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Home   »   ETFs : SPDR® S&P® International Financial Sector ETF (IPF)
IPF

SPDR® S&P® International Financial Sector ETF

Fund Objective

The SPDR® S&P® International Financial Sector ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the  S&P® Developed Ex-U.S. BMI Financials Sector Index.

Ordinary brokerage commissions may apply.

Fund Information

As of 04/19/2014
Ticker SymbolIPF
Primary BenchmarkS&P Developed Ex-U.S. BMI Financials Sector Index
CUSIP78463X699
Short Selling AllowedYes
Options AvailableNo
Gross Expense Ratio0.50%
Inception Date07/16/2008
Investment ManagerSSgA Funds Management, Inc.
Management TeamETF Management Team - Non US
DistributorState Street Global Markets, LLC
Distribution FrequencyQuarterly
ExchangeNYSE ARCA EXCHANGE

Fund Characteristics

As of 04/17/2014
Dividend Yield

Fund Dividend Yield is the sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

Index Dividend Yield is the weighted average of the underlyings’ indicated annual dividend divided by price, expressed as a percentage.

1.30%
Est. 3-5 Year EPS Growth

The Estimated 3-5 Year EPS Growth 

Based on the underlying holdings of the fund. The actual earnings estimates for the underlying holdings are provided by FactSet, First Call, I/B/E/S Consensus, and Reuters and are used to calculate a mean 3-5 year EPS growth rate estimate.

10.69%
FY 1 P/E Ratio

FY 1 P/E Ratio

Closing price divided by the sum of the forecasted fiscal year earnings per share.

12.24
Number of Holdings135
Price/Book Ratio

Price/Book Ratio

Current market price of the stock divided by the most recent reported book value for the prior fiscal year.

1.14
Weighted Average Market Cap$54,563.44 M

30 DAY SEC YIELD

As of 04/16/2014
30 Day SEC Yield

30 Day SEC Yield (Standardized Yield) 

An annualized yield that is calculated by dividing the investment income earned by the fund less expenses over the most recent 30-day period by the current maximum offering price.

2.40%

Index Characteristics

As of 04/17/2014
Dividend Yield

Fund Dividend Yield is the sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

Index Dividend Yield is the weighted average of the underlyings’ indicated annual dividend divided by price, expressed as a percentage.

3.33%
Est. 3-5 Year EPS Growth

The Estimated 3-5 Year EPS Growth 

Based on the underlying holdings of the fund. The actual earnings estimates for the underlying holdings are provided by FactSet, First Call, I/B/E/S Consensus, and Reuters and are used to calculate a mean 3-5 year EPS growth rate estimate.

11.33%
FY 1 P/E Ratio

FY 1 P/E Ratio

Closing price divided by the sum of the forecasted fiscal year earnings per share.

12.69
Number of Holdings882
Price/Cash Flow

Price/Cash Flow

The weighted average of current share price divided by operating cash flow per share for each security in the fund.

6.47
Price/Earnings

Price/Earnings

The weighted average of current share price divided by the income earned per share for each security in the fund.

13.15
Return On Equity

Return on Equity

The weighted average of the rate of return for each security in the fund.  ROE is a measure of how well a company used reinvested earnings to generate additional earnings.

9.39%

Fund Documents

Fund Market Price

As of 04/16/2014
Bid/Ask$22.30
Closing Price$22.40
Day High$22.40
Day Low$22.07
Exchange Volume (shares)
The Exchange Volume represents the volume of shares traded on the ETF’s primary exchange throughout the previous business day.
2,217
Premium/Discount0.12%
Premium Discount to Nav Chart

Fund Net Asset Value

NAV

Market value of a mutual fund’s and ETF’s total assets, minus liabilities, divided by the number of shares outstanding

As of 04/16/2014
Price$22.27
Shares Outstanding500,000
Total Net Assets$11.14 M
Most Recent NAV / NAV History XLS

Index Statistics

As of 04/17/2014
Weighted Average Market Cap$45,391.92 M
Average Size
Mean$5,317.48 M
Median$1,148.30 M
Size Range
Largest$194,569.89 M
Smallest$0.71 M

Purchase Information

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions apply.

Performance Graphs

Month End as of 03/31/2014

Fund Inception Date: 07/16/2008

Index Inception Date: 07/16/2008

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Quarter End as of 03/31/2014

Fund Inception Date: 07/16/2008

Index Inception Date: 07/16/2008

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; S&amp;P&lt;sup&gt;®&lt;/sup&gt; International Financial Sector ETF" bmarkName="S&amp;P Developed Ex-U.S. BMI Financials Sector Index"><funds><field>1 Month</field><fund>-0.07</fund><index>0.18</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>-0.65</fund><index>-0.06</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>-0.65</fund><index>-0.06</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>17.13</fund><index>17.23</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>6.44</fund><index>6.92</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund>17.02</fund><index>17.53</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>1.83</fund><index>1.97</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings
Subject to change.

As of 04/17/2014
NameWeightShares Held
HSBC Holdings plc4.54%48,812
Commonwealth Bank of Australia2.80%4,303
Royal Bank of Canada2.46%4,113
Westpac Banking Corporation2.45%8,371
Australia and New Zealand Banking Group Limited2.30%8,108
Banco Santander S.A.2.28%25,962
BNP Paribas SA Class A2.27%3,364
Allianz SE2.15%1,453
Toronto-Dominion Bank1.97%4,659
UBS AG1.84%10,089
Download All Holdings XLS

Index Top Holdings

As of 04/17/2014
NameWeight
HSBC Holdings plc4.20%
Banco Santander S.A.2.55%
Commonwealth Bank of Australia2.55%
Westpac Banking Corporation2.20%
Royal Bank of Canada2.09%
Australia and New Zealand Banking Group Limited1.89%
Toronto-Dominion Bank1.88%
BNP Paribas SA Class A1.71%
Mitsubishi UFJ Financial Group Inc.1.71%
National Australia Bank Limited1.69%

Fund Industry Allocation

As of 04/17/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/17/2014</asOfDate><attributes><attribute><rawValue>52.08</rawValue><value>52.08%</value><label>Banks</label><order>1</order></attribute><attribute><rawValue>20.0</rawValue><value>20.00%</value><label>Insurance</label><order>2</order></attribute><attribute><rawValue>8.77</rawValue><value>8.77%</value><label>Capital Markets</label><order>3</order></attribute><attribute><rawValue>8.23</rawValue><value>8.23%</value><label>Real Estate Management &amp; Development</label><order>4</order></attribute><attribute><rawValue>4.11</rawValue><value>4.11%</value><label>Diversified Financial Services</label><order>5</order></attribute><attribute><rawValue>3.98</rawValue><value>3.98%</value><label>Real Estate Investment Trusts (Reits)</label><order>6</order></attribute><attribute><rawValue>0.82</rawValue><value>0.82%</value><label>Unassigned</label><order>7</order></attribute><attribute><rawValue>0.74</rawValue><value>0.74%</value><label>Consumer Finance</label><order>8</order></attribute><attribute><rawValue>0.04</rawValue><value>0.04%</value><label>Transportation Infrastructure</label><order>9</order></attribute></attributes><disclaimer><code>Subject to Change Web</code><text>Subject to change.</text></disclaimer><code>FUND_SECTOR_ALLOCATION</code><overrideLabel>Fund Industry Allocation</overrideLabel></component>

Subject to change.

Index Industry Allocation

As of 04/17/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/17/2014</asOfDate><attributes><attribute><rawValue>50.83</rawValue><value>50.83%</value><label>Banks</label><order>1</order></attribute><attribute><rawValue>18.89</rawValue><value>18.89%</value><label>Insurance</label><order>2</order></attribute><attribute><rawValue>8.08</rawValue><value>8.08%</value><label>Real Estate Management &amp; Development</label><order>3</order></attribute><attribute><rawValue>7.63</rawValue><value>7.63%</value><label>Capital Markets</label><order>4</order></attribute><attribute><rawValue>7.25</rawValue><value>7.25%</value><label>Real Estate Investment Trusts (Reits)</label><order>5</order></attribute><attribute><rawValue>4.73</rawValue><value>4.73%</value><label>Diversified Financial Services</label><order>6</order></attribute><attribute><rawValue>1.94</rawValue><value>1.94%</value><label>Unassigned</label><order>7</order></attribute><attribute><rawValue>0.45</rawValue><value>0.45%</value><label>Consumer Finance</label><order>8</order></attribute><attribute><rawValue>0.2</rawValue><value>0.20%</value><label>Thrifts &amp; Mortgage Finance</label><order>9</order></attribute></attributes><code>BMARK_SECTOR_ALLOCTAION</code><overrideLabel>Index Industry Allocation</overrideLabel></component>

Fund Country Weights

As of 04/17/2014
United Kingdom15.90%
Japan12.96%
Australia12.86%
Canada12.69%
Switzerland6.09%
France5.78%
Hong Kong5.64%
Germany5.39%
Spain4.93%
Sweden3.92%
Italy3.33%
Singapore2.51%
Netherlands1.70%
Denmark1.21%
South Korea0.79%
Austria0.74%
New Zealand0.67%
Finland0.60%
Belgium0.59%
Norway0.46%

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

The historical values for this index were calculated based on the current S&P Global BMI Equity methodology, the parent index of the S&P Developed Ex-U.S. BMI Sector Capped Indices, using historical component-level data. The historical values were designed to reflect the performance of what would have been the actual components of the Index at the time. Securities meeting the required criteria for inclusion according to the methodology were included; no discretion was employed in the selection outside of applying the criteria. To create the history for the S&P Developed Ex-U.S. BMI Sector Capped Index the following methodology was used:

Index Eligibility: To be eligible for the S&P Developed Ex-U.S. BMI Sector Capped index, companies must first be constituents of the S&P Global BMI Equity index.Eligibility Factors:Market Capitalization. Stocks must have a float-adjusted market capitalization above US$100 million.Liquidity. Stocks must have 12-month average total daily value traded above US$50 million.Domicile . All constituents are members of the developed markets, as defined by the S&PGlobal BMI Equity methodology excluding the United States.Sector Classification. Stocks are classified by the Global Industry Classification Standard (GICS®) – a four-tiered industry classification structure. The indices provide geographic and economic balance across the 10 GICS Sectors. These Sectors, consistent across all Standard & Poor ’ s indices, are Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Information Technology, Materials, Telecommunication Services, and Utilities.

Timing of Changes. The index is reviewed quarterly to adjust the index weights if necessary. Quarterly rebalancings will take place on the third Friday of each March, June and December. The September rebalancing will be on September 30 to coincide with the annual reconstitution of the index, effective for October 1. The cut-off date for the data used in the annual reconstitution is the last business day of the prior July. New constituents and index weights will be made available to clients with a five-day notice.Additions. Companies may be added between rebalancings periods due to sector re- classifications, listing of eligible IPOs, and eligible spin-offs.Deletions. Between rebalancings, a company can be deleted from one the ten S&P Developed Ex-U.S. BMI Sector Capped Indices due to corporate events such as mergers, acquisitions, takeovers, delistings, or sector reclassification.

Index Construction: 1. All constituents of the S&P Developed Ex-U.S. BMI Sector Capped index must first be constituents of the S&P Global BMI Equity index. These constituents already meet the size and liquidity criteria. This becomes the initial selection universe. 2. All securities of the United States and constituents of emerging markets, as defined by the S&P Global BMI Equity methodology are removed from the list. 3. Companies are then sorted by sector classification and by float market cap within each sector. 4. The remaining stocks are sorted in decreasing order of their float-adjusted market capitalization within each of its corresponding sector. Each sector then becomes an individual index.5. Index weights are calculated for each of the constituents in each of the sectors. In each of the sector indices, no stock can exceeds 20% of the index; stocks that exceed 5% of the index market cap weight, in aggregate, should not exceed 45% of the index. In order to maintain these thresholds, the market capitalization may be modified to comply with these guidelines. Please note that back-tested performance does not represent actual performance and should not be interpreted as an indication of actual performance. Back-tested index performance is for informational purposes only. Index performance returns do not reflect management fees, transaction costs or expenses that may be associated with a fund that seeks to replicate the performance of an index. Indexes are unmanaged and one cannot invest directly in an index.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.

Unless otherwise noted all information contained herein is that of the SPDR S&P International Financial Sector ETF.

The Fund invests by sampling the index, holding a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index.

S&P - In net total return indices, the dividends are reinvested after the deduction of withholding tax. Tax rates are applied at the country level or at the index level.

ETF Management Team - Non US

Co-Head of Passive Equity Strategies John Tucker Senior Managing Director Show Bio

John is a Senior Managing Director of State Street Global Advisors and Co-Head of Passive Equity Strategies in North America. John is responsible for overseeing the management of all equity index strategies and Exchange Traded Funds managed in North America. He is a member of the Senior Leadership Team. Previously, John was head of the Structured Products group in SSgA's London office, where he was responsible for the management of all index strategies in our second largest investment center.

John received a BA from Trinity College and an MS in Finance from Boston College. He has also earned the Chartered Financial Analyst designation and is a member of the Boston Security Analysts Society and the CFA Institute. In addition, John is a member of The Russell Index Client Advisory Board and The S&P U.S. Index Advisory Panel. He joined State Street in 1988.

Senior Portfolio Manager David Chin Vice President Show Bio

David is a Vice President and Senior Portfolio Manager in the Global Equity Beta Solutions team at State Street Global Advisors. He is responsible for managing both U.S. and International funds. Prior to joining SSgA in 1999, David was a product analyst in the Analytical Services Group at Frank Russell Company. Before this, he worked at OneSource Information Systems developing investment software. Preceding this, he was affiliated with PanAgora Asset Management in the Research and Development group creating quantitative investment models for international equities. David has been working in the investment management field since 1992.

David holds a BS in Management Information Systems from the University of Massachusetts/Boston and an MBA from the University of Arizona.

Head of US Equity Strategies Karl A. Schneider Vice President Show Bio

Karl is a Vice President of State Street Global Advisors and Head of US Equity Strategies for the Global Equity Beta Solutions (GEBS) team, where in addition to overseeing the management of the US equity index strategies, he also serves as a portfolio manager for a number of the group's passive equity portfolios. Previously within GEBS, he served as a portfolio manager and product specialist for synthetic beta strategies, including commodities, buy/write, and hedge fund replication. Karl is also a member of the SSgA Derivatives Committee.

Prior to joining the Global Equity Beta Solutions, Karl worked as a portfolio manager in SSgA's Currency Management Group, managing both active currency selection and traditional passive hedging overlay portfolios. He joined State Street in 1996.

Karl holds a BS in Finance and Investments from Babson College and also an MS in Finance from Boston College. He has earned the Chartered Alternative Investment Analyst designation and is a member of the CAIA Association.

Co-Head of Passive Equity Strategies Michael J. Feehily Managing Director Show Bio

Mike is a Senior Managing Director and Co-Head of Passive Equity Strategies in North America. In this capacity, Mike has oversight of our North American Passive Equity teams in Boston and Montreal. He is a member of the Senior Leadership Team.

Mike rejoined SSgA after spending the four years in State Street Global Markets where he helped to build the Exposure Solutions business. This group created and managed portfolios that were designed to meet the short-term market exposure needs of our institutional clients. Prior to this, Mike had been Head of the US Passive Equity Team within SSgA. He joined State Street in 1992.

Mike received a Bachelor of Science Degree from Babson College in Finance, Investments, and Economics. He received an MBA in Finance from Bentley College and also earned the Chartered Financial Analyst designation. He is a member of the CFA Institute and the Boston Security Analysts Society. Mike is also a former member of the Russell Index Client Advisory Board.

After Tax Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

S&P Developed Ex-U.S. BMI Financials Sector Index

The S&P®  Developed Ex-U.S. BMI Financials Sector Index represents the non-U.S. financial sub-industry of developed countries included in the S&P Broad Market Index (the “Global BMI Index”). The Global BMI Index captures the full universe of institutionally investable stocks in developed and emerging markets with float-adjusted market capitalizations of at least $100 million.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

Important Risk Information

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

The Fund invests by sampling the Index, holding a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics which may cause the fund to experience tracking errors relative to performance of the Index.

Non-diversified funds that focus on a relatively small number of issuers tend to be more volatile than diversified funds and the market as a whole.

Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations, all of which may be magnified in emerging markets. Investments in smaller companies may involve greater risks than those in larger, better known companies.

Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Premium Discount to NAV

As of 04/16/2014
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® S&P® International Financial Sector ETF IPF $22.27 $22.40 $22.30 0.12%
Download Fund Data

x axis: # of days y axis: # Premium/Discount percentage

The above information is provided to show the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.