State Street SPDR MSCI USA Gender Diversity ETF
SHE
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- SPDR MSCI USA Gender Diversity ETF (SHE) is an exchange-traded fund that seeks to provide investment results corresponding generally to the total return performance of the MSCI USA Gender Diversity Select Index, which tracks U.S. large- and mid-cap companies exhibiting high levels of gender diversity across their corporate boards, executive and senior management, and workforce. The fund, managed by State Street Global Advisors (SSGA Funds Management, Inc.), primarily invests at least 80% of its assets in securities comprising the index or in equity securities representative of the index's characteristics, utilizing a sampling strategy; it may also hold cash equivalents, money market instruments, or futures contracts for cash management and tracking purposes. Core holdings include leading U.S. equities such as NVIDIA Corp., Microsoft Corp., Advanced Micro Devices, JPMorgan Chase & Co., and Intuit Inc., with significant sector allocations to information technology (approximately 34%), financials (14%), and consumer discretionary (10%); the portfolio comprises around 220-230 securities, rebalanced quarterly, with individual weights capped at 4.5% to mitigate concentration risk. Launched on March 7, 2016, and domiciled in the United States with headquarters at One Iron Street, Boston, Massachusetts, the ETF operates within the large-blend equity segment, targeting investors seeking exposure to gender-diverse U.S. companies screened for ESG controversies, women representation scores (board, executive, senior management, and workforce percentages), and diversity management practices (policies, recruitment targets, benefits, and human capital development). The fund excludes companies with severe discrimination controversies or low gender diversity metrics, selecting top performers by MSCI Gender Diversity Score within each GICS sector to represent 50% of the sector's free-float adjusted market capitalization from the MSCI USA Index parent universe. In a significant strategic shift effective December 8, 2022, the ETF changed its benchmark from the SSGA Gender Diversity Index (Previous Benchmark) to the MSCI USA Gender Diversity Select Index and was renamed from SPDR SSGA Gender Diversity Index ETF, aligning its principal investment strategy with enhanced MSCI ESG metrics for gender diversity scoring and selection. This transition impacted pre- and post-change performance comparisons but maintained focus on gender equity leadership; as of late 2024, assets under management stood at approximately $330 million with a gross expense ratio of 0.20% and a 30-day SEC yield around 1.21%. The adviser and affiliates contribute to a 501(c)(3) charitable organization benchmarked to fund AUM, supporting gender inequality mitigation through educational philanthropy, without influencing daily operations.