State Street Global Advisors is spinning out three new SPDR fixed-income exchange traded funds (ETFs) that launched yesterday. These ETFs’ launch makes State Street the third provider to offer state-specific municipal bond ETFs, which will trade on the American stock exchange. In September, State Street launched the second municipal bond ETF SPDR Lehman Municipal Bond ETF (TFI) shortly after Barclays launched the first one: iShares S&P National Municipal Bond Fund (MUB).
David Hoffman for Investment News lists the new ETFs:
- SPDR Lehman New York Municipal Bond ETF (INY) – follows New York municipal bonds
- SPDR Lehman California Municipal Bond ETF (CXA) – follows California municipal bonds
- SPDR Lehman Short Term Municipal Bond ETF (SHM) – follows municipal bonds that cover the U.S. dollar denominated short- term tax exempt bond market
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