State Street launches SPDR KBW Mortgage Finance ETFMortgagePress.comState Street Global Advisors, SPDR KBW Mortgage Finance ETF, NYSE Arca, KBW Mortgage Finance Index
State Street Global Advisors (SSgA), the investment management
arm of State Street Corporation (NYSE: STT), has announced that the
SPDR KBW Mortgage Finance ETF (Symbol: KME) began trading on the
NYSE Arca on April 30, 2009. It is the first exchange traded fund
(ETF) to provide U.S.. investors with precise access to equities in
the mortgage finance industry.
The SPDR KBW Mortgage Finance ETF seeks to track the total
return performance of the KBW Mortgage Finance Index, a modified
market-capitalization weighted index of the stocks listed on US
stock markets comprising of pure mortgage players, mortgage
processors, title insurers, homebuilders, and banks and thrifts
where mortgage loans dominate the loan book.
Created and maintained by Keefe, Bruyette and Woods Inc., a
full-service investment bank specializing in the financial services
industry, the KBW Mortgage Finance Index included 24 stocks as of
March 31, 2009. The Fund's expense ratio is 0.35 percent.
"As the first ETF to invest in the mortgage finance industry,
the SPDR KBW Mortgage Finance ETF provides investors with an
unmatched opportunity to gain diversified, cost-effective exposure
to the real estate finance industry," said Anthony Rochte, senior
managing director at State Street Global Advisors. "The
introduction of KME strengthens our suite of SPDR KBW ETFs, which
are designed to help investors express a tactical view on
industries within the financial services sector."
The SPDR KBW family of exchange traded funds include: SPDR KBW
Bank ETF (Symbol: KBE), SPDR KBW Capital Markets ETF (Symbol: KCE),
SPDR KBW Insurance ETF (Symbol: KIE), SPDR KBW Regional Banking ETF
(Symbol: KRE), and SPDR KBW Mortgage Finance ETF (Symbol: KME).
Assets under management in these innovative financial services
sector ETFs totaled about $1.2 billion as of March 31, 2009.
State Street Global Advisors is one of the largest ETF providers
in the United States and globally. US assets under management for
SPDR ETFs totaled more than $129.5 billion as of March 31,
For more informaiton, visit www.ssga.com.