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
CORRECTION...by State Street Corporation
BOSTON -- July 12, 2013
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 (NYSE: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 Former New ETF Name Management Fund Annual
ETF Name Index / Index Fee Fees & Fund
N/A N/A (TWOK) / 12 bps 6 bps 18 bps
SPDR Dow Dow
Jones Jones SPDR Russell
Total US 3000 ETF
Market Total (THRK) / 10 bps 1 bps 11 bps
ETF Stock Russell 3000
(TMW) Market Index
SPDR Dow US SPDR Russell
Jones Large 1000 ETF
Large Cap (ONEK) / 10 bps N/A 10 bps
Cap Total Russell 1000
ETF(ELR) Stock Index
Dow SPDR Russell
SPDR Dow Jones Small Cap
Jones US Mid Completeness
Mid Cap Cap ETF (RSCO) / 10 bps 6 bps 16 bps
ETF Total Russell
(EMM) Stock Small Cap
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
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
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
State Street Corporation
Elizabeth Bartlett, +1 617 662 2903
Troy Mayclim, +1 914 686 5599
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