State Street Launches Fixed Income Exchange Traded Funds
May 29 2007 - 9:05AM
Business Wire
State Street Global Advisors (SSgA)(a), the investment management
arm of State Street Corporation (NYSE: STT), today announced five
new fixed income SPDRsSM exchange traded funds (ETFs) will begin
trading on the American Stock Exchange (Amex) on May 30. Providing
precise, low-cost� access to an array of fixed income segments and
maturities, the five new SPDRs include: ETF Name Ticker Index
Description Expense Ratio SPDR� Lehman 1-3 Month T-Bill BIL The
Lehman Brothers 1-3 Month U.S. Treasury Bill Index includes all
publicly issued zero-coupon U.S. Treasury Bills that have a
remaining maturity of less than 3 months and more than 1 month, are
rated investment grade, and have $250 million or more of
outstanding face value. 0.13% SPDR� Barclays TIPS ETF IPE The
Barclays US Government Inflation-Linked Index includes publicly
issued, U.S. Treasury inflation protected securities that have at
least 1 year remaining to maturity on index rebalancing date, with
an issue size equal to or exceeding $500 million. 0.18% SPDR�
Lehman Aggregate Bond ETF LAG The Lehman Brothers U.S. Aggregate
Index provides a measure of the performance of the U.S. dollar
denominated investment grade bond market. 0.13%(c) SPDR� Lehman
Intermediate Term Treasury ETF ITE The Lehman Brothers Intermediate
U.S. Treasury Index includes all publicly issued U.S. Treasury
securities that have a remaining maturity of greater than or equal
to 1 year and less than 10 years, are rated investment grade, and
have $250 million or more of outstanding face value. 0.13% SPDR�
Lehman Long Term Treasury ETF TLO The Lehman Brothers Long U.S.
Treasury Index includes all publicly issued, U.S. Treasury
securities that have a remaining maturity of 10 or more years, are
rated investment grade, and have $250 million or more in
outstanding face value. 0.13% �Our new family of fixed income SPDRs
is designed to help investors create and manage well-diversified,
cost-effective portfolios,� said Anthony Rochte, senior managing
director of State Street Global Advisors. �Spanning the spectrum of
short, intermediate, and long-term maturities and providing new
access to T-Bills and the 10-plus-year segment of the market, the
fixed income SPDRs are a compelling addition to our ETF offering.�
State Street Global Advisors has managed fixed income index funds
since 1984. Today, the firm manages more than $800 billion in total
fixed income and cash (as of March 31, 2007) globally. State Street
manages more than $114 billion in ETF assets worldwide (as of March
31, 2007) and is one of the largest providers in the United States
and globally, with a market share of nearly 20 percent.(b) About
State Street Global Advisors State Street Global Advisors, the
investment management arm of State Street Corporation, delivers
investment strategies and integrated solutions to clients worldwide
across every asset class, investment approach and style. With
US$1.8�trillion in assets under management as of March 31, 2007,
State Street Global Advisors has investment centers in Boston, Hong
Kong, London, Milan, Montreal, Munich, Paris, Singapore, Sydney,
Tokyo and Zurich, and offices in 25 cities worldwide. For more
information, visit State Street Global Advisors at www.ssga.com.
(a) The Funds are advised by SSgA Funds Management Inc., a
registered investment adviser and a wholly owned subsidiary of
SSgA. (b) Source: State Street Global Advisors as of March 31, 2007
ETFs trade like a stock and are subject to market risk. Bond funds
contain interest rate risk (as interest rates rise bond prices
usually fall); the risk of issuer default; and inflation risk.
�Frequent trading of ETFs could significantly increase commissions
and other costs such that they may offset any savings from low fees
or costs. (c) The Fund�s Adviser has contractually agreed to waive
its advisory fee and reimburse certain expenses, until May 23,
2008, so that the Net Annual Operating Expenses are limited to
0.13% of the Fund�s average daily net assets. The Adviser may
continue such waiver from year to year, but there is no guarantee
that the Adviser will do so and after May 23, 2008, it may be
cancelled or modified at any time. The �SPDRs� 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.
Lehman Brothers, Lehman Brothers Inc. are trademarks of Lehman
Brothers Inc. and have been licensed for use in connection with the
listing and trading of the SPDR Lehman ETFs on the Amex. The
products are not sponsored by, endorsed, sold or promoted by Lehman
Brothers Inc. and Lehman Brothers Inc. makes no representation
regarding the advisability of investing in them. "Barclays Capital�
is a trademark of Barclays Capital, the investment banking division
of Barclays Bank PLC (�Barclays Capital�) and is used by State
Street Global Advisors under license. Barclays Capital compiles,
maintains and owns rights in and to the Barclays US Government
Inflation-Linked Index. The SPDR Barclays TIPS ETF is not
sponsored, endorsed, sold or promoted by Barclays Capital. Barclays
Capital or one of its affiliated entities may act as an Authorized
Participant and/or as an initial purchaser of shares of the SPDR
Barclays TIPS ETF. Barclays Capital makes no representation
regarding the advisability of investing in the SPDR Barclays TIPS
ETF or use of either the Barclays US Government Inflation-Linked
Index or any data included therein. Distributor: State Street
Global Markets, LLC, member NASD, SIPC. Before investing, carefully
consider the fund�s investment objectives, risks, charges and
expenses. A prospectus, which contains this and other important
information about the fund can be obtained by calling 866.787.2257.
Read it carefully before investing. 10507-0508
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