State Street Global Advisors (SSgA), the investment management arm of
State Street Corporation (NYSE: STT), today announced that the SPDR®
Barclays Capital Long Term Credit Bond ETF (Symbol: LWC) began trading
on the NYSE Arca on March 11, 2009. Its annual expense ratio is 0.15
Designed to provide investors with diversified, low-cost access to long-
term (10+ years) investment grade bonds, the SPDR Barclays Capital Long
Term Credit Bond ETF seeks to track the price and yield performance of
the Barclays Capital U.S. Long Credit Index. The Index includes
investment grade corporate and non-corporate credit bonds that are
Dollar denominated and have a remaining maturity of greater than or
equal to 10 years. As of December 31, 2008, the Index included 965
issues with an average dollar-weighted maturity of 24.39 years.
"Demand for access to high quality, long term credit bonds is on the
rise as investors search for alternatives to U.S. Treasuries that will
improve the yield on their fixed income portfolios,” says Anthony
Rochte, senior managing director at State Street Global Advisors. "The
SPDR Barclays Capital Long Term Credit Bond ETF is the longest-maturity
credit bond ETF available to investors and a key addition to our growing
family of fixed income SPDRs, which have attracted more than $800
million in net inflows in just the first two months of 2009.”
State Street Global Advisors has managed fixed income index funds since
1984. As of December 31, 2008, the firm managed $270 billion in fixed
income assets globally, and SSgA Funds Management, Inc., the adviser to
the SPDR Barclays Long Term Credit Bond ETF, manages more than $4
billion across 15 fixed income SPDR ETFs that provide precise access to
core segments of the bond market.
State Street Global Advisors is one of the largest ETF providers in the
United States and globally. U.S. assets under management for SPDR ETFs
totaled more than $159 billion as of December 31, 2008.
About State Street Global Advisors
State Street Global Advisors, the investment management arm of State
Street Corporation (NYSE: STT), delivers investment strategies and
integrated solutions to clients worldwide across every asset class,
investment approach and style. With $1.4 trillion in assets under
management at December 31, 2008, State Street Global Advisors has
investment centers in Boston, Hong Kong, London, Montreal, Munich,
Paris, Singapore, Sydney, Tokyo, Toronto and Zurich, and offices in 27
cities worldwide. For more information, visit State Street Global
Advisors at www.ssga.com.
Note to Editors: SPDR Exchange Traded Funds
SPDR ETFs are a comprehensive family spanning an array of international
and domestic asset classes. SPDR ETFs provide professional investors
with the flexibility to select investments that are precisely aligned to
their investment strategy. Recognized as the industry pioneer, State
Street—in partnership with the American Stock Exchange—created the first
ETF in 1993 (SPDR S&P 500 ETF– Ticker SPY). Since then, we’ve sustained
our place as an industry innovator through the introduction of many
ground-breaking products, including first-to-market successes with gold,
international real estate, international fixed income and sector ETFs.
SPDR ETFs are managed or marketed by SSgA or SSgA Funds Management, Inc,
a registered investment adviser and wholly owned subsidiary of State
Street Bank and Trust Company.
The "SPDR®” trademark is used under license from The McGraw-Hill
Companies, Inc. ("McGraw-Hill”). No financial product offered by State
Street Corporation or its affiliates is sponsored, endorsed, sold or
promoted by McGraw-Hill. Standard & Poor’s®, S&P®, SPDR®, S&P 500® and
Select Sector SPDRs® are trademarks of The McGraw-Hill Companies, Inc.,
and have been licensed for use by State Street Bank and Trust Company.
SPDR ETFs are managed by SSgA Funds Management, Inc., a registered
investment adviser and wholly owned subsidiary of State Street Bank and
ETFs trade like stocks, are subject to investment risk and will
fluctuate in market value.
Bond funds contain interest rate risk (as interest rates rise bond
prices usually fall); the risk of issuer default; and inflation risk.
State Street Global Markets, LLC, member FINRA, SIPC is distributor for
all SPDRs products and is a wholly owned subsidiary of State Street
Corporation. References to State Street may include State Street
Corporation and its affiliates.
Certain State Street affiliates provide services and receive fees from
the SPDR ETFs. ALPS Distributors, Inc., a registered broker-dealer, is
distributor for SPDR shares, MidCap SPDRs and Dow Diamonds, all unit
investment trusts and Select Sector SPDRs.
Before investing, consider the funds’ investment objectives, risks,
charges and expenses. To obtain a prospectus which contains this and
other information, call 1-866-787-2257 or visit www.spdrs.com.
Read it carefully.