State Street SPDR MarketAxess Investment Grade 400 Corporate Bond ETF
LQIG
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- SPDR MarketAxess Investment Grade 400 Corporate Bond ETF (LQIG) is an exchange-traded fund that seeks to track the performance of the MarketAxess U.S. Investment Grade 400 Corporate Bond Index, focusing on U.S. dollar-denominated investment-grade corporate bonds selected for higher-than-average liquidity relative to the broader U.S. corporate bond market. The fund employs a passive management strategy, screening bonds using MarketAxess' proprietary Relative Liquidity Score (RLS), applying sector and issuer constraints to construct the index with approximately 400 holdings; its portfolio emphasizes corporate industrial (66.03%), finance (30.95%), and utility (2.61%) sectors, with a quality breakdown of Aaa (1.44%), Aa (7.50%), A (49.80%), and Baa (41.27%), and a maturity ladder concentrated in 7-10 years (17.53%) and over 20 years (26.09%). Launched on May 11, 2022, and issued by State Street Global Advisors (now State Street Investment Management), a subsidiary of State Street Corporation headquartered at One Iron Street, Boston, Massachusetts, LQIG targets institutional and retail investors seeking core beta exposure to liquid investment-grade corporates, offering monthly distributions, a net expense ratio of 0.07% (through October 31, 2025, via fee waiver), and characteristics including an option-adjusted duration of 8.26 years and option-adjusted spread of 78.3 basis points as of September 30, 2025. In a significant recent development announced on November 13, 2025, State Street Investment Management revealed plans to close and liquidate LQIG, with creations and redemptions ceasing on May 12, 2026, trading suspended on May 13, 2026, and proceeds distributed to remaining shareholders on or about May 19, 2026, as part of an ongoing review of its ETF lineup that also affects ESIX, NZUS, and MBNE. The ETF operates primarily in the U.S. fixed income market, listed on NYSE Arca, with no noted subsidiaries, parent funds, or recent partnerships, acquisitions, or new product launches beyond this liquidation decision.