State Street Global Advisors (SSGA) has announced it will close 19 SPDR ETFs listed in the US. Of the 19 funds, all except one give exposure to equities domiciled outside the US.
The closure brings the total number of SPDR ETFs listed in the US down to 131.
The largest ETF being closed is the SPDR S&P International Health Care Sector ETF (IRY) which was launched in July 2008 and has $198 million in assets under management (AUM). Other notable ETFs being closed include the SPDR S&P International Technology Sector (IPK) and the SPDR S&P Emerging Europe ETF (GUR), which have AUM of $53m and $52m respectively.
The closures bring the total number of US-listed SPDR ETFs down to 131 from 150. The funds affected have $667m in AUM, which represents 0.1% of the $560 billion AUM of US-listed SPDR ETFs.
The full list of ETFs due for closure are as follows:
SPDR S&P International Health Care Sector ETF (IRY)
SPDR S&P International Technology Sector ETF (IPK)
SPDR S&P Emerging Europe ETF (GUR)
SPDR S&P International Energy Sector ETF (IPW)
SPDR S&P International Consumer Staples Sector ETF (IPS)
SPDR S&P International Telecommunications Sector ETF (IST)
SPDR S&P Emerging Latin America ETF (GML)
SPDR EURO STOXX 50 Currency Hedged ETF (HFEZ)
SPDR S&P International Industrial Sector ETF (IPN)
SPDR S&P International Utilities Sector ETF (IPU)
SPDR S&P Russia ETF (RBL)
SPDR S&P Emerging Middle East & Africa ETF (GAF)
SPDR S&P International Consumer Discretionary Sector ETF (IPD)
SPDR MSCI Australia StrategicFactors ETF (QAUS)
SPDR S&P International Materials Sector ETF (IRV)
SPDR Bloomberg Barclays 0-5 Year TIPS ETF (SIPE)
SPDR MSCI Spain StrategicFactors ETF (QESP)
SPDR S&P International Financial Sector ETF (IPF)
SPDR S&P International Dividend Currency Hedged ETF (HDWX)
The final day for creations will be 24 July 2017 with the exception of GUR, GML and GAF, for which the final day for creations will be 21 July 2017. Trading of all funds will be suspended on the NYSE Arca at the market open on 25 July 2017, and proceeds of the liquidation are scheduled to be sent to shareholders on or about 1 August 2017.
Commenting on the closures, a spokesperson for SPDR ETFs told ETF Strategy: “As a matter of good business practice, SSGA is always looking to identify improvements to our investment offerings that will enhance the success of our clients, and ensure that together we are well-positioned for long-term growth. The decision to close and liquidate these specific funds was done after a careful review of the SPDR ETF lineup.”
The closures follow 17 SPDR funds that were shut down in 2016.