State Street launches new European sector ETFs
EUROPE – State Street Global Advisors (SSgA) has launched a new series of European exchange traded funds (ETFs) to be based on the Morgan Stanley Capital International (MSCI) Europe sector indices.
The first three of the new ETFs, named streetTRACKS, began trading today (September 6) on Euronext, Paris, against MSCI Europe’s financials, information technology and energy sector indices.
The remaining seven sector ETFs are expected to be launched in the coming weeks, covering materials, industrials, consumer discretionary, consumer staples, health care, telecommunication services and utilities.
Says Henry Fernandez, president and chief executive officer of MSCI: “Sector investing is a clear trend in Europe since the move to a single currency and this range of SSgA ETFs makes available a new way to execute sector-based asset allocation strategies.”