State Street Global Advisors
has cut the average expense ratio for nine Select Sector ETFs
from 23 bps to 21 bps. The change took effect January 31.
"When we launched these funds more than 10 years ago, our expense ratio was 0.65%. Our Board and the Management of the Select Sector SPDR Trust made a commitment to move expenses lower as assets grew," said Dan Dolan
, director of wealth management strategies at Select Sector SPDR Trust.
The funds have total assets of nearly $20 billion.
NEW YORK--(BUSINESS WIRE)--Select Sector SPDRs, a family of exchange-traded funds (ETFs) that divide the S&P 500 into nine individual sector funds, has lowered the average expense ratio for its nine sector ETFs from 0.23% to 0.21%. The new expense ratio went into effect on January 31, 2009.
“When we launched these funds more than 10 years ago, our expense ratio was 0.65%. Our Board and the Management of the Select Sector SPDR Trust made a commitment to move expenses lower as assets grew,” said Dan Dolan, Director of Wealth Management Strategies, Select Sector SPDR Trust. “The lowering of our expense ratio by another 8.7% is made in the spirit of that commitment, and to maintaining our 'investor first' approach, making our sector ETFs accessible and affordable to as many investors as possible."
Launched in 1998 and with more than $19.8 billion in assets as of February 6, 2009, Select Sector SPDRs is the oldest brand name in sector exchange-traded funds. These very liquid ETFs traded on average 260 million shares per day in 2008.
About Select Sector SPDRs
Select Sector SPDRs are ETFs (Exchange Traded Funds) that divide the S&P 500 into nine sector index funds: Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Materials, Technology and Utilities. Select Sector SPDRs allow investors to customize their portfolios by picking and weighting the sectors to meet specific investment goals. Select Sector SPDR shares are actively traded on NYSE Arca throughout the trading day. SSgA Funds Management, Inc. serves as the Adviser to the Trust and, subject to the supervision of the Board of Trustees, is responsible for the investment management of the Select Sector SPDR Funds. For more information see http://sectorspdrs.com. ALPS Distributors Inc., a registered broker-dealer, is the distributor for the Select Sector SPDR Trust.
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