State Street Global Advisors launched Thursday a new short-term corporate bond ETF, as it continues to slice and dice the fixed-income market by credit risk and bond duration..

The SPDR Barclays Capital Short Term Corporate Bond ETF (NYSEArca: SCPB) will track the Barclays Capital U.S. 1-3 Year Corporate Bond Index, which is a market-capitalization-weighted index that covers U.S. dollar-linked bonds with remaining maturity between 1 to 3 years and an outstanding face value of at least $250 million. At the end of November, the index comprised 572 issues; its portfolio is rebalanced monthly.

SCPB's underlying index, which has an inception that dates backs to 2003, has posted year-to-date returns of some 14.5 percent.

The fund will compete with the iShares Barclays 1-3 Year Credit Bond ETF (NYSEArca: CSJ), which has some $4.45 billion in assets. CSJ comes with an expense ratio of 20 basis points.

SCPB’s annual expense ratio is pegged at 0.12 percent.

You can read more about SCPB here.