According to the announcement, the new fund seeks to track the S&P BRIC 40 index – the dominant BRIC benchmark for institutional mandates – and includes 40 leading companies, representing the largest and most liquid securities in Brazil, Russia, India, and China. All index holdings trade in developed market exchanges (Hong Kong Stock Exchange, London Stock Exchange, NASDAQ, and NYSE).
The SPDR S&P BRIC 40 ETF will have an annual expense ratio of .40%, the announcement said. The fund will begin trading on the American Stock Exchange on June 22.
“The launch of SPDR S&P BRIC 40 ETF reflects the significant interest that we are seeing from financial advisers and institutional investors in this particular segment of emerging markets,” said James Ross, senior managing director of State Street Global Advisors, in the announcement.
More information is at www.ssga.com.