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SPDR® MarketAxess Investment Grade 400 Corporate Bond ETF LQIG

NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$93.42
as of Apr 12 2024
Base Currency
USD
Assets Under Management
$56.05 M
as of Apr 12 2024
Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

0.09%

Key Features

  • As the first SPDR fixed income ETF built on liquidity, LQIG tracks the MarketAxess U.S. Investment Grade 400 Corporate Bond Index (the "Index"). The Index's emphasis on liquidity and use of sector/issuer constraints in index construction may make LQIG an efficient core beta risk and portfolio management tool
  • Bonds in the Index are screened using MarketAxess’ proprietary Relative Liquidity Score (RLS), where bonds are considered for inclusion based on having higher-than-average liquidity relative to the broader U.S. corporate bond market, and then assessed for their tradability at the Index level, with final weights derived after constraining for specific issuer and sector characteristics
  • Seeking to track an index focused on liquidity, LQIG may provide more accurate real-time pricing visibility into the corporate bond market, translating into potentially tighter-bid ask spreads and less volatile premium/discounts than corporate bond ETFs that track indices that do not screen for relative liquidity

About this Benchmark

The Index is designed to measure the performance of 400 U.S. dollar denominated investment grade corporate bonds with higher-than-average liquidity relative to the broader U.S. corporate bond market.

Fund Information as of Apr 15 2024

Benchmark MarketAxess U.S. Investment Grade 400 Corporate Bond Index
Inception Date May 11 2022
Options Available No
Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

0.09%
Net Expense Ratio

SSGA Funds Management, Inc. (the “Adviser”) has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses, until October 31, 2024, so that the net annual Fund operating expenses, before application of any fees and expenses not paid by the Adviser pursuant to the Investment Advisory Agreement, if any, will be limited to 0.07% of the Fund’s average daily net assets. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and the waiver and/or reimbursement may be cancelled or modified at any time after October 31, 2024. This waiver and/or reimbursement may not be terminated prior to October 31, 2024 except with the approval of the Fund’s Board of Trustees.

0.07%
Base Currency USD
Administrator State Street Global Advisors Funds Management Inc.
Investment Manager SSGA Funds Management, Inc.
Management Team Global Fixed Income, Cash and Currency
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Monthly

Listing Information as of Apr 15 2024

Exchange Listing Date Trading Currency Ticker CUSIP ISIN
NYSE ARCA EXCHANGE May 12 2022 USD LQIG 78468R499 US78468R4992

Fund Characteristics as of Apr 12 2024

Number of Holdings 391
Average Coupon

Average Coupon

The [market value] weighted average coupon of the bonds in a portfolio.

4.17%
Average Maturity in Years

Average Maturity

The market value-weighted average maturity of the bonds and loans in a portfolio, where maturity is defined as the stated final for bullet maturity bonds and loans.

12.23
Average Price $89.87
Average Yield To Worst

The lowest potential yield that can be received on a bond without the issuer actually defaulting. The YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.

5.62%
Option Adjusted Duration

Option Adjusted Duration

An option-adjusted measure of a bond's (or portfolio's) sensitivity to changes in interest rates calculated as the average percentage change in a bond's value (price plus accrued interest) under shifts of the Treasury curve +/- 100 bps. Incorporates the effect of embedded options for corporate bonds and changes in prepayments for mortgage-backed securities.

7.68 years
Option Adjusted Spread 95.33
Yield to Maturity

Yield to Maturity

The market weighted average rate of return anticipated on the bonds held in a portfolio if they were to be held to their maturity date.

5.67%

Index Characteristics as of Apr 12 2024

Number of Holdings 400
Average Coupon 4.19%
Average Maturity in Years 12.19
Average Price $90.29
Average Yield To Worst 5.62%
Option Adjusted Duration 7.67 years
Option Adjusted Spread 94.81
Yield to Maturity 5.67%

Yields as of Apr 12 2024

30 Day SEC Yield

30 Day SEC Yield

(Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price.

5.42%
30 Day SEC Yield (Unsubsidized)

30 Day SEC Yield (Unsubsidized)

An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price that does not account for expense ratio waivers.

5.40%
Fund Distribution Yield

Fund Distribution Yield

The sum of the most recent 12 distributions within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

5.20%

Fund Market Price as of Apr 12 2024

Bid/Ask

Bid/Ask Mid Point

(Also known as Mid Price) The price between the best price of the sellers for a trading unit of a given security and the best price of the buyer of a trading unit of a given security.

$93.48
Closing Price

Closing Price

Market Price of last reported trade on the exchange.

$93.55
Day High $93.61
Day Low $93.55
Exchange Volume (Shares)

Exchange Volume (shares)

Represents the volume of shares traded on the ETF's primary exchange throughout the previous business day.

1,900
Premium/Discount

Premium/Discount to NAV

Shows the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds calculated as ((4PM Bid/Ask - Closing NAV) / Closing NAV * 100)

0.06%
30-Day Median Bid/Ask Spread

The median bid-ask spread is calculated by identifying national best bid and national best offer ("NBBO") for each Fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and posted on each business day.

0.10%

Premium Discount to NAV Graph and Summary

The line graph and table below show historical information about the differences between the daily closing price for shares of the fund (as determined by the fund’s listing exchange) and the fund’s net asset value over certain periods. The vertical axis of the line graph shows the premium/discount expressed as a percentage of NAV. The horizontal axis indicates the date at which the premium/discount occurred. The table shows the number of trading days in which the fund traded at a premium or at a discount to NAV.

Number of Days Summary

Calendar Year 2023 First Quarter of 2024
Days Traded at Premium

Number of days the ETF 4PM Bid/Ask was above the NAV.

213 59
Days Traded at Discount

Number of days the ETF 4PM Bid/Ask was below the NAV.

37 2

Because ETFs trade like stocks at current market prices, shareholders may pay more than a fund’s NAV when purchasing fund shares and may receive less than a fund’s NAV when selling fund shares.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Fund Net Cash Amount as of Apr 12 2024

Net Cash Amount $662,746.26

Fund Net Asset Value as of Apr 12 2024

NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$93.42
Shares Outstanding 600,000.00
Assets Under Management $56.05 M

Fund Performance

  • Fund Inception Date: May 11 2022

as of Mar 31 2024

As Of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception
May 11 2022
Fund Before Tax
NAV Mar 31 2024 1.37% -0.65% -0.65% 3.90% - - - 2.62%
Market Value Mar 31 2024 1.45% -0.55% -0.55% 3.90% - - - 3.05%
Benchmark
MarketAxess U.S. Investment Grade 400 Corporate Bond Index
Mar 31 2024 1.37% -0.64% -0.64% 3.96% - - - 2.72%
Fund After Tax
Return after Taxes on Distributions Mar 31 2024 1.19% -1.01% -1.01% 1.76% - - - 0.47%
Return after Taxes on Distributions and Sale of Fund Shares Mar 31 2024 0.81% -0.39% -0.39% 2.26% - - - 1.07%
Benchmark
MarketAxess U.S. Investment Grade 400 Corporate Bond Index
Mar 31 2024 1.37% -0.64% -0.64% 3.96% - - - 2.72%

as of Mar 31 2024

As Of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception
May 11 2022
Fund Before Tax
NAV Mar 31 2024 1.37% -0.65% -0.65% 3.90% - - - 2.62%
Market Value Mar 31 2024 1.45% -0.55% -0.55% 3.90% - - - 3.05%
Benchmark
MarketAxess U.S. Investment Grade 400 Corporate Bond Index
Mar 31 2024 1.37% -0.64% -0.64% 3.96% - - - 2.72%
Fund After Tax
Return after Taxes on Distributions Mar 31 2024 1.19% -1.01% -1.01% 1.76% - - - 0.47%
Return after Taxes on Distributions and Sale of Fund Shares Mar 31 2024 0.81% -0.39% -0.39% 2.26% - - - 1.07%
Benchmark
MarketAxess U.S. Investment Grade 400 Corporate Bond Index
Mar 31 2024 1.37% -0.64% -0.64% 3.96% - - - 2.72%

Past performance is not a reliable indicator of future performance. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  All results are historical and assume the reinvestment of dividends and capital gains. It is not possible to invest directly in an index.

Performance returns for periods of less than one year are not annualized.  Performance is shown net of fees.

Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income as applicable.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Gross Expense Ratio: 0.09%

Net Expense Ratio: 0.07%

Top Holdings

Subject to change.

as of Apr 12 2024
as of Apr 12 2024

Fund Top Holdings as of Apr 12 2024

Name Market Value ISIN Weight
ANHEUSER BUSCH CO/INBEV COMPANY GUAR 02/46 4.9 497,668.19 US03522AAJ97 0.89%
MORGAN STANLEY SR UNSECURED 05/27 VAR 496,476.13 US61772BAB99 0.89%
CVS HEALTH CORP SR UNSECURED 03/48 5.05 401,918.70 US126650CZ11 0.72%
T MOBILE USA INC COMPANY GUAR 04/30 3.875 375,931.20 US87264ABF12 0.67%
JPMORGAN CHASE + CO SUBORDINATED 09/33 VAR 356,931.81 US46647PDK93 0.64%
GOLDMAN SACHS GROUP INC SUBORDINATED 10/37 6.75 338,495.74 US38141GFD16 0.60%
WELLS FARGO + COMPANY SR UNSECURED 04/34 VAR 332,824.56 US95000U3D31 0.59%
PFIZER INVESTMENT ENTER COMPANY GUAR 05/53 5.3 323,527.70 US716973AG71 0.58%
BANK OF AMERICA CORP SR UNSECURED 12/28 VAR 320,422.55 US06051GHD43 0.57%
WARNERMEDIA HOLDINGS INC COMPANY GUAR 03/52 5.141 310,187.93 US55903VBE20 0.55%

Index Top Holdings as of Apr 12 2024

Name ISIN Weight
ANHEUSER-BUSCH CO/INBEV 4.9 02/01/2046 US03522AAJ97 0.91%
CVS HEALTH CORP 5.05 03/25/2048 US126650CZ11 0.72%
T-MOBILE USA INC 3.875 04/15/2030 US87264ABF12 0.68%
GOLDMAN SACHS GROUP INC 6.75 10/01/2037 US38141GFD16 0.61%
PFIZER INVESTMENT ENTER 5.3 05/19/2053 US716973AG71 0.60%
BANK OF AMERICA CORP 3.419 12/20/2028 US06051GHD43 0.58%
WARNERMEDIA HOLDINGS INC 5.141 03/15/2052 US55903VBE20 0.57%
BANK OF AMERICA CORP 1.734 07/22/2027 US06051GJS93 0.55%
BOEING CO 5.805 05/01/2050 US097023CW33 0.53%
ANHEUSER-BUSCH CO/INBEV 4.7 02/01/2036 US03522AAH32 0.52%

Sector Allocation

as of Apr 12 2024
as of Apr 12 2024

Fund Sector Breakdown as of Apr 12 2024

Sector Weight
CORPORATE - INDUSTRIAL 66.24%
Corporate - Finance 30.59%
Corporate - Utility 2.62%
Cash 0.37%
Non Corporates 0.19%

Index Sector Breakdown as of Apr 12 2024

Sector Weight
CORPORATE - INDUSTRIAL 66.70%
Corporate - Finance 30.54%
Corporate - Utility 2.59%
Non Corporates 0.18%

Quality Breakdown

as of Apr 12 2024
as of Apr 12 2024

Fund Quality Breakdown as of Apr 12 2024

Name Weight
AAA 2.19%
AA1 0.83%
AA2 1.45%
AA3 5.38%
A1 17.90%
A2 10.67%
A3 18.32%
BAA1 12.42%
BAA2 20.56%
BAA3 10.30%

Index Quality Breakdown as of Apr 12 2024

Name Weight
AAA 1.87%
AA1 0.84%
AA2 1.54%
AA3 5.47%
A1 18.58%
A2 10.65%
A3 17.61%
BAA1 12.63%
BAA2 20.70%
BAA3 10.11%

Maturity Ladder

as of Apr 12 2024
as of Apr 12 2024

Fund Maturity Ladder as of Apr 12 2024

Name Weight
0 - 1 Year 0.63%
1 - 2 Years 1.48%
2 - 3 Years 13.74%
3 - 5 Years 13.48%
5 - 7 Years 15.05%
7 - 10 Years 18.65%
10 - 15 Years 5.00%
15 - 20 Years 5.32%
20 - 30 Years 21.59%
> 30 Years 5.06%

Index Maturity Ladder as of Apr 12 2024

Name Weight
0 - 1 Year 0.35%
1 - 2 Years 1.77%
2 - 3 Years 12.70%
3 - 5 Years 15.50%
5 - 7 Years 14.16%
7 - 10 Years 18.53%
10 - 15 Years 5.16%
15 - 20 Years 5.46%
20 - 30 Years 21.38%
> 30 Years 4.98%

Purchase Information

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions may apply.

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

Holdings and sectors shown are as of the date indicated and are subject to change. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future.

Unless otherwise noted all information contained herein is that of the SPDR® MarketAxess Investment Grade 400 Corporate Bond ETF.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.

The MarketAxess Index is the exclusive property of MarketAxess and has been licensed for use by State Street Global Advisors Trust Company.  State Street Global Advisors Trust Company products are not sponsored, endorsed, sold or promoted by MarketAxess and MarketAxess does not bear any liability with respect to the ETF or make any representation, warranty or condition regarding the advisability of buying, selling, holding any ETF managed or sponsored by State Street Global Advisors Trust. The MarketAxess trademark is a registered trademark of MarketAxess Holdings Inc. used under license.