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

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.

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“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.

More information is at www.spdrs.com.

 

Products March 11, 2009

Fidelity Tacks on Advisor Fund Additions

Fidelity Investments launched three new Fidelity Advisor Funds: Fidelity Advisor Global Balanced Fund, Fidelity Advisor Worldwide Fund, and Fidelity Advisor Convertible Securities Fund.
Reported by

A Fidelity news release said the funds will offer Institutional shares as well as Class A, T, B, C shares.

According to the news release:

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  • The Fidelity Advisor Global Balanced Fund might appeal to investors who are looking for global equity and fixed-income exposure through a single investment. Co-managed by 12-year Fidelity veteran Ruben Calderon and 11-year Fidelity veteran Derek Young, the fund seeks income and capital growth consistent with reasonable risk by investing in equity and debt securities issued anywhere in the world and invests at least 25% of total assets in fixed-income senior securities, including debt securities and preferred stock.
  • The Fidelity Advisor Worldwide Fund might appeal to investors looking for all-in-one global equity diversification. The fund seeks growth of capital by investing primarily in common stocks issued anywhere in the world and allocating investments across countries and regions considering the size of the market in each country and region relative to the international market as a whole. It is managed by 13-year Fidelity veteran William Kennedy (lead manager and responsible for non-U.S. equity) and 15-year Fidelity veteran Stephen DuFour (co-manager and responsible for U.S. equity subportfolio).
  • The Fidelity Advisor Convertible Securities might appeal to investors looking for growth potential, regular income and diversification. Managed by 19-year Fidelity veteran Tom Soviero, the fund seeks a high level of total return through a combination of current income and capital appreciation by normally investing at least 80% of assets in convertible securities and potentially investing in other types of securities, including common stocks.

“By investing in a range of asset classes and geographical areas, and focusing on long-term investment objectives, advisers can mitigate risks and add significant value to a client’s portfolio,” said Martha B. Willis, executive vice president, Fidelity Investments Institutional Services Company, in the release.

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