State Street Global Advisors (SSGA), the asset management
business of State Street Corporation (NYSE: STT), today announced
one forward and one reverse share split on two SPDR® ETFs. The
aggregate market value of shares outstanding is not impacted for
either fund.
Forward Share Split
The forward share split will decrease the price per share of the
SPDR S&P® Insurance ETF (KIE) with a proportionate increase in
the number of shares outstanding, as outlined in the following
chart:
Ticker Fund
Name Current Price as of 10/30/17
Split Est.
Post-Split Price KIE SPDR S&P
Insurance ETF $92.37 3:1
$30.79
The forward share split will apply to shareholders of record as
of market close on November 27, 2017 and are payable after market
close on November 29, 2017. The shares will trade at their
post-split price effective November 30, 2017
Reverse Share Split
The reverse split will increase the price per share of the SPDR
Bloomberg Barclays 1-3 Month T-Bill ETF (BIL) with a proportionate
decrease in the number of shares outstanding, as outlined in the
following chart:
Ticker Fund
Name Current Price as of 10/30/17
Split Est.
Post-Split Price BIL
SPDR Bloomberg Barclays1-3 Month T-Bill
ETF
$45.74 1:2
$91.48
The reverse share split will be effective November 30, 2017.
As a result of the above actions, shareholders of KIE and BIL
could potentially hold fractional shares. In lieu of these
fractional shares, shareholders may receive cash following the
splits.
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 $2.67 trillion as of September
30, 2017. AUM reflects approx. $36 billion (as of September 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.
Important Risk Information:
Because of their narrow focus, sector funds tend to be
more volatile than funds that diversify across many sectors and
companies.
Equity securities may fluctuate in value in response to
the activities of individual companies and general market and
economic conditions.
Bonds generally present less short-term risk and
volatility than stocks, but contain interest rate risk (as interest
rates rise, 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.
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-3451
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version on businesswire.com: http://www.businesswire.com/news/home/20171115005810/en/
State Street CorporationAndrew Hopkins, +1
617-664-2422Ahopkins2@StateStreet.com
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