State Street Global Advisors (SSGA), the asset management business of State Street Corporation, has changed the name and index for its SPDR Russell Small Cap Completeness ETF (RSCO).
Effective 31 August 2016, the fund will be renamed the SPDR S&P 1000 ETF (SMD) and begin tracking the S&P 1000 Index.
The fund’s annual gross expense ratio of 0.10 per cent remains unchanged and no action is required by shareholders to effect the changes.
“We continually review our ETF offerings to identify new or improved ways to access the market in order to provide the best solutions to our clients,” says Nick Good, co-head of the global SPDR business at State Street Global Advisors. “We are excited to offer exposure to domestic small and mid-caps that fits well with our other existing ETFs that track S&P indices in order to provide broader coverage of the US market including large caps, mid-caps, small caps, sectors and industries.”
The S&P 1000 Index combines the S&P MidCap 400 and the S&P SmallCap 600 to form a benchmark for the mid- to small-cap segment of the US equity market. The index generally comprises companies with unadjusted company market capitalisation of USD400 million to USD5.9 billion at the time of inclusion in the index that satisfy the index eligibility criteria.
In addition, State Street Global Advisors has changed the name of SPDR S&P 500 Fossil Fuel Free ETF to SPDR S&P Fossil Fuel Reserves Free ETF.
It has also changed the expense ratio of SPDR Russell 2000 ETF from 0.12 per cent to 0.10 per cent as of 31 August 2016.