State Street Global Advisors unveiled three new industry-specific SPDR exchange-traded funds that focus on Standard & Poor's Select Industry indexes. They are the SPDR Biotech, SPDR Homebuilders and SPDR Semiconductor funds, and all three are trading on the American Stock Exchange.
"The biotechnology, home construction and semiconductor industries have in recent years been key growth drivers or leading indicators of the U.S. economy," said Greg Ehret, co-head of the firm's advisor strategies unit. "With professional investors seeking to inject higher return potential into their portfolios, these new SPDRs are uniquely designed so that investors gain the most direct exposure to their respective industries."
Boston-based State Street Global Advisors has $94 billion in ETF assets under management and is the second-largest provider of ETFs in the U.S. and the world.