At a glance
- The fund's accumulating share class tracks a float-adjusted, capitalisation-weighted index of the 500 largest US companies.
- The notice appears on the SSGA SPDR Insights product page, alongside a 'Learn More' link.
- For a passive index issuer, voting choice is a way to stand apart on governance.
State Street is offering proxy voting choice to investors in SPYL, its S&P 500 UCITS ETF. The fund's accumulating share class tracks a float-adjusted, capitalisation-weighted index of the 500 largest US companies. The index universe spans more than 24 industry groups. Those companies account for roughly 75% of the US equity market.
The notice appears on the SSGA SPDR Insights product page, alongside a 'Learn More' link. The page doesn't describe the voting mechanics. It says nothing about how ballots would be cast, whether the option extends to every holder, or what the pass-through mechanism looks like.
Proxy choice for a passive fund
For a passive index issuer, voting choice is a way to stand apart on governance. The mechanics, though, are missing. That makes the pitch hard to evaluate. Whether SPYL investors will actually use the ballots is an open question.
Reported by the Issuers desk from SSGA SPDR Insights. Published . Corrections