State Street spins out more SPDRs

State Street Global Advisors of Boston launched trading of the SPDR Lehman High Yield Bond on the American Stock Exchange yesterday. The ETF seeks to track the total return performance of the Lehman Brothers High Yield Very Liquid Index. The Index is made up of high yield taxable corporate bonds that have a remaining maturity of at least one year and are generally rated below investment grade. The index was made up of 105 issues with $600 million or more of outstanding face value as of Oct. 31. The ETF, which trades under the ticker symbol "JNK," carries an expense ratio of 0.40%. State Street Global Advisors, the investment management arm of State Street Corp., had $2 trillion in assets under management as of Sept. 30.