SSgA also announced changes to the indexes, names and tickers of three U.S. equity SPDR ETFs. The three SPDR ETFs will seek to track Russell Indexes that provide comprehensive coverage of each underlying market segment.
The SPDR Russell 2000 ETF seeks to track the performance of the Russell 2000 Index, which measures the performance of the small-cap segment of the U.S. equity market. The index is a subset of the Russell 3000 Index, which represents approximately 10% of its total market capitalization and includes approximately 2000 of the smallest securities based on a combination of market cap and current index membership, according to SSgA.
The updated ETFs include: the SPDR Dow Jones Total Market ETF (ticker symbol, TMW), which will now be called the SPDR Russell 3000 ETF (THRK) and switched from the Dow Jones Total Stock Market Index to the Russell 3000 Index; the SPDR Dow Jones Large Cap ETF (ELR), which is now the SPDR Russell 1000 ETF (ONEK) and switched from the Dow Jones Large Cap Total Stock Market Index to the Russell 1000 Index; and the SPDR Down Jones Mid Cap ETF (EMM), which is now the SPDR Russell Small Cap Completeness ETF (RSCO) and switched from the Dow Jones U.S. Mid Cap Total Stock Market Index to the Russell Small Cap Completeness Index.
“Our ETF leadership drives our commitment to continually reviewing the SPDR offering to ensure it provides our clients with access to a broad range of asset classes and strategies,” said James Ross, senior managing director and global head of SPDR Exchange Traded Funds at SSgA. “The Russell indexes are strong U.S. equity benchmarks that are backed by a transparent, rules-based methodology that is accurate and replicable.”