State Street Starts Preferred Stock ETF

State Street Global Advisors, the investment management arm of State Street Corp., has launched the SPDR Wells Fargo Preferred Stock Exchange Traded Fund.

The fund tracks the performance of the Wells Fargo Hybrid and Preferred Securities Aggregate Index, which includes nonconvertible preferred securities listed on the New York Stock Exchange or the NYSE Arca that have a par amount of $25; are rated investment grade by Moody's Investors Service Inc. or Standard & Poor's; and have had a minimum monthly trading volume during each of the past six months of at least 250,000 trading units.

State Street Global Advisors is the second-largest exchange-traded fund provider in the United States and globally, with more than $160 billion of assets under management at Aug. 31.