State Street Global Advisors Launches Short Term Corporate Bond ETF
December 17 2009 - 10:05AM
Business Wire
State Street Global Advisors (SSgA), the investment management
business of State Street Corporation (NYSE: STT), today announced
that the SPDR® Barclays Capital Short Term Corporate Bond ETF
(Symbol: SCPB) began trading on the NYSE Arca on December 17, 2009.
Its annual expense ratio is 0.1245 percent.
Designed to improve access to investment grade short term
corporate bonds, the SPDR Barclays Capital Short Term Corporate
Bond ETF seeks to track the price and yield performance of the
Barclays Capital US 1-3 Year Corporate Bond Index. The index
includes corporate issues that have a remaining maturity of greater
than or equal to 1 year and less than 3 years, are rated investment
grade (average A2/A3 credit rating), and have $250 million or more
of outstanding face value. As of November 30, 2009, there were 572
issues included in the Index with an average maturity of 1.91
years.
“As investors look to improve the diversification of their fixed
income holdings, demand for precise access to the corporate bond
duration curve has increased,” said Anthony Rochte, senior managing
director at State Street Global Advisors. “The SPDR Barclays
Capital Short Term Corporate Bond ETF can help investors position
their portfolios for a potential increase in interest rates, as
short-term corporate bonds are historically less sensitive to
interest rate movements than longer term issues.”
The SPDR Barclays Capital Short Term Corporate Bond ETF enhances
State Street’s growing family of fixed income SPDRs. As of November
30, 2009, the SSgA Funds Management, Inc., the adviser to the SPDR
Barclays Capital Short Term Corporate Bond ETF manages managed
$9.2B in 18 bond ETFs.
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 $174 billion as of November 30,
2009.
About State Street Global Advisors
State Street Global Advisors, the investment management business
of State Street Corporation (NYSE: STT), delivers investment
strategies and integrated solutions to clients worldwide across
every asset class, investment approach and style. With $1.7
trillion in assets under management at September 30, 2009, State
Street Global Advisors has investment centers in Boston, Hong Kong,
London, Montreal, Paris, Singapore, Sydney, Tokyo, Toronto and
Zurich, and offices in 26 cities worldwide. For more information,
visit State Street Global Advisors at www.ssga.com.
SPDR ETFs are managed by 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. No financial product offered by State Street
Corporation or its affiliates is sponsored, endorsed, sold or
promoted by McGraw-Hill. Standard & Poor 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.
ETFs trade like stocks, are subject to investment risk and will
fluctuate in market value. Frequent trading of ETFs could
significantly increase commissions and other costs such that they
may offset any savings from low fees or costs.
In general, ETFs can be expected to move up or down in value
with the value of the applicable index. Although ETF shares may be
bought and sold on the exchange through any brokerage account, ETF
shares are not individually redeemable from the Fund. Investors may
acquire ETFs and tender them for redemption through the Fund in
Creation Unit Aggregations only. Please see the prospectus for more
details.
Bond funds contain interest rate risk (as interest rates rise
bond prices usually fall); the risk of issuer default; and
inflation risk.
Non-diversified funds that focus on a relatively small number of
issuers tend to be more volatile than diversified funds and the
market as a whole.
Distributor: State Street Global Markets, LLC, member FINRA,
SIPC, 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.
Before investing, consider the funds’ investment objectives,
risks, charges and expenses. To obtain a prospectus or summary
prospectus which contains this and other information, call
1-866-787-2257 or visit www.spdrs.com. Read it
carefully.
CORP – 0036
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