State Road International Advisors just lately determined to merge its SPDR S&P 600 Small Cap ETF (SLY), which has greater than $1.8 billion in property beneath administration, into the SPDR Portfolio S&P 600 Small Cap ETF (SPSM), efficient round June 9.
SPSM, which has greater than $5.2 billion in AUM, tracks the identical index as SLY — the S&P SmallCap 600 Index — and is a part of the low-cost SPDR Portfolio ETF suite, the agency stated.
SPSM has a 0.05% gross expense ratio, in contrast with 0.15% for SLY.
Every fund is an index fund that seeks to trace, earlier than charges and bills, the efficiency of the S&P SmallCap 600 Index. The funds’ funding goals, methods and dangers are the identical, and the funds are managed by the identical funding adviser, SSGA Funds Administration Inc., in keeping with a submitting with the Securities and Alternate Fee.
“The merger of SLY and SPSM aligns the product suite by having one ETF observe the S&P SmallCap 600 Index,” the agency stated in a press release.
Because of the merger, every SLY shareholder will obtain shares of SPSM and money in lieu of fractional SPSM shares, if any, equal in worth to the SLY shares held previous to the merger, State Road stated in its submitting and an investor truth sheet.
