State Street Global Advisors on Thursday began trading the SPDR Barclays Capital Short Term High Yield Bond ETF on the NYSE Arca. The new SPDR ETF offers investors access to high yield corporate bonds with short durations. Its annual expense ratio is 40 basis points.

The ETF is benchmarked to the Barclays Capital 0-5 Cash Pay Constrained High Yield Index, which includes publicly issued U.S. dollar denominated, non-investment-grade, fixed rate, taxable corporate bonds that have a remaining maturity of less than five years, are rated high-yield (Ba1/BB+/BB+ or below) using the middle rating of Moody’s Investors Service Inc., Fitch, Inc., or Standard & Poor’s Inc., and have $350 million or more of issuance.

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