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State Street Global Advisors makes changes to SPDR Morgan Stanley Technology ETF

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State Street Global Advisors (SSGA), the asset management business of State Street Corporation, has made changes to the name and index of the SPDR Morgan Stanley Technology ETF.

Effective Monday, 11 September, 2017, the fund will be renamed the SPDR NYSE Technology ETF and begin tracking the NYSE Technology Index. The fund’s ticker symbol will be changed to XNTK. The annual gross expense ratio remains unchanged at 0.35 per cent and no action is required by shareholders.
 
This change was brought about by Morgan Stanley’s decision to transition out of index calculation and administration services. The investment characteristics of XNTK’s new index are similar to the legacy index, with the noted change of using the NYSE’s sector/industry classification system. There will be no changes to the index constituents or weights until the next scheduled reconstitution in December 2017.
 
The NYSE Technology Index is an equal-dollar weighted index designed to objectively represent the technology sector by holding 35 of the leading US technology-related companies. The Index comprises US-listed companies drawn from the Information Technology sector and technology-related companies from the Consumer Discretionary sector, as defined and published by ICE Data. The ICE Data Indices Index Committee is responsible for the day-to-day management of the index and is also responsible for decisions regarding the interpretation of index rules. The Index is equal-dollar-weighted to ensure that each of its component securities is represented in approximate equal dollar value. To ensure that each component stock continues to represent approximate equal market value in the Index, adjustments, if necessary, are made annually after the close of trading on the third Friday of December.

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