State Street Global Advisors launches European Small Cap SPDR ETF
State Street Global Advisors (SSgA), the asset management arm of State Street Corporation, has launched the SPDR EURO STOXX Small Cap ETF (SMEZ).
Designed to provide investors with access to small companies across the euro zone, SMEZ began trading on the NYSE Arca on 5 June 2014.
"As Europe's economy recovers from a double-dip recession that began in 2008, investors are growing more optimistic about the growth potential of European equities," says James Ross, executive vice president and global head of SPDR ETFs at State Street Global Advisors. "With the launch of the SPDR EURO STOXX Small Cap ETF, investors will have an opportunity to diversify their European equity holdings while gaining exposure to small cap stocks, an asset class that tends to be highly correlated to the performance of local markets."
The SPDR EURO STOXX Small Cap ETF strengthens State Street Global Advisors' suite of SPDR ETFs designed to provide precise exposure to European equities. Other funds include the SPDR EURO STOXX 50 ETF (FEZ) and the SPDR STOXX Europe 50 ETF (FEU). Year-to-date, FEZ and FEU have attracted more than USD646 million of new inflows.
The SPDR EURO STOXX Small Cap ETF seeks to track the performance of the EURO STOXX Small Index. The index consists of a representation of small capitalisation companies located within European Union countries that have adopted the euro as their currency. Countries covered in the index have historically included Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands and Spain. As of 30 May 2014 there were 96 securities included in the index.
The SPDR EURO STOXX Small Cap ETF expense ratio is 0.45 per cent.
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