State Street Global Advisors, the asset management business of
State Street Corporation (NYSE: STT), today announced that seven
SPDR® ETFs will be undergoing changes based upon an ongoing review
designed to meet client demand. Current shareholders are not
required to take any action as a result of these changes.
Reduced Expense Ratios for Two Fixed Income SPDR ETFs
The net expense ratios for the SPDR Bloomberg Barclays Mortgage
Backed Bond ETF (Symbol: MBG) and the SPDR Bloomberg Barclays
Issuer Scored Corporate Bond ETF (CBND) will be lowered in the
months ahead.
Ticker Fund Name
Current NetExpense Ratio
New NetExpense Ratio
Effective Date
MBG SPDR Bloomberg Barclays Mortgage Backed Bond ETF
0.20% 0.06% May 30, 2018
CBND SPDR Bloomberg Barclays Issuer Scored Corporate
Bond ETF 0.16% 0.06% July
31, 2018
New Index and Name for Corporate Bond SPDR ETF
In addition to a lower expense ratio, the SPDR Bloomberg
Barclays Issuer Scored Corporate Bond ETF will also change its
underlying index and fund name effective July 31, 2018.
Ticker Current Fund Name
Current Index New Fund Name
New Index CBND SPDR Bloomberg Barclays
Issuer Scored Corporate Bond ETF Bloomberg Barclays
Issuer Scored Corporate Index SPDR Bloomberg Barclays
Corporate Bond ETF Bloomberg Barclays US Corporate
Bond Index
Lower Share Prices for Five Equity SPDR ETFs
In addition to the changes above, State Street Global Advisors
also announced share splits on five equity SPDR ETFs. The splits
lower the funds’ share prices and increase the number of shares
outstanding. The aggregate market value of shares outstanding is
not impacted.
The share split will apply to shareholders of record as of
market close on June 8, 2018 and are payable after market close on
June 12, 2018. The shares will trade at their post-split price
effective June 13, 2018. The five SPDR ETFs include:
Ticker Fund Name
Current Price asof
5/21/18
Split
Est. Post-SplitPrice
SLY SPDR S&P 600 Small Cap ETF
$144.30 2:1 $72.15 SLYG
SPDR S&P 600 Small Cap Growth ETF $249.74
4:1 $62.44 SLYV SPDR S&P 600
Small Cap Value ETF $134.11 2:1
$67.06 MDYG SPDR S&P 400 Mid Cap Growth
ETF $163.29 3:1 $54.43
MDYV SPDR S&P 400 Mid Cap Value ETF
$104.68 2:1 $52.34
Source: spdrs.com, as of 5/21/2018
“We are always looking to make enhancements to benefit
investors,” said Noel Archard, global head of product for State
Street Global Advisors’ SPDR ETF business. “By lowering costs and
improving access to an array of investment exposures, these changes
will help to ensure our clients and these SPDR ETFs are well
positioned for long-term growth.”
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 four decades, State Street Global Advisors has served the
world’s governments, institutions and financial advisors. With a
rigorous, risk-aware approach built on research, analysis and
market-tested experience, we build from a breadth of active and
index strategies to create cost-effective solutions. As stewards,
we help portfolio companies see that what is fair for people and
sustainable for the planet can deliver long-term performance. And,
as pioneers in index, ETF, and ESG investing, we are always
inventing new ways to invest. As a result, we have become the
world’s third largest asset manager with nearly US $2.73 trillion*
under our care.
*This figure is presented as of March 31, 2018 and includes
approximately $56 billion of assets with respect to SPDR products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
Important Risk Information:Investing involves risk
including the risk of loss of principal.
The whole or any part of this work may not be reproduced, copied
or transmitted or any of its contents disclosed to third parties
without SSGA's express written consent.
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.
Investments in small-sized companies may involve greater
risks than in those of larger, better known companies. Returns on
investments in stocks of small companies could trail the returns on
investments in stocks of larger companies.
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.
Investments in mid-sized companies may involve greater
risks than those in larger, better known companies, but may be less
volatile than investments in smaller companies.
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.
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.
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 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.
State Street Corporation, One Lincoln Street, Boston, MA
02111-2900.
© 2018 State Street Corporation - All Rights Reserved
Not FDIC Insured • No Bank Guarantee • May Lose Value
2129482.1.1.NA.RTL
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State Street CorporationAndrew Hopkins, +1
617-664-2422Ahopkins2@StateStreet.com
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