State Street to change SPLG to look more like SPY

Dec. 20, 2019 11:00 AM ETState Street Corporation (STT), SPLG, SPY, VOOSPY, STT, SPLG, VOOBy: Liz Kiesche, SA News Editor4 Comments
  • State Street's (STT +0.1%) SPDR Portfolio Large Cap ETF (NYSEARCA:SPLG) will change its name and underlying benchmark index as of Jan. 24, 2020, putting the ETF in competition with its giant brother SPDR S&P 500 Trust ETF (NYSEARCA:SPY).
  • SPLG will be called SPDR Portfolio S&P 500 ETF and use the S&P 500 Index as its underlying index instead of the SSGA Large Cap Index that it currently uses.
  • Although SPLG will use the same underlying benchmark index as SPY, it isn't required to hold all of the securities in the S&P 500, instead it will use a sampling strategy that's intended to mirror the same risk and return characteristics of the index.
  • Another difference: SPLG's cost is cheaper — SPLG's net expense ratio is 3 basis points vs. SPY's 9 bps and matching Vanguard S&P 500 ETF's (NYSEARCA:VOO) 3 bps.

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