CORRECTING and REPLACING New ETF Benchmark Changes from SSgA Feed Investor Appetite for Increased Ac
CORRECTING and REPLACING New ETF Benchmark Changes from SSgA Feed Investor Appetite for Increased Access to US Equity Market
Offers New Small Cap ETF and Benchmark Change for Three SPDR ETFs
BOSTON--(BUSINESS WIRE)-- Please replace the release dated July 9, 2013 with the following corrected version due to updated information regarding fees and expenses in the chart.
The corrected release reads:
NEW ETF BENCHMARK CHANGES FROM SSGA FEED INVESTOR APPETITE FOR INCREASED ACCESS TO US EQUITY MARKET
Offers New Small Cap ETF and Benchmark Change for Three SPDR ETFs
State Street Global Advisors (SSgA)*, the asset management arm of State Street Corporation (NYS: STT) , today announced the availability of the SPDR Russell 2000 ETF (Symbol: TWOK), which began trading on NYSE Arca on July 09, 2013, and changes to the indexes, names and tickers of three US equity SPDR ETFs effective the same date. The three SPDR ETFs will seek to track Russell Indexes that provide comprehensive coverage of each underlying market segment. Russell captures 72 percent of the market share for all US institutional equity products reporting a benchmark.
"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 US equity benchmarks that are backed by a transparent, rules-based methodology that is accurate and replicable."
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 US equity market. The Index is a subset of the Russell 3000 Index that represents approximately 10 percent of its total market capitalization (cap) and includes approximately 2000 of the smallest securities based on a combination of market cap and current index membership. The Index is constructed to provide a comprehensive and unbiased small cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the small cap opportunity set.
New ETF and Index Changes Effective July 9, 2013
Former ETF Name
New ETF Name / Index
Acquired Fund Fees & Expenses
Total Annual Fund Operating Expenses
SPDR Russell 2000 ETF (TWOK) / Russell 2000 Index
SPDR Dow Jones Total Market ETF (TMW)
Dow Jones US Total Stock Market Index
SPDR Russell 3000 ETF (THRK) / Russell 3000 Index
SPDR Dow Jones Large Cap ETF(ELR)
Dow Jones US Large Cap Total Stock Market Index
SPDR Russell 1000 ETF (ONEK) / Russell 1000 Index
SPDR Dow Jones Mid Cap ETF (EMM)
Dow Jones US Mid Cap Total Stock Market Index
SPDR Russell Small Cap Completeness ETF (RSCO) / Russell Small Cap Completeness Index
SSgA manages more than $352 billion** in SPDR ETF assets worldwide (as of March 31, 2013) and is one of the largest ETF providers globally.
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). Since then, we've sustained our place as an industry innovator through 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
State Street Global Advisors (SSgA) is a global leader in asset management. The firm is relied on by sophisticated investors worldwide for its disciplined investment process, powerful global investment platform and access to every major asset class, capitalization range and style. SSgA is the asset management business of State Street Corporation, one of the world's leading providers of financial services to institutional investors.
*SPDR ETFs are managed by SSgA Funds Management, Inc., a registered investment adviser and wholly owned subsidiary of State Street Corporation.
**This AUM includes the assets of the SPDR Gold Trust (approx. $62.7 billion as of March 31, 2013), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the marketing agent.
In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.
The Fund invests by sampling the Index, holding a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics which may cause the fund to experience tracking errors relative to performance of the Index.
Risk associated with equity investing includes stock values which may fluctuate 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.
Returns on investments in stocks of large U.S. companies could trail the returns on investments in stocks of smaller and mid-sizes companies.
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.
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.
"SPDR" is a registered trademark of Standard & Poor's Financial Services LLC ("S&P") and has been licensed for use by State Street Corporation. STANDARD & POOR'S, S&P, S&P 500 and S&P MIDCAP 400 are registered trademarks of Standard & Poor's Financial Services LLC No financial product offered by State Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by S&P or its affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in such products. Further limitations and important information that could affect investors' rights are described in the prospectus for the applicable product.
Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a 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. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDRS&P500, SPDRS&PMidCap 400 and SPDRDow Jones Industrial Average, all unit investment trusts, and Select Sector SPDRs. ALPS Distributors, Inc. is not affiliated with State Street Global Markets, LLC.
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, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.
State Street Corporation
Elizabeth Bartlett, +1 617 662 2903
Troy Mayclim, +1 914 686 5599
KEYWORDS: United States North America Massachusetts New York
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