State Street Global Advisors made index changes to four of its low-cost SPDR Portfolio ETFs that it said have a combined $11.3 billion in assets.
The changes were in response to demand that the firm provide a “more stratified” exchange-traded fund toolkit targeting segments of the U.S. equity market in a cost-effective manner, it said.
As part of the changes, the SPDR Portfolio Large Cap ETF has become the SPDR Portfolio S&P 500 ETF (SPLG) and its benchmark shifted from the SSGA Large Cap Index to the S&P 500 Index. Its net expense ratio has remained 0.03%.
Also: The SPDR Portfolio Mid Cap ETF has transitioned to the SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) and its benchmark shifted from the S&P 1000 Index to the S&P MidCap 400 Index (net expense ratio still 0.05%); the SPDR Portfolio Small Cap ETF was renamed the SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and its benchmark shifted from the SSGA Small Cap Index to the S&P SmallCap 600 Index (still 0.05%); and the SPDR Portfolio Total Stock Market ETF has become the SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM) and its benchmark changed from the SSGA Total Stock Market Index to the S&P Composite 1500 Index (still 0.03%).
In addition to those changes, a voluntary fee waiver of 0.10% was implemented on the SPDR S&P 600 Small Cap ETF (SLY) to lower the fund’s expense ratio from 0.15% to 0.05%.
Launched in 2017, the SPDR Portfolio suite was designed to give investors greater choice in low-cost ETFs. The suite includes 22 SPDR ETFs that provide low-cost access to a wide range of core equity and fixed income asset classes. With the changes, nine of 11 low-cost equity SPDR Portfolios ETFs are now benchmarked to S&P indexes, “driving more consistency across the suite in terms of methodologies and market coverage, simplifying portfolio construction for investors,” the company said.
Pacer ETFs Acquires CSOP FTSE China A50 ETF
Pacer ETFs acquired the CSOP FTSE China A50 ETF (AFTY; 0.70% net expense ratio). The purchase price wasn’t disclosed.
The fund was renamed the Pacer CSOP FTSE China A50 ETF, but its ticker remains AFTY.
This is Pacer’s second acquisition of an existing ETF in two months, following the firm’s purchase of American Energy Independence ETF from SL Advisors, which marked its first acquisition of an existing ETF.
The Pacer CSOP FTSE China A50 ETF seeks to track the FTSE China A50 Net Total Return Index and offers exposure to the 50 largest companies in the China A-Shares market, Pacer said. The index only trades A-shares, which Pacer noted are “distinct in that only companies incorporated in Mainland China and listed on the Shanghai or Shenzhen exchange are included.”
“We are always looking to grow at Pacer ETFs and this acquisition is just building upon our momentum as we grow organically and through acquiring funds we see value in,” according to Sean O’Hara, president of Pacer ETFs Distributors.
Bloomberg’s Gender-Equality Index Expands
Bloomberg’s Gender-Equality Index has expanded for 2020 to include 325 public companies from 42 countries and regions, up from 230 firms across 36 countries and regions in last year’s index.
The 2020 Bloomberg Gender-Equality Index tracks the financial performance of public companies committed to supporting gender equality via policy development, representation and transparency.