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HUDSON CITY BANCORP INC (HCBK) 13.30 -$0.02 (-0.15%) 04:30AM (15 mins delay)

First ETF to Target Mortgage-Related Equities Launches Under SPDR Name

May 01, 2009 - 4:34 AM EDT

Ron Rowland submits:

The latest offering from State Street, the SPDR KBW Mortgage Finance ETF (KME), began trading Thursday. The new ETF is designed to track a Keefe, Bruyette & Woods ((KBW)) index of the 24 largest mortgage finance companies listed on U.S. exchanges. KME is the first new equity ETF in the SPDR family since last July, when the SPDR international sector ETFs were launched. The five launches earlier this year were all bond ETFs.

Like the rest of the financial services sector, the performance of the underlying index had a rough time this past year. At the end of the first quarter (March 31, 2009), the index was down -9.7% year-to-date and off -62.5% for the past twelve months.

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Source: Seeking Alpha (May 01, 2009 - 4:34 AM EDT)