News Details

BOSTON--(BUSINESS WIRE)-- State Street Global Advisors (SSgA), the investment management arm of State Street Corporation (NYSE: STT), today announced that the SPDR^(R) Barclays Capital Convertible Bond ETF (Symbol: CWB) began trading on the NYSE Arca on April 16, 2009. It is the first convertible bond ETF available to U.S. investors.

The SPDR Barclays Capital Convertible Bond ETF seeks to track the price and yield performance of the Barclays Capital U.S. Convertible Bond >$500MM Index (the "Convertible Index"). Convertible bonds are bonds that can be exchanged, at the option of the holder, for a specific number of shares of the issuer's preferred or common stock. As of December 31, 2008, 156 issues were included in the Convertible Index. The Fund's expense ratio is 0.40 percent.

"Offering a unique risk-return profile that combines the yield of corporate bonds with the capital appreciation potential of stocks, convertible bond exposure is experiencing increased demand as investors look to improve the diversification of their portfolios," said James Ross, senior managing director at State Street Global Advisors. "As the first ETF to provide exposure to the benefits of convertible bonds, the SPDR Barclays Capital Convertible Bond ETF underscores our commitment to develop innovative ETFs for investors seeking precise access to all segments of the market."

State Street Global Advisors has managed fixed-income index funds since 1984. As of December 31, 2008, the firm managed $270 billion in fixed income assets globally, and SSgA Funds Management, Inc., the adviser to the SPDR Barclays Capital Convertible Bond ETF, manages more than $4 billion across 16 fixed income SPDR ETFs.

State Street Global Advisors is one of the largest ETF providers in the United States and globally. U.S. assets under management for SPDR ETFs totaled more than $159 billion as of December 31, 2008.

About State Street Global Advisors

State Street Global Advisors, the investment management arm of State Street Corporation (NYSE: STT), delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.4 trillion in assets under management at December 31, 2008, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Montreal, Munich, Paris, Singapore, Sydney, Tokyo, Toronto and Zurich, and offices in 27 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com.

SPDR ETFs are managed by SSgA Funds Management, Inc., a registered investment adviser and wholly owned subsidiary of State Street Bank and Trust Company

Note to Editors: SPDR Exchange Traded Funds

SPDR ETFs are a comprehensive family spanning an array of international and domestic asset classes. SPDR ETFs provide professional investors with the flexibility to select investments that are precisely aligned to their investment strategy. Recognized as the industry pioneer, State Street--in partnership with the American Stock Exchange--created the first ETF in 1993 (SPDR S&P 500 ETF- Ticker SPY). Since then, we've sustained our place as an industry innovator through the introduction of many ground-breaking products, including first-to-market successes with gold, international real estate, international fixed income and sector ETFs. SPDR ETFs are managed or marketed by SSgA or SSgA Funds Management, Inc, a registered investment adviser and wholly owned subsidiary of State Street Bank and Trust Company.

The "SPDR(R)" trademark is used under license from The McGraw-Hill Companies, Inc. ("McGraw-Hill"). No financial product offered by State Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by McGraw-Hill. Standard & Poor's(R), S&P(R), SPDR(R), S&P 500(R) and Select Sector SPDRs(R) are trademarks of The McGraw-Hill Companies, Inc., and have been licensed for use by State Street Bank and Trust Company.

ETFs trade like stocks, are subject to investment risk and will fluctuate in market value.

Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; and inflation risk. Issuers of convertible securities may not be as financially strong as those issuing securities with higher credit ratings and may be more vulnerable to changes in the economy.

Diversification can not ensure a profit or guarantee against loss.

State Street Global Markets, LLC, member FINRA, SIPC is a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

Distributor: State Street Global Markets, LLC, member NASD, SIPC.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus which contains this and other information, call 1-866-787-2257 or visit www.spdrs.com. Read it carefully.

IBG-0046

    Source: State Street Global Advisors (SSgA)