- State Street makes some changes to two high-yield bond ETFs that have a combined $8.8B in assets.
- A 1-for-3 reverse share split will reduce trading costs for the SPDR Bloomberg Barclays High Yield Bond ETF (NYSEARCA:JNK).
- The SPDR ICE BofAML Crossover Corporate Bond ETF (NYSEARCA:CJNK) will change its index strategy and name and decrease its expense ratio by 25 basis points.
- Changing underlying index to ICE BofAML US High Yield Index.
- Changing name to SPDR ICE BofAML Broad High Yield Bond ETF; ticker is unchanged.
- Gross expense ratio cut to 0.15% from 0.40%.
- Changes for both ETFs are effective April 1, 2019.