State Street Global Advisors launched six industry-specific exchange-traded funds Thursday, bringing its total number of SPDR ETFs to 65. Like its other offerings, the new funds trade on the American Stock Exchange.
The industries the new funds cover are: metals and mining, pharmaceuticals, oil and gas equipment, oil and gas exploration, consumer retail and regional banking. All of the funds except for the regional banking fund track select industry indexes developed by Standard & Poor's. The banking fund is linked to Keefe, Bruyette & Woods' KBW Regional Banking Index.
"At a time when investors are seeking new options in search of the potential for higher returns or more refined portfolio construction, these ETFs provide a real benefit through their precise exposure to targeted industries," said Greg Ehret, senior managing director of State Street Global Advisors.