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State Street has made a few minor changes to its ETF lineup, ditching Dow Jones indexes in favor of benchmarks maintained by Standard & Poor’s for its broad-based domestic equity funds. Historically, the SPDR ETFs offering exposure to U.S. stock markets had been a bit of a hodgepodge, with the ultra-popular SPY and MDY linked to S&P indexes (the S&P 500 and S&P MidCap 400, respectively), and Dow Jones indexes filling out the rest of the cap/style matrix. Effective last week, the following changes went into effect:

  • SPDR Dow Jones Large Cap Value ETF (ELV) becomes SPDR S&P 500 Value ETF (NYSEARCA:SPYV): Index changes from Dow Jones U.S. Large-Cap Value Total Stock Market Index to S&P 500 Value Index.
  • SPDR Dow Jones Large Cap Growth ETF (ELG) becomes SPDR S&P 500 Growth ETF (NYSEARCA:SPYG): Index changes from Dow Jones U.S. Large-Cap Growth Total Stock Market Index to S&P 500 Growth Index.
  • SPDR Dow Jones Mid Cap Value ETF (EMV) becomes SPDR S&P 400 Mid Cap Value ETF (NYSEARCA:MDYV): Index changes from the Dow Jones U.S. Mid-Cap Value Total Stock Market Index to S&P MidCap 400 Value Index.
  • SPDR Dow Jones Mid Cap Growth ETF (EMG) becomes SPDR S&P 400 Mid Cap Growth ETF (NYSEARCA:MDYG): Index changes from Dow Jones U.S. Mid-Cap Growth Total Stock Market Index to S&P MidCap 400 Growth Index.
  • SPDR Dow Jones Small Cap ETF (DSC) becomes SPDR S&P 600 Small Cap ETF (NYSEARCA:SLY): Index changes from Dow Jones U.S. Small-Cap Total Stock Market Index to S&P SmallCap 600 Index.
  • SPDR Dow Jones Small Cap Value ETF (DSV) becomes SPDR S&P 600 Small Cap Value ETF (NYSEARCA:SLYV): Index changes from Dow Jones U.S. Small-Cap Value Total Stock Market Index to S&P SmallCap 600 Value Index.
  • SPDR Dow Jones Small Cap Growth ETF (DSG) becomes SPDR S&P 600 Small Cap Value ETF (NYSEARCA:SLYG): Index changes from Dow Jones U.S. Small-Cap Growth Total Stock Market Index to S&P SmallCap 600 Growth Index.

The move puts State Street in more direct competition with iShares and Vanguard, both of whom offer ETFs linked to the aforementioned S&P indexes. State Street has had great success with its S&P 500 (NYSEARCA:SPY) and MidCap 400 (NYSEARCA:MDY) products, but has been beaten badly by iShares in the battle for assets in other size-specific and style-specific corners of the U.S. equity market.

State Street is at least the third issuer to tweak its ETF lineup this year by altering the indexes linked to its products. PowerShares changed its high yield bond fund this summer, dropping a Wells Fargo benchmark in favor of the RAFI High Yield Bond Index. More recently, iShares gave its semiconductor ETF a makeover, dropping the S&P North American Technology-Semiconductors Index Fund (IGW) and adding the PHLX Semiconductor Sector Index Fund (NASDAQ:SOXX). In addition to the name and ticker change, iShares transitioned to a new index, the PHLX Semiconductor Sector Index.

Disclosure: No positions at time of writing.

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Source: State Street ETFs: Dow Jones Out, S&P In