
Market Index, which includes all common equities listed on the NYSE
and the NASDAQ US exchanges. Each index in the series comprises a
minimum of 35 liquid securities, providing an investable portfolio
representing a concentrated industry.
State Street manages more than $245** billion in SPDR ETF assets
worldwide (as of September 30, 2011) and is one of the largest ETF
providers in the US and globally.
About SPDR Exchange Traded Funds
SPDR ETFs are a comprehensive family spanning an array of
international and domestic asset classes. SPDR ETFs are managed by
SSgA Funds Management, Inc., a registered investment adviser and
wholly owned subsidiary of State Street Bank and Trust Company. The
funds provide professional investors with the flexibility to select
investments that are precisely aligned to their investment
strategy. Recognized as the industry pioneer, State Street 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 launches with gold, international real estate,
international fixed income and sector ETFs. For more information,
visit www.spdrs.com.
About State Street Global Advisors
State Street Global Advisors (SSgA) is a global leader in asset
management. The firm is relied on by sophisticated investors
worldwide for its 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.
*SPDR ETFs are managed by SSgA Funds Management, Inc., a
registered investment adviser and wholly owned subsidiary of State
Street Bank & Trust Company.
**This AUM includes the assets of the SPDR Gold Trust (approx.
$64 billion as of September 30, 2011), for which State Street
Global Markets, LLC, an affiliate of State Street Global Advisors
serves as the marketing agent.
Standard & Poor’s does not sponsor, endorse, sell or promote
any S&P index-based investment product. This document does not
constitute an offer of services in jurisdictions where Standard
& Poor’s or its affiliates do not have the necessary licenses.
Standard & Poor’s receives compensation in connection with
licensing its indices to third parties. It is not possible to
directly invest in an index.
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.
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-0412
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