State Street Global Advisors (SSgA), the investment management arm of State Street Corporation STT, today announced that the SPDR^® 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.”

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