State Street cuts fees, renames 15 ETFs

State Street Global Advisors has lowered the expense ratio of 15 of its exchange-traded funds – one by 48 basis points – and renamed them SPDR Portfolio ETFs. Three of the funds will track new indexes, SSGA said in a release. Expense ratios now range from 0.03% to 0.06% for many of the broad-based ETFs, often lower by five to 10 basis points than their original versions. The expense ratio of the SPDR Portfolio Emerging Markets ETF, by contrast, is now 0.11%, compared with expenses of 0.59% for the SPDR S&P Emerging Markets ETF which it replaces. "Each fund in the SPDR Portfolio suite is priced equal to or below the lowest fee ETF in the category," said Rory Tobin, co-head of the global SPDR business at SSGA. The 15 SPDR portfolio ETFs will be available to trade commission-free as part of TD Ameritrade's expansion of its ETF Market Center, which was announced today.