State Street Global Advisors Announces Changes to the SPDR Morgan Stanley Technology ETF
August 29 2017 - 5:00PM
Business Wire
State Street Global Advisors (SSGA), the asset management
business of State Street Corporation (NYSE: STT), today announced
changes to the name and index of the SPDR Morgan Stanley Technology
ETF. Effective Monday, September 11, 2017, the fund will be renamed
the SPDR NYSE Technology ETF and begin tracking the NYSE Technology
Index. The fund’s ticker symbol will be changed to XNTK. The annual
gross expense ratio remains unchanged at 0.35 percent and no action
is required by shareholders.
This change was brought about by Morgan Stanley’s decision to
transition out of index calculation and administration services.
The investment characteristics of XNTK’s new index are similar to
the legacy index, with the noted change of using the NYSE’s
sector/industry classification system. There will be no changes to
the index constituents or weights until the next scheduled
reconstitution in December 2017.
The NYSE® Technology Index is an equal-dollar weighted index
designed to objectively represent the technology sector by holding
35 of the leading U.S. technology-related companies. The Index
comprises US-listed companies drawn from the Information Technology
sector and technology-related companies from the Consumer
Discretionary sector, as defined and published by ICE Data. The ICE
Data Indices Index Committee is responsible for the day-to-day
management of the index and is also responsible for decisions
regarding the interpretation of index rules. The Index is
equal-dollar-weighted to ensure that each of its component
securities is represented in approximate equal dollar value. To
ensure that each component stock continues to represent approximate
equal market value in the Index, adjustments, if necessary, are
made annually after the close of trading on the third Friday of
December.
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 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 $2.61 trillion as of June 30,
2017. AUM reflects approx. $34 billion (as of June 30, 2017) with
respect to which State Street Global Advisors Funds Distributors,
LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street
Global Advisors are affiliated.
Because of their narrow focus, sector funds tend to be
more volatile than broadly diversified funds and generally result
in greater price fluctuations than the overall market.
Foreign (non-U.S.) Securities may be subject to greater
political, economic, environmental, credit and information risks.
Foreign securities may be subject to higher volatility than U.S.
securities, due to varying degrees of regulation and limited
liquidity.
Equity securities may fluctuate in value in response to
the activities of individual companies and general market and
economic conditions.
Non-diversified funds that focus on a relatively small
number of securities tend to be more volatile than diversified
funds and the market as a whole.
Passively managed funds hold 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.
While the shares of ETFs are tradable on secondary markets, they
may not readily trade in all market conditions and may trade at
significant discounts in periods of market stress.
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.
Distributor: State Street Global Advisors Funds
Distributors, LLC, member FINRA, SIPC, an indirect 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
CORP-3215
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State StreetAndrew Hopkins, +1
617-664-2422Ahopkins2@StateStreet.com
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