State Street launches SPDR Barclays Capital Convertible Bond ETF

By Angela McDaniels

Tacoma, Wash., April 16 - State Street Global Advisors said the SPDR Barclays Capital Convertible Bond exchange-traded fund began trading on the NYSE Arca under the symbol "CWB" on Thursday.

The ETF seeks to track the price and yield performance of the Barclays Capital U.S. Convertible Bond >$500MM index and is the first convertible bond ETF available to U.S. investors, according to a State Street news release.

As of Dec. 31, 156 issues were included in the index.

The fund's expense ratio is 0.4%.

As previously reported, the Securities and Exchange Commission approved a rule change on April 6 that NYSE Arca, Inc. requested in order to allow the exchange to list and trade shares of the ETF.

State Street Global Advisors is the investment management arm of State Street Corp., a Boston-based financial services provider.

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