State Street Global Advisors, the investment management arm of State Street Corp. in Boston, introduced three exchange-traded sector funds Monday.
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The three new SPDR portfolios - Biotech, Homebuilders, and Semiconductor funds - were launched on the American Stock Exchange. They track the performance of specific industries and are benchmarked against the Standard & Poor's Select Industry Indexes.
Greg Ehret, the co-head of State Street Global Advisors' strategies unit, said in a press release that the biotechnology, home construction, and semiconductor industries have in recent years driven growth in the U.S. economy. The new funds give investors direct exposure to these industries, he said.
