Bank of America launches Home Loans brand, reinforces responsible lending practices – NMP Skip to main content

Bank of America launches Home Loans brand, reinforces responsible lending practices

National Mortgage Professional
Apr 30, 2009

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, 2009. For more informaiton, visit www.ssga.com.
Published
Apr 30, 2009
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