State Street Global Advisors on Friday said it will change the name and index for its SPDR Russell Small Cap Completeness ETF (RSCO). As of August 31, the fund will be renamed the SPDR S&P 1000 ETF (SMD) and will track the S&P 1000 Index. The fund will maintain its annual gross expense ratio of 0.10 percent.
The Russell Small Cap Completeness Index that currently underpins the fund measures the performance of the Russell 3000 Index companies excluding S&P 500 constituents.
The S&P 1000 Index melds the S&P MidCap 400 and the S&P SmallCap 600 indexes to benchmark the mid- to small-cap portion of the U.S. equity market—i.e., companies with unadjusted market capitalizations between $400 million to $5.9 billion.
In other news, State Street is changing the name of the SPYX fund from the SPDR S&P 500 Fossil Fuel Free ETF to the SPDR S&P Fossil Fuel Reserves Free ETF, and will change both the gross and net expense ratios of the SPDR Russell 2000 ETF (TWOK) from 0.12 percent to 0.10 percent, effective August 31.
“We continually review our ETF offerings to identify new or improved ways to access the market in order to provide the best solutions to our clients,” said Nick Good, co-head of the Global SPDR business at State Street Global Advisors, in a press release.
State Street Global Advisors is the asset management business of State Street Corp.