New SPDR Tech ETF to Debut Thursday

State Street's

State Street Global Advisors (SSgA) ETF issuing business, will introduce the SPDR S&P Software & Services ETF

on Thursday. The ETF will track the S&P Software & Services Select Industry Index and feature an expense ratio of 0.35%. The index is equal-weighted by market value and tracked 134 stocks as of the end of August. Existing index members must have a float-adjusted market capitalization above $300 million with a liquidity ratio greater or equal to 50%. Rebalancing occurs on the third Friday of the quarter-ending month, according to the new ETF's prospectus. With an emphasis on software the SPDR S&P Software & Services ETF could be a potential rival to ETFs such as the the iShares S&P North American Technology-Software Index Fund

. With almost $518 million in assets under management, IGN is home to major software players such as Microsoft

and Oracle

. SSgA is the second-largest U.S. ETF with 101 funds on the market and almost $267 billion in AUM as of the end of August, according to data from the National Stock Exchange.