Fund Management
State Street Global Advisors Closes Three ETFs, Cites Insufficient Demand
State Street's investment management business is calling time on three poor-performing exchange-traded funds.
State Street Global Advisors, the asset management arm of Boston-headquartered State Street Corporation, will be closing and liquidating three exchange-traded funds following insufficient market demand.
The funds are SPDR S&P Mortgage Finance ETF (KME), SPDR S&P Small Cap Emerging Asia Pacific ETF (GMFS) and SPDR Nuveen S&P VRDO Municipal Bond ETF (VRD).
At the end of February, the funds' year-to-date performance stood at 1.04 per cent, 3.68 per cent and -0.02 per cent respectively. All three generated negative returns in December last year.
The last day for creations in the liquidating funds will be March 18 and shareholders will receive proceeds at the end of the month.
As of the end of 2014, State Street Global Advisors managed assets of $2.45 trillion.