State Street Global is lowering its expense ratio for two fixed income SPDR ETFs and splitting shares on five equity SPDR ETFs.
The net expense ratios for the SPDR Bloomberg Barclays Mortgage Backed Bond ETF (MBG) is being lowered from 20 basis points to 6 basis points on Wednesday, and the SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF (CBND) is being lowered from 16 basis points to 6 on July 30, the Boston-based asset management business announced Wednesday.
In addition, SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF will change its underlying index to Bloomberg Barclays US Corporate Bond Index. Its name will change to SPDR Bloomberg Barclays Corporate Bond ETF.
Shares will be split on five ETFs and share prices lowered. The aggregate market value of outstanding shares will not be affected. The share split will apply to shareholders of record as of the close of the market on June 8, and are payable after the close of the market on June 12. The shares will trade at their post-split price effective June 13.
The splits apply to the following SPDR ETFs:
• SPDR S&P 600 Small Cap ETF (SLY) with a price as of May 21 of $144.30, split two to one for a resulting price of $72.15.
• SPDR S&P 600 Small Cap Growth ETF (SLYG) with a price of $240.74, split four to one for a price of $62.44.
• SPDR S&P 600 Small Cap Value ETF (SLYV) with a price of $134.11, split two to one for a price of $67.06.
• SPDR S&P 400 Mid Cap Growth ETF (MDYG) with a price of $163.29, split three to one for a price of $54.43.
• SPDR S&P 400 Mid Cap Value ETF (MDYV) with a price of $104.68, spit two for one for a price of $52.34.