State Street Corp.'s Select Sector SPDRs, a family of exchange-traded funds that divide the S&P 500 into nine sector portfolios, has reported that collective assets under management grew by $8.87 billion, or 51.95%, last year.
This brought the fund family's total assets to $25.9 billion, maintaining its position as the leading sector ETF grouping.
Started in 1998, Select Sector SPDRs is the oldest brand name in sector exchange-traded funds, the Boston company said on Thursday.
Leading the Sector SPDRs in asset gains last year was its financials fund, which grew 122.94% and ended the year with $5.02 billion. The energy SPDR was up 86.41%, to $7 billion, and the materials, health-care, consumer staples, industrials, and technology SPDRs all had double-digit gains.
The consumer discretionary SPDR ended the year up 8.56%, but the utility SPDR ended 2007 in a negative position after an asset decline of 16.80%.
