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Products September 11, 2007
Municipal Bond ETF Offering Announced by State Street
September 11, 2007 (PLANSPONSOR.com) - State Street
Global Advisors (SSgA), the investment management arm of
State Street Corporation, has announced the launch of a
Municipal Bond exchange-traded fund.
Reported by Rebecca Moore
The SPDR Lehman Municipal Bond ETF will begin trading on the American Stock Exchange on or about September 13, 2007, the announcement said. The fund seeks to correspond to the price and yield performance of the Lehman Brothers Municipal Managed Money Index.
The index provides exposure to over 22,000 issues in the most liquid segment of the municipal bond market. The average credit quality of the municipal securities within the Index is AA1/AAA, and none of the bonds are currently subject to the Alternative Minimum Tax (AMT).
Anthony Rochte, senior managing director of SSgA, said in the news release the annual expense ratio of the SPDR Lehman Municipal Bond ETF is 0.20%.
More information is at http://www.ssga.com .
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