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Products October 24, 2011
SSgA Announces New Benchmarks for Five SPDR ETFs
State Street Global Advisors (SSgA) announced changes to the indices and names of five financial industry SPDR exchange-traded funds (ETFs).
Reported by PLANADVISER staff
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 ETFs:
Current ETF Name | Current Index Name | New ETF Name | New Index Name |
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 not change.
“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. “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.”