-State Street launches new ETF.
Global Banking News-April 18, 2011--State Street launches new ETF(C)2011 ENPublishing - http://www.enpublishing.co.uk
Global Banking News - 18 April 2011
State Street Global Advisors (SSgA), the asset management unit of State Street (NYSE: STT), has said that it has launched a new SPDR Nuveen S&P High Yield Municipal Bond Exchange Traded Fund (ETF), developed along with Nuveen Asset Management.
The new ETF provides investors with access to high yield municipal bonds. The fund will track the performance of the S&P Municipal Yield Index, a market value-weighted index with 70 percent of its market value allocated to high yield bonds that are non-rated or rated below investment grade, 20 percent to 'Baa' or 'BBB' rated bonds, and 10 percent to 'A' rated bonds.
SSgA said that the Index, which excludes commercial paper, derivative securities, notes, taxable municipals, and variable rate debt, will be reviewed and rebalanced monthly.
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