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Home   »   ETFs : SPDR® Wells Fargo® Preferred Stock ETF (PSK)
PSK

SPDR® Wells Fargo® Preferred Stock ETF

Fund Objective

The SPDR® Wells Fargo® Preferred Stock ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Wells Fargo® Hybrid and Preferred Securities Aggregate Index.

Ordinary brokerage commissions may apply.

Fund Information

As of 04/24/2014
Ticker SymbolPSK
Primary BenchmarkWells Fargo Hybrid and Preferred Securities Aggregate Index
CUSIP78464A292
Short Selling AllowedYes
Options AvailableNo
Gross Expense Ratio0.45%
Inception Date09/16/2009
Investment ManagerSSgA Funds Management, Inc.
Management TeamETF Management Team
DistributorState Street Global Markets, LLC
Distribution FrequencyQuarterly
ExchangeNYSE ARCA EXCHANGE

Fund Characteristics

As of 04/22/2014
Current Yield

 Average Current Yield

The market value weighted average current coupon of the bonds in the portfolio divided by current market price of the bonds in the portfolio.

6.05%
Number of Holdings131

30 DAY SEC YIELD

As of 04/22/2014
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.

5.62%

Index Characteristics

As of 04/22/2014
Current Yield

 Average Current Yield

The market value weighted average current coupon of the bonds in the portfolio divided by current market price of the bonds in the portfolio.

6.04%
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.

6.31%
Number of Holdings130
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.

10.31%

Fund Documents

Fund Market Price

As of 04/22/2014
Bid/Ask$42.68
Closing Price$42.69
Day High$42.69
Day Low$42.53
Exchange Volume (shares)
The Exchange Volume represents the volume of shares traded on the ETF’s primary exchange throughout the previous business day.
2,341
Premium/Discount-0.02%
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 04/22/2014
Price$42.69
Shares Outstanding5.95 M
Total Net Assets$253.99 M
Most Recent NAV / NAV History XLS

Fund Net Cash Amount

As of 04/22/2014
Net Cash Amount$1,265,101.78

Index Statistics

As of 04/22/2014
Weighted Average Market Cap$22,593.72 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: 09/16/2009

Index Inception Date: 09/16/2009

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Wells Fargo&lt;sup&gt;®&lt;/sup&gt; Preferred Stock ETF" bmarkName="Wells Fargo Hybrid and Preferred Securities Aggregate Index"><funds><field>1 Month</field><fund>2.04</fund><index>2.07</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>8.21</fund><index>8.33</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>8.21</fund><index>8.33</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>0.06</fund><index>-0.08</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>4.30</fund><index>4.31</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>N/A</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>8.04</fund><index>8.26</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 03/31/2014

Fund Inception Date: 09/16/2009

Index Inception Date: 09/16/2009

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Wells Fargo&lt;sup&gt;®&lt;/sup&gt; Preferred Stock ETF" bmarkName="Wells Fargo Hybrid and Preferred Securities Aggregate Index"><funds><field>1 Month</field><fund>2.04</fund><index>2.07</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>8.21</fund><index>8.33</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>8.21</fund><index>8.33</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>0.06</fund><index>-0.08</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>4.30</fund><index>4.31</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>N/A</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>8.04</fund><index>8.26</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings
Subject to change.

As of 04/22/2014
NameWeightShares Held
PNC Financial Services Group Inc Deposit Shs Repr 1/4000th Non-Cum Perp Pfd Shs Series P2.33%223,255
Barclays Bank PLC 8 1/8 % Non Cum Callable Dollar Pref Shs Sp Am Dep Receipt Repr 1 Non Cum Cal Dlr Pref Shs Series 52.22%218,448
Metlife Inc 6 1/2 % Non Cum Pfd Shs Series B2.22%223,255
HSBC Holdings PLC 8 % Perp Sub Cap Secs 2010-Without Fixed Maturity Series 22.11%198,779
Goldman Sachs Group Inc 6 1/8 % Notes 2010-1.11.60 Sr1.97%197,211
Wells Fargo & Co Deposit Shs Repr 1/40th 8 % Non Cum Perp Pfd Sh A Series J1.80%156,449
JPMorgan Chase Capital XXIX 6.7 % Capital Secs 2010-2.4.40 Series CC1.74%171,930
Deutsche Bank Contingent Capital Trust III 7.60 % Trust Pfd Secs 2008-Without Fixed Maturity1.70%157,178
US Bancorp Deposit Shs Repr 1/1000th Non Cum Perp Pfd Shs Series-F1.64%145,738
US Bancorp Deposit Shs Repr 1/1000 Non-Cum Perp Pfd Sh Series G1.56%143,754
Download All Holdings XLS

Index Top Holdings

As of 04/22/2014
NameWeight
PNC Financial Services Group Inc Deposit Shs Repr 1/4000th Non-Cum Perp Pfd Shs Series P2.34%
Metlife Inc 6 1/2 % Non Cum Pfd Shs Series B2.23%
Barclays Bank PLC 8 1/8 % Non Cum Callable Dollar Pref Shs Sp Am Dep Receipt Repr 1 Non Cum Cal Dlr Pref Shs Series 52.22%
HSBC Holdings PLC 8 % Perp Sub Cap Secs 2010-Without Fixed Maturity Series 22.12%
Goldman Sachs Group Inc 6 1/8 % Notes 2010-1.11.60 Sr1.97%
Wells Fargo & Co Deposit Shs Repr 1/40th 8 % Non Cum Perp Pfd Sh A Series J1.79%
JPMorgan Chase Capital XXIX 6.7 % Capital Secs 2010-2.4.40 Series CC1.74%
Deutsche Bank Contingent Capital Trust III 7.60 % Trust Pfd Secs 2008-Without Fixed Maturity1.71%
US Bancorp Deposit Shs Repr 1/1000th Non Cum Perp Pfd Shs Series-F1.64%
US Bancorp Deposit Shs Repr 1/1000 Non-Cum Perp Pfd Sh Series G1.58%

Fund Sector Allocation

As of 04/22/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/22/2014</asOfDate><attributes><attribute><rawValue>81.35</rawValue><value>81.35%</value><label>Financials</label><order>1</order></attribute><attribute><rawValue>8.26</rawValue><value>8.26%</value><label>Utilities</label><order>2</order></attribute><attribute><rawValue>6.07</rawValue><value>6.07%</value><label>Telecommunication Services</label><order>3</order></attribute><attribute><rawValue>3.9</rawValue><value>3.90%</value><label>Industrials</label><order>4</order></attribute><attribute><rawValue>0.42</rawValue><value>0.42%</value><label>Consumer Discretionary</label><order>5</order></attribute></attributes><code>FUND_SECTOR_ALLOCATION</code></component>

Index Sector Allocation

As of 04/22/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/22/2014</asOfDate><attributes><attribute><rawValue>81.02</rawValue><value>81.02%</value><label>Financials</label><order>1</order></attribute><attribute><rawValue>8.41</rawValue><value>8.41%</value><label>Utilities</label><order>2</order></attribute><attribute><rawValue>6.19</rawValue><value>6.19%</value><label>Telecommunication Services</label><order>3</order></attribute><attribute><rawValue>3.95</rawValue><value>3.95%</value><label>Industrials</label><order>4</order></attribute><attribute><rawValue>0.44</rawValue><value>0.44%</value><label>Consumer Discretionary</label><order>5</order></attribute></attributes><code>BMARK_SECTOR_ALLOCTAION</code></component>

Fund Quality Breakdown

Quality Breakdown

Barclays uses the “middle rating” of Moody’s, S&P, and Fitch to determine a security’s index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 04/22/2014
A9.71%
Aaa0.90%
Baa73.87%
Below Baa15.52%
Not Rated0.00%

Index Quality Breakdown

Quality Breakdown

Barclays uses the “middle rating” of Moody’s, S&P, and Fitch to determine a security’s index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 04/22/2014
A9.91%
Aaa0.94%
Baa73.31%
Below Baa15.84%
Not Rated0.00%

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.

Wells Fargo® Hybrid and Preferred Securities Aggregate Index are trademarks of Wells Fargo & Company and have been licensed for use by State Street Global Advisors.  The product is not sponsored, issued or advised by Wells Fargo & Company or its affiliates and Wells Fargo & Company makes no representation regarding the performance of the index or this product.

Unless otherwise noted all information contained herein is that of the SPDR Wells Fargo Preferred Stock ETF.

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.

ETF Management Team

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.

Senior Portfolio Manager Dwayne Hancock Vice President Show Bio

Dwayne is a Vice President of State Street Global Advisors and a Senior Portfolio Manager in the firm's Global Equity Beta Solutions (GEBS) team. Within this group, he is currently the strategy leader for their non-US passive products. Prior to taking on this responsibility, Dwayne was the ETF product specialist for the GEBS group. He is also a member of the SSgA Valuation Committee. Dwayne currently manages a varied mix of funds spanning both regions, US, developed and emerging and fund structures which include separate accounts, commingled funds, mutual funds and ETFs. Additionally, he has played a primary role in determining trading strategies for significant benchmark changes such as the annual Russell reconstitution.

Dwayne joined SSgA in 1996 and became part of the GEBS portfolio management team in 1998. Prior to this, he worked in the firm's Passive International Equity Operations department as a Senior Analyst. He has been working in the investment management field since 1994.

Dwayne holds an MBA from Boston College and a BS in Business Administration from Framingham State College. He also earned the Chartered Financial Analyst Designation and is a member of the Boston Security Analysts Society.

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.

Wells Fargo Hybrid and Preferred Securities Aggregate Index

The Wells Fargo Hybrid and Preferred Securities Aggregate Index is a modified market capitalization weighted index composed of preferred stock and securities that are functionally equivalent to preferred stock including, but not limited to, depositary preferred securities, perpetual subordinated debt and certain securities issued by banks and other financial institutions that are eligible for capital treatment with respect to such instruments akin to that received for issuance of straight preferred stock.  The Index includes Preferred Securities that meet the following criteria: (i) are non-convertible; (ii) have a par amount of $25; (iii) be listed on the NYSE or NYSE Arca; (iv) must maintain a minimum par value of $250 million; (v) be U.S. dollar denominated; (vi) be rated investment grade by one of Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Services; (vii) be publicly registered or exempt from registration under the Securities Act of 1933; and (viii) have a minimum monthly trading volume during each of the last six months of at least 250,000 trading units.  The Index does not include auction rate preferred securities, convertible preferred shares, securities subject to sinking fund provisions, shares in closed-end funds, municipal securities, or repackaged securities linked to a security, a basket of securities or an index.  The Index is rebalanced monthly, on the final NYSE Arca trading day of each month.

© 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.

Because of their narrow focus, financial sector funds tend to be more volatile. Preferred Securities are subordinated to bonds and other debt instruments, and will be subject to greater credit risk.

The fund may contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; inflation risk; and issuer call risk.  The Fund may invest in U.S. dollar-denominated securities of foreign issuers traded in the United States.

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

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.

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 04/22/2014
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Wells Fargo® Preferred Stock ETF PSK $42.69 $42.69 $42.68 -0.02%
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.