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LQIG, State Street SPDR's inaugural fixed income ETF centered on liquidity, aims to replicate the performance of the MarketAxess U.S. Investment Grade 400 Corporate Bond Index. The Index's strategic emphasis on liquid assets, alongside its inclusion of sector and issuer limitations during construction, positions LQIG as an efficient instrument for core market exposure and portfolio risk management. Bonds considered for the Index undergo a rigorous screening process using MarketAxess' proprietary Relative Liquidity Score (RLS).
This ensures that only bonds with superior liquidity — exceeding the average for the broader U.S. corporate bond market — are initially included. Their suitability for trading at the index level is then assessed, with final weightings adjusted based on specific issuer and sector characteristics.
By tracking an index specifically designed around liquidity, LQIG offers investors enhanced real-time pricing transparency within the corporate bond market. This can translate into tighter bid-ask spreads and more stable premium/discount dynamics compared to corporate bond ETFs whose underlying indices do not similarly prioritize relative liquidity.