Wasting little time after the scheduling of Treasury's first auction of floating-rate debt, State Street (STT) puts into registration the SPDR Floating Rate Treasury ETF (FLTY). The prospectus is a preliminary one and no fees have yet been disclosed.
Treasury last week set a date of January 29 for its first auction of floating-rate paper.
Needless to say, FLTY is as risk-free as it gets from a credit perspective. Moving further out the spectrum, the iShares Floating Rate Bond ETF (FLOT) and the SPDR Investment Grade Floating Rate Bond ETF (FLRN) both own investment grade corporate paper.