“Our sector and industry SPDR ETFs are among the most heavily traded and widely used suite, allowing investors to gain targeted exposure while efficiently managing their total cost of ownership,” said Noel Archard, global head of SPDR product. “The reverse stock splits for XES and XOP are designed to increase the funds’ price per share and improve investors’ experience through our focus on the total cost of ownership, part of which is aided by maintaining a targeted price per share. With these changes, we look to help to reduce trading costs for investors seeking liquid access to these sub sectors of the oil industry.”
As a result of the reverse stock splits, shareholders of XES and XOP will typically receive cash in lieu of fractional shares. Certain shareholders, however, may have the potential to hold fractional shares; the treatment of those shares will be dependent upon each shareholder’s custodial relationship.
About SPDR Exchange Traded Funds
SPDR ETFs are a comprehensive family spanning an array of international and domestic asset classes. SPDR ETFs are sponsored by affiliates of State Street Global Advisors. The funds provide investors with the flexibility to select investments that are aligned to their investment strategy. Recognized as an industry pioneer, State Street created the first US listed ETF in 1993 and has remained on the forefront of responsible innovation, as evidenced by the introduction of many ground-breaking products, including first-to-market launches with gold, international real estate, international fixed income, and sector ETFs. For more information, visit www.spdrs.com.
About State Street Global Advisors
For four decades, State Street Global Advisors has served the world’s governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of active and index strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become the world’s third largest asset manager with nearly US $3.12 trillion* under our care.
* This figure is presented as of December 31, 2019 and includes approximately $45 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.