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State Street makes changes to two high-yield bond ETFs

Mar. 01, 2019 1:05 PM ETState Street Corporation (STT) Stock, JNK, SPHYJNK, SPHYBy: Liz Kiesche, SA News Editor
  • 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.
  1. Changing underlying index to ICE BofAML US High Yield Index.
  2. Changing name to SPDR ICE BofAML Broad High Yield Bond ETF; ticker is unchanged.
  3. Gross expense ratio cut to 0.15% from 0.40%.
  • Changes for both ETFs are effective April 1, 2019.

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