State Street Global Advisors launched the SPDR KBW Mortgage Finance ETF (KME) on the NYSE Arca today. The firm says it’s the first ETF to provide precise access to equities in the mortgage finance industry.
The KBW Mortgage Finance Index is a modified market-capitalization weighted index of 24 stocks including pure mortgage players, mortgage processors, title insurers, homebuilders, and banks and thrifts where mortgage loans dominate the loan book. The fund’s expense ratio is 0.35 percent.
This new ETF joins SSGA’s suite of ETFs based on Keefe, Bruyette & Woods indexes. Founded in 1962, KBW is a full-service investment bank specializing in the financial services industry. KBW’s indexes are designed to help investors express a tactical view on industries within the financial services sector.”
The SPDR KBW family of exchange traded funds includes: SPDR KBW Bank ETF (KBE), SPDR KBW Capital Markets ETF (KCE), SPDR KBW Insurance ETF (KIE), SPDR KBW Regional Banking ETF (KRE), and SPDR KBW Mortgage Finance ETF (KME).