State Street announces new index funds
January 4, 1999
State Street Global Advisors announced that its new Select Sector SPDR Funds, based on nine specific industry sectors comprised of shares of companies in the S& P 500, began trading Dec. 22 on the American Stock Exchange.
State Street Global Advisors, the investment management group of State Street Corporation, will be the investment adviser for the new funds. Each Select Sector SPDR Fund is designed to track the performance of a particular sector index. The nine sectors are basic industries, consumer services, consumer staples, cyclical/transportation, energy, financial, industrial, technology and utilities.