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SSGA launches ‘innovative technology’ ETF


State Street Global Advisors (SSGA) has launched the SPDR FactSet Innovative Technology ETF (XITK) on the NYSE Arca, offering investors exposure to technology companies with high revenue growth, including companies involved in cutting edge research, innovative product and service development, disruptive business models or a combination of these.

"In today’s low growth environment, investors have expressed a desire to access companies with the greatest potential to create change. XITK provides exposure to technology-related companies with high revenue growth, including those with disruptive business models,” says Nick Good, chief operating officer of the US intermediary business at State Street Global Advisors. “This means investing beyond the stalwarts of the tech space and capturing newer firms that are innovating and changing the landscape.”
“This FactSet index leverages our patented sector classification system to uniquely identify technology-related companies in new, rapidly evolving areas, such as mobile devices, cyber security and cloud computing,” says Jeremy Zhou, FactSet Indexes Senior Product Manager. “Partnering with SSGA to track such potentially disruptive companies through a transparent, rule-based methodology may offer an exciting new way to target emerging industries with a stronger overall growth profile.”
The SPDR FactSet Innovative Technology ETF seeks to track the FactSet Innovative Technology Index, which is designed to represent the performance of US-listed stocks and American Depository Receipts (ADRs) of technology-related companies with high revenue growth. The Index is designed to tracking companies within the highest growth segments of the technology sector and the electronic media sub-sector of the media sector.
The Index is equal-weighted to ensure that each of its component securities is represented in approximate equal dollar value at each rebalancing and reconstitution, which may reduce stock specific risk.

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