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Products March 11, 2009
State Street Introduces Long-Term Credit ETF
The SPDR Barclays Capital Long Term Credit Bond ETF began trading on the NYSE Arca on Wednesday, State Street Global Advisors (SSgA) announced.
Reported by Rebecca Moore
Designed to provide investors with diversified, low-cost access to long-term (10 or more years) investment grade bonds, the SPDR Barclays Capital Long Term Credit Bond ETF (Symbol: LWC) seeks to track the price and yield performance of the Barclays Capital U.S. Long Credit Index, according to a news release. Its annual expense ratio is 0.15%.
Barclays Capital U.S. Long Credit 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, the index included 965 issues with an average dollar-weighted maturity of 24.39 years.
“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,” said Anthony Rochte, senior managing director at State Street Global Advisors, in the release.