The Fortune Group has licensed State Street Global Advisors of Boston to manage two exchange-traded funds based on the Fortune 500 and Fortune e-50 stock indexes. SSGA filed a registration statement with the SEC last week for both of the exchange-traded funds, the Fortune 500 Index Tracking Stock and the Fortune e-50 Index Tracking Stock, according to Fortune.
The Fortune 500 Index is based on Fortune's list of America's 500 largest companies, ranked by revenues. The Fortune e-50 Index tracks the performance of companies for which a significant share of revenues come from online products or services. Both funds will be listed on the American Stock Exchange, which currently lists 58 exchange-traded funds.