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    From Sectors and Smart Beta to Fixed Income, SPDR Exchange Traded Funds (ETFs) give you wide access to diverse investment opportunities. Find out more.

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    Structure of Capital Markets

    In this section we provide information on the ETF Capital Markets structure, including the key players in the trading ecosystem, the creation and redemption process and how our Capital Markets Team develops and maintains market quality across our official exchange listings.

    Key Players in the Trading Ecosystem

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    Gain an understanding of the roles and responsibilities of the capital markets players involved in the ETF ecosystem, including authorised participants, market makers, lead market makers, broker-dealers, different types of trading desks, exchanges, venues and clearing agents.

    Read the paper

    Market Makers

    Market makers (MMs) are liquidity providers of exchange traded funds (ETFs) on regulated exchanges and other trading venues, such as multilateral trading facilities (MTFs). The vast majority of market makers operate both in the secondary market and primary market for creations and redemptions of SPDR ETFs.

    View the List of MMs

    Authorised Participants

    Authorised participants (APs) are the only counterparties allowed to enter creation and redemption orders directly with a fund. The ability of APs to create and redeem an ETF’s shares helps balance supply and demand for the ETF shares in the secondary market, which helps keep the price of the ETF shares tied to their intrinsic value.¹

    View the List of APs

    Creation and Redemption Process

    ETFs benefit from a unique process called creation and redemption. In essence:

    •  Creation involves the buying of all the underlying securities and wrapping them into the exchange traded fund structure
    •  Redemption is the process whereby the ETF is "unwrapped" back into the individual securities

    This process sets ETFs apart from other investment vehicles and is the mechanism that underpins many of their benefits, from improved tax efficiency to enhanced liquidity. But there is a lot more to it.

    Read How ETFs are Created and Redeemed
     

    Evolving Market Quality

    One of the key structural benefits of ETFs is the ability for investors to access intraday liquidity via the exchange order book markets. Find out how the SPDR Capital Markets Team develops and maintains market quality across our official exchange listings.

    Find Out More

    Need Help with a Trade? Access our Capital Markets Expertise

    State Street Global Advisors offers a dedicated ETF Capital Markets Team to assist with connecting institutional investors to authorised participants, market makers and other liquidity providers. The team can help with pre-trade analysis, finding pockets of liquidity and ensuring the tightest available spreads.

    Request a Pre-Trade Analysis*

    Exchanges

    MARKETING COMMUNICATION          

                                                                                                

    FOR PROFESSIONAL INVESTORS USE ONLY.

     

    SSGA SPDR ETFS MAY NOT BE AVAILABLE OR SUITABLE FOR ALL. SPDR ETFs may be offered and sold only in those jurisdictions where authorised, in compliance with applicable regulations.

     

    Investing involves risk including the risk of loss of principal.

     

    ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

     

    Standard & Poor’s, S&P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC(S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

     

    The information provided does not constitute investment advice as such term is defined under the Markets in Financial Instruments Directive (2014/65/EU) or applicable Swiss regulation and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell any investment. It does not take into account any investor's or potential investor’s particular investment objectives, strategies, tax status, risk appetite or investment horizon. If you require investment advice you should consult your tax and financial or other professional advisor.

     

    The information contained in this communication is not a research recommendation or ‘investment research’ and is classified as a ‘Marketing Communication’ in accordance with the Markets in Financial Instruments Directive (2014/65/EU) or applicable Swiss regulation. This means that this marketing communication (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research.

     

    All information is from SSGA unless otherwise noted and has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.  There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.

     

    EUROPEAN SPDR ETFs

     

    This content has been issued by State Street Global Advisors Europe Limited (“SSGAEL”), regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson’s Quay, Dublin 2. Registered number 49934. T: +353 (0)1 776 3000. Fax: +353 (0)1 776 3300.

     

    SPDR ETFs is the exchange traded funds ("ETF") platform of State Street Global Advisors and is comprised of funds that have been authorised by Central Bank of Ireland as open-ended UCITS investment companies.

     

    SSGA SPDR ETFs Europe I & SPDR ETFs Europe II plc issue SPDR ETFs, and is an open-ended investment company with variable capital having segregated liability between its sub-funds. The Company is organized as an Undertaking for Collective Investments in Transferable Securities (UCITS) under the laws of Ireland and authorized as a UCITS by the Central Bank of Ireland.

     

    Please refer to the Fund’s latest Key Information Document (KID) and Prospectus before making any final investment decision. The latest English version of the prospectus and the KID can be found at www.ssga.com. A summary of investor rights can be found here: https://www.ssga.com/library-content/products/fund-docs/summary-of-investor-rights/ssga-spdr-investors-rights-summary.pdf

     

    Note that the Management Company may decide to terminate the arrangements made for marketing and proceed with de-notification in compliance with Article 93a of Directive 2009/65/EC

     

    The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA’s express written consent.

     

    4955184.1.2.EMEA.INST

     

    Exp: 31.01.2024

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