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SSgA launches SPDR Russell 2000 ETF


State Street Global Advisors (SSgA) has launched the SPDR Russell 2000 ETF (TWOK), which began trading on NYSE Arca on 9 July 2013.

It has also made 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 coverage of each underlying market segment. Russell captures 72 per cent 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,” says 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 per cent 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.

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