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State Street Global Advisors Announces Changes to Seven SPDR ETFs
Traders Magazine Online News, June 7, 2018
State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), today announced that seven SPDR® ETFs will be undergoing changes based upon an ongoing review designed to meet client demand. Current shareholders are not required to take any action as a result of these changes.
Reduced Expense Ratios for Two Fixed Income SPDR ETFs
The net expense ratios for the SPDR Bloomberg Barclays Mortgage Backed Bond ETF (Symbol: MBG) and the SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF (CBND) will be lowered in the months ahead.
Ticker |
Fund Name |
Current Net Expense Ratio |
New Net Expense Ratio |
Effective Date |
MBG |
SPDR Bloomberg Barclays Mortgage Backed Bond ETF |
0.20% |
0.06% |
May 30, 2018 |
CBND |
SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF |
0.16% |
0.06% |
July 31, 2018 |
New Index and Name for Corporate Bond SPDR ETF
In addition to a lower expense ratio, the SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF will also change its underlying index and fund name effective July 31, 2018.
Ticker |
Current Fund Name |
Current Index |
New Fund Name |
New Index |
CBND |
SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF |
Bloomberg Barclays Issuer Scored Corporate Index |
SPDR Bloomberg Barclays Corporate Bond ETF |
Bloomberg Barclays US Corporate Bond Index |
Lower Share Prices for Five Equity SPDR ETFs
In addition to the changes above, State Street Global Advisors also announced share splits on five equity SPDR ETFs. The splits lower the funds’ share prices and increase the number of shares outstanding. The aggregate market value of shares outstanding is not impacted.
The share split will apply to shareholders of record as of market close on June 8, 2018 and are payable after market close on June 12, 2018. The shares will trade at their post-split price effective June 13, 2018. The five SPDR ETFs include:
Ticker |
Fund Name |
Current Price as of 5/21/18 |
Split |
Est. Post-Split Price |
SLY |
SPDR S&P 600 Small Cap ETF |
$144.30 |
2:1 |
$72.15 |
SLYG |
SPDR S&P 600 Small Cap Growth ETF |
$249.74 |
4:1 |
$62.44 |
SLYV |
SPDR S&P 600 Small Cap Value ETF |
$134.11 |
2:1 |
$67.06 |
MDYG |
SPDR S&P 400 Mid Cap Growth ETF |
$163.29 |
3:1 |
$54.43 |
MDYV |
SPDR S&P 400 Mid Cap Value ETF |
$104.68 |
2:1 |
$52.34 |
Source: spdrs.com, as of 5/21/2018
“We are always looking to make enhancements to benefit investors,” said Noel Archard, global head of product for State Street Global Advisors’ SPDR ETF business. “By lowering costs and improving access to an array of investment exposures, these changes will help to ensure our clients and these SPDR ETFs are well positioned for long-term growth.”
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