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NEW LISTINGS

State Street Launches Long-Term Credit Bond ETF

State Street Global Advisors rolled out on March 11 what it's calling the longest-term bond exchange-traded fund available to investors.

The SPDR Barclays Capital Long Term Credit Bond ETF (NYSE Arca: LWC) is designed to provide access to investment-grade corporate and noncorporate bonds with maturities of 10 years or more. It comes with an expense ratio of 0.15%.

Entering 2009, LWC's index included 965 issues with an average dollar-weighted maturity of 24.39 years.

SSgA already has another similar fund that invests in Treasuries (NYSE: TLO). But its average maturity is 18.41 years and its 30-day SEC yield is around 3.84%. By comparison, the Vanguard Long-Term Bond ETF (NYSE: BLV) had an average maturity of 20.8 years heading into February. BLV has about $2.9 billion in assets and an expense ratio of 0.11%. In all, six other long-term bond ETFs are already on the market. But those focus on Treasuries and don't take as diversified of an approach as either LWC or BLV.

Given the state of markets lately, demand has been strong for long-term bond funds. Typically, longer-termed issues stand to gain more than those with shorter terms in periods of low-interest rates and bearish stock markets.

Read the prospectus for LWC here.

NEW FILINGS

There were no new filings during the time period covered.

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