State Street Global Advisors, State Street Corp.'s investment management arm, has launched the SPDR Barclays Capital Long Term Credit Bond ETF.

The fund, which began trading Wednesday on the NYSE Arca Exchange, has an annual expense ratio of 0.15%. It tracks the price and yield performance of the Barclays Capital U.S. Long Credit Index, which includes investment grade corporate and noncorporate credit bonds that are dollar-denominated and have a remaining maturity of at least 10 years.

As of Dec. 31 the index included 965 issues with an average dollar-weighted maturity of 24.39 years.

State Street Global Advisors had $270 billion of fixed-income assets under management at the end of 2008. The Boston company is one of the largest ETF providers in the United States and globally, with $159 billion of ETF assets under management as of Dec. 31 and $1.4 trillion overall.

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