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State Street launches fixed income ETFs
State Street Global Advisers has launched two new fixed income exchange-traded funds (ETFs) that invest in Australian government, semi-government and corporate bonds.
The SPDR S&P/ASX Australian Bond Fund and SPDR S&P/ASX Australian Government Bond Fund are the first ETFs to track indices from the S&P/ASX Australian Fixed Income Index Series, said State Street.
The S&P/ASX Australian Government Bond Index is 53.1 per cent government bonds and 46.9 per cent semi-government bonds, while the S&P/ASX Fixed Interest Index is 36.3 per cent government bonds, 32 per cent semi-government bonds, 21.5 per cent supranational/sovereign bonds and 10.2 per cent corporate bonds.
State Street signalled its intent on expanding ETF operations earlier this month, appointing former Russell Investments staffer Amanda Skelly to head up the Australian ETF business and Shaun Parkin to lead the push into the institutional market as business development manager.
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