State Street Global Advisors has just introduced the SPDR Barclays Capital Long Term Credit Bond ETF (LWC).

LWC provides market exposure to long-term (10-plus years) investment-grade bonds and the fund’s performance is linked to the Barclays Capital U.S. Long Credit Index.

The underlying index contains investment-grade corporate and non-corporate credit bonds that are dollar-denominated and have a remaining maturity of at least 10 years. As of December 31, 2008, the index included 965 issues with an average dollar-weighted maturity of 24.39 years.

According to the prospectus, the fund’s annual expense ratio is 0.15 percent. State Street Global Advisors manages more than $4 billion across 15 bond ETFs that provide access to core segments of the bond market.

Ron DeLegge is the San Diego-based editor of