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February 01, 2021 at 09:41 AM
State Street Global Advisors plans to liquidate 10 exchange-traded funds based on an ongoing review of SPDR ETF offerings.
The ETFs being liquidated include six focusing on foreign stocks: the SPDR Solactive Canada ETF (ZCAN), SPDR Solactive Germany ETF (ZDEU), SPDR Solactive United Kingdom ETF (ZGBR), SPDR Solactive Hong Kong ETF (ZHOK), SPDR Solactive Japan ETF (ZJPN) and SPDR EURO STOXX Small Cap ETF (SMEZ).
Three of the ETFs are focused on U.S. stocks: the SPDR Dorsey Wright Fixed Income Allocation ETF (DWFI), SPDR MFS Systematic Core Equity ETF (SYE), SPDR MFS Systematic Growth Equity ETF (SYG), SPDR MFS Systematic Value Equity ETF (SYV), and one is a bond ETF that includes both U.S. and foreign government and corporate bonds, the SPDR Dorsey Wright Fixed Income Allocation ETF (DWFI).
The final day for creations and redemptions in each liquidating ETF will be March 17 and trading will be suspended on the principal U.S. listing exchange for each ETF as of the market open on March 18. Proceeds of the liquidation are scheduled to be sent to shareholders remaining on or about March 24.
“As a matter of good business practice, we routinely evaluate our ETF offerings,” a company spokeswoman said Monday. “The decision to close the funds was made based on investor feedback and market demand after a review of the SPDR ETF offering.”
SEI Introduces Core Direct Indexing Strategies for Advisors
SEI introduced Systematic Core Strategies that it says are designed to “modernize the traditional structure of passive investing by directly purchasing a subset of individual stocks within a broad market index.”
A goal of the SEI Systematic Core Strategies is “to give independent advisors a cost-effective way to provide their clients with greater transparency and tailored solutions that best suit their financial goals and sustainable investing priorities,” the company says.
The strategies include the Systematic U.S. Large Cap Core Strategy that tracks the Russell 1000 Index with about 150 underlying securities; the Systematic U.S. All Cap Core Strategy that tracks the Russell 3000 Index with about 250 underlying securities; and the Systematic International Developed Core (ADR) Strategy that tracks the MSCI EAFE Index with about 150 underlying securities.
Through individual stock ownership, the strategies are designed to provide cost-effective, broad equity exposure; active tax management; flexible investment implementation; and control and personalization. Independent advisors, for example, can offer sustainable investment screening (environmental, social and corporate governance; socially responsible investing and faith-based) to align with a client’s priorities.
Morgan Creek Teams With EXOS on SPAC ETF
Asset manager Morgan Creek Capital Management and fintech firm EXOS Financial launched the Morgan Creek – Exos SPAC Originated ETF (SPXZ), which trades on the NYSE Arca and has a net expense ratio of 1.00%.
The actively managed ETF features an investment strategy focused on special purchase acquisition companies (SPACs) and the public companies born from them.
