The new funds began trading on the American Stock Exchange October 15. SSgA said the three new municipal bond SPDRs include the:
- SPDR Lehman Short Term Municipal Bond ETF, which provides exposure to over 3,600 issues with a nominal maturity of one to five years and an outstanding par value of at least $7 million. The average credit quality of the index is AA1/AAA and none of its bonds are currently subject to Federal taxes or the Alternative Minimum Tax (AMT).
- SPDR Lehman California Municipal Bond ETF, which provides exposure to over 3,000 publicly traded California municipal bonds that have at least an outstanding par value of $7 million. The average credit quality of the index is AA1/AAA and none of its bonds are currently subject to Federal taxes, California state income taxes, or the AMT.
- SPDR Lehman New York Municipal Bond ETF, which provides exposure to over 2,900 publicly traded New York municipal bonds that have at least an outstanding par value of $7 million. The average credit quality of the index is AA1/AAA and none of its bonds are currently subject to Federal taxes, New York State income taxes, or the AMT.
“In providing convenient, low cost access to the short-term tax exempt bond market and two of the largest municipal bond markets in the nation, these three new SPDRs will help investors enhance the diversification and after-tax returns of their portfolios with the utmost unmatched precision,’ said Anthony Rochte, senior managing director at SSgA, in a press release.
State Street’s family of fixed income ETFs now includes ten funds that provide precise, low-cost access to an array of fixed income segments and maturities.
More information is at www.ssga.com.