State Street Global Advisors (SSgA), the asset management arm of
State Street Corporation (NYSE:STT), today announced the launch of
the SPDR Barclays International High Yield Bond ETF (Symbol: IJNK).
It is designed to provide investors with access to high yield
corporate bonds outside the US, which may have lower correlations
and default rates to comparable domestic options. The newest SPDR
ETF began trading on NYSE Arca on March 13, 2014.
“Investors are unsure of how to replace the high-grade fixed
income assets that were once the foundation of their portfolios,”
said James Ross, executive vice president and global head of SPDR
Exchange Traded Funds at SSgA. “The SPDR Barclays International
High Yield Bond ETF provides investors with another opportunity to
diversify their high yield exposure, and is an important addition
to our existing suite, which includes the SPDR Barclays High Yield
Bond ETF (JNK), the SPDR Barclays Short Term High Yield Bond ETF
(SJNK) and the SPDR Nuveen S&P High Yield Municipal Bond ETF
(HYMB).”
The SPDR Barclays International High Yield Bond ETF seeks to
track the performance of the Barclays Global ex-US Issuers High
Yield Corporate Bond Index. The index is designed to be a measure
of the international high yield, fixed rate, fixed income corporate
markets outside the US. The securities in the index must have a
minimum $350 million market capitalization outstanding in local
currency terms and at least one year remaining to maturity.
Additionally, securities must be rated high yield (Ba1/BB+/BB+ or
below) using the middle rating of Moody’s Investors Service,
Standard & Poor’s and Fitch. Excluded from the index are
convertible securities, floating-rate notes, fixed-rate perpetuals,
warrants, linked bonds and structured products. As of February 28,
2014, the index was comprised of 716 securities from 46 countries
outside the US. The SPDR Barclays International High Yield Bond
ETF’s expense ratio is 0.40 percent.
SSgA manages more than $413 Billion in SPDR ETF assets worldwide
(as of December 31, 2013)* and is one of the largest ETF providers
globally.
About SPDR Exchange Traded Funds
SPDR ETFs are a comprehensive family spanning an array of
international and domestic asset classes. 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
funds provide professional investors with the flexibility to select
investments that are precisely aligned to their investment
strategy. Recognized as industry pioneer, State Street created the
first US listed ETF in 1993 (SPDR S&P 500® – 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 launches with gold, international real estate,
international fixed income and sector ETFs. For more information,
visit www.spdrs.com.
About State Street Global Advisors
State Street Global Advisors (SSgA) is a global leader in asset
management. The firm is relied on by sophisticated investors
worldwide for its disciplined investment process, powerful global
investment platform and access to every major asset class,
capitalization range and style. SSgA is the asset management
business of State Street Corporation, one of the world’s leading
providers of financial services to institutional investors.
*This AUM includes the assets of the SPDR Gold Trust (approx.
$30.8 billion as of December 31, 2013), for which State Street
Global Markets, LLC, an affiliate of State Street Global Advisors,
serves as the marketing agent.
ETFs trade like stocks, are subject to investment risk,
fluctuate in market value and may trade at prices above or below
the ETFs net asset value. Brokerage commissions and ETF expenses
will reduce returns.
"SPDR" is a registered trademark of Standard & Poor's
Financial Services LLC ("S&P") and has been licensed for use by
State Street Corporation. STANDARD & POOR'S, S&P, S&P
500 and S&P MIDCAP 400 are registered trademarks of Standard
& Poor's Financial Services LLC No financial product offered by
State Street Corporation or its affiliates is sponsored, endorsed,
sold or promoted by S&P or its affiliates, and S&P and its
affiliates make no representation, warranty or condition regarding
the advisability of buying, selling or holding units/shares in such
products. Further limitations and important information that could
affect investors' rights are described in the prospectus for the
applicable product.
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. ALPS Distributors, Inc., a
registered broker-dealer, is distributor for SPDR, S&P 500,
SPDR S&P, MidCap 400 and SPDR Dow Jones Industrial Average, and
all unit investment trusts.
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.
The Fund invests by sampling the index, holding a range of
securities that, in the aggregate, approximates the full Index in
terms of key risk factors and other characteristics. This may cause
the Fund to experience tracking errors relative to performance of
the index.
Investing in high yield fixed income securities, otherwise known
as “junk bonds”, is considered speculative and involves greater
risk of loss of principal and interest than investing in investment
grade fixed income securities. These Lower-quality debt securities
involve greater risk of default or price changes due to potential
changes in the credit quality of the issuer.
Foreign investments involve greater risks than U.S. investments,
including political and economic risks and the risk of currency
fluctuations, all of which may be magnified in emerging
markets.
Bond funds contain interest rate risk (as interest rates rise
bond prices usually fall); the risk of issuer default; issuer
credit risk; liquidity risk; and inflation risk.
Non-diversified funds that focus on a relatively small number of
securities tend to be more volatile than diversified funds and the
market as a whole.
Diversification does not ensure a profit or guarantee against
loss.
CORP-0973
State Street CorporationElizabeth Bartlett, +1
617-662-2903www.statestreet.com@StateStreetorRiver
CommunicationsTroy Mayclim, +1 914-686-5599
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