The SPDR Lehman Municipal Bond ETF will begin trading on the American Stock Exchange on or about September 13, 2007, the announcement said. The fund seeks to correspond to the price and yield performance of the Lehman Brothers Municipal Managed Money Index.
The index provides exposure to over 22,000 issues in the most liquid segment of the municipal bond market. The average credit quality of the municipal securities within the Index is AA1/AAA, and none of the bonds are currently subject to the Alternative Minimum Tax (AMT).
Anthony Rochte, senior managing director of SSgA, said in the news release the annual expense ratio of the SPDR Lehman Municipal Bond ETF is 0.20%.
More information is at http://www.ssga.com .