State Street Global Advisors (SSGA), the asset management
business of State Street Corporation (NYSE:STT), today announced
reverse share splits on two municipal bond SPDR ETFs. Reverse
splits lower the number of shares outstanding and increase the
funds’ share price. The aggregate market value of shares
outstanding is not impacted.
The two ETFs undergoing reverse share splits effective March 15,
2016 include:
Ticker Name Current
Price as of 3/10/16 Split
Est. Post Reverse Split Price SHM
SPDR Nuveen Barclays ShortTerm Municipal
Bond ETF
$24.42 1:2 $48.84
TFI
SPDR Nuveen BarclaysMunicipal Bond ETF
$24.49 1:2 $48.98
“We are always evaluating our product line-up and exploring ways
to enhance our SPDR ETF offerings to provide the best solutions for
our clients,” said Scott Ebner, senior managing director of Product
Development & Research at State Street Global Advisors.
As a result of the reverse splits, shareholders of SHM and TFI
could potentially hold fractional shares. In lieu of these
fractional shares, shareholders may receive cash following the
split.
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 Corporation. The funds
provide investors with the flexibility to select investments that
are precisely aligned to their investment strategy. Recognized as
an industry pioneer, State Street created the first US listed ETF
in 1993 (SPDR S&P 500® – Ticker SPY) and has remained on the
forefront of responsible innovation, as evidenced by 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
For nearly four decades, State Street Global Advisors has been
committed to helping financial professionals and those who rely on
them achieve their investment objectives. We partner with
institutions and financial professionals to help them reach their
goals through a rigorous, research-driven process spanning both
active and index disciplines. We take pride in working closely with
our clients to develop precise investment strategies, including our
pioneering family of SPDR ETFs. With trillions* in assets under
management, our scale and global footprint provide unrivaled access
to markets and asset classes, and allow us to deliver expert
insights and investment solutions.
State Street Global Advisors is the investment management arm of
State Street Corporation.
*Assets under management were $2.24 trillion as of December
31, 2015. AUM reflects approx. $22.0 billion (as of December 31,
2015) with respect to which State Street Global Markets, LLC (SSGM)
serves as marketing agent; SSGM and State Street Global Advisors
are affiliated.
Important Risk Information:
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.
Bonds generally present less short-term risk and
volatility than stocks, but contain interest rate risk (as interest
rates raise, bond prices usually fall); issuer default risk; issuer
credit risk; liquidity risk; and inflation risk. These effects are
usually pronounced for longer-term securities. Any fixed income
security sold or redeemed prior to maturity may be subject to a
substantial gain or loss.
The municipal market is volatile and can be significantly
affected by adverse tax, legislative or political changes and the
financial condition of the issuers of municipal securities.
Interest rate increases can cause the price of a debt security to
decrease. A portion of the dividends you receive may be subject to
federal, state, or local income tax or may be subject to the
federal alternative minimum tax.
Passively managed funds invest by sampling the index,
holding a range of securities that, in the aggregate, approximates
the full Index in terms of key risk factors and other
characteristics. This may cause the fund to experience tracking
errors relative to performance of the index.
Standard & Poor’s, S&P and SPDR are registered
trademarks of Standard & Poor’s Financial Services LLC
(S&P); Dow Jones is a registered trademark of Dow Jones
Trademark Holdings LLC (Dow Jones); and these trademarks have been
licensed for use by S&P Dow Jones Indices LLC (SPDJI) and
sublicensed for certain purposes by State Street Corporation. State
Street Corporation’s financial products are not sponsored,
endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their
respective affiliates and third party licensors and none of such
parties make any representation regarding the advisability of
investing in such product(s) nor do they have any liability in
relation thereto, including for any errors, omissions, or
interruptions of any index.
Distributor: State Street Global Markets, LLC is the distributor
for all registered products on behalf of the advisor. SSGA Funds
Management has retained Nuveen Asset Management as the
sub-advisor.
Distributor: State Street Global Markets, LLC, member FINRA,
SIPC, a wholly owned subsidiary of State Street Corporation.
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.
Not FDIC Insured –No Bank Guarantee – May Lose Value
© 2016 State Street Corporation - All Rights Reserved
Tracking # - CORP-1845
Expiration Date - 03/31/2017
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version on businesswire.com: http://www.businesswire.com/news/home/20160311005996/en/
State Street CorporationAndrew Hopkins, +1
617-664-2422Ahopkins2@StateStreet.comorTroy Mayclim, +1 914
686-5552tmayclim@riverinc.com
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