SPDR® Blackstone High Income ETF HYBL

Important Risk Disclosure

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.

Actively managed ETFs do not seek to replicate the performance of a specified index. These investments may have difficulty in liquidating an investment position without taking a significant discount from current market value, which can be a significant problem with certain lightly traded securities. The Fund is actively managed and may underperform its benchmarks. An investment in the fund is not appropriate for all investors and is not intended to be a complete investment program. Investing in the fund involves risks, including the risk that investors may receive little or no return on the investment or that investors may lose part or even all of the investment.

Investments in Senior Loans are subject to credit risk and general investment risk. Credit risk refers to the possibility that the borrower of a Senior Loan will be unable and/or unwilling to make timely interest payments and/or repay the principal on its obligation. Default in the payment of interest or principal on a Senior Loan will result in a reduction in the value of the Senior Loan and consequently a reduction in the value of the Portfolio’s investments and a potential decrease in the net asset value (“NAV”) of the Portfolio.

Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise, bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

Investing in high yield fixed income securities, otherwise known as “junk bonds”, is considered speculative and involves greater risk of loss of principal and interest than investing in investment grade fixed income securities. These Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.

The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments or illiquidity in debt securities markets; the risk of low rates of return due to reinvestment of securities during periods of falling interest rates or repayment by issuers with higher coupon or interest rates; and/or the risk of low income due to falling interest rates.

While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

Intellectual Property Information: Standard & Poor’s®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

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.

NAV

NAV

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

$28.47

as of May 13 2022

Base Currency

USD

Assets Under Management

$122.42 M

as of May 13 2022

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.

0.70%


Key Features

Key Features

  • The SPDR® Blackstone High Income ETF is an actively managed strategy that seeks to provide risk-adjusted total return and high current income, with less volatility than the general bond and loan segments over full market cycles
  • HYBL invests in high yield corporate bonds, senior loans, and debt tranches of US collateralized loan obligations (CLOs), utilizing a top-down asset allocation approach to determine the relative weights of each asset class, coupled with a bottom-up security selection process to build the portfolio
  • The top-down asset allocation approach evaluates macroeconomic, technical, fundamental, and relative value factors to determine allocation weights among the asset classes while the bottom-up security selection process relies on fundamental credit research to dictate security selection within each asset class

About the Primary Benchmark

About the Primary Benchmark

The Bloomberg U.S. Aggregate Bond Index (the "Index") is designed to measure the performance of the U.S. dollar denominated investment grade bond market, which includes investment grade (must be Baa3/BBB- or higher using the middle rating of Moody's Investors Service, Inc., Standard & Poor's Financial Services, LLC, and Fitch Inc.) government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and other asset backed securities that are publicly for sale in the United States. The securities in the Index must have at least 1 year remaining to maturity and must have $300 million or more of outstanding face value. Asset backed securities must have a minimum deal size of $500 million and a minimum tranche size of $25 million. For commercial mortgage backed securities, the original aggregate transaction must have a minimum deal size of $500 million, and a minimum tranche size of $25 million; the aggregate outstanding transaction sizes must be at least $300 million to remain in the Index. In addition, the securities must be U.S. dollar denominated, fixed rate, non-convertible, and taxable. The Index is market capitalization weighted.


About the Secondary Benchmark

About the Secondary Benchmark

The SPDR Blackstone High Income Composite Index is a 50%/50% blend of the ICE BofA US High Yield Constrained Index and the S&P/LSTA Leveraged Loan Index.


Fund Information as of May 16 2022

Fund Information as of May 16 2022
Benchmark Secondary Benchmark Inception Date Options Available Marginable 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.

Base Currency
Bloomberg U.S. Aggregate Bond Index SPDR Blackstone High Income Composite Index Feb 16 2022 No No 0.70% USD
Benchmark Bloomberg U.S. Aggregate Bond Index
Secondary Benchmark SPDR Blackstone High Income Composite Index
Inception Date Feb 16 2022
Options Available No
Marginable 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.

0.70%
Base Currency USD
Administrator Sub-advisor Investment Manager Distributor Distribution Frequency
State Street Global Advisors Funds Management Inc. Blackstone Liquid Credit Strategies LLC SSGA Funds Management, Inc. State Street Global Advisors Funds Distributors, LLC Monthly
Administrator State Street Global Advisors Funds Management Inc.
Sub-advisor Blackstone Liquid Credit Strategies LLC
Investment Manager SSGA Funds Management, Inc.
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Monthly

Listing Information as of May 16 2022

Listing Information as of May 16 2022
Exchange Listing Date Trading Currency Ticker CUSIP ISIN
Cboe BZX Exchange, Inc Feb 17 2022 USD HYBL 78470P846 US78470P8462
Exchange Cboe BZX Exchange, Inc
Listing Date Feb 17 2022
Trading Currency USD
Ticker HYBL
CUSIP 78470P846
ISIN US78470P8462

Fund Characteristics as of May 13 2022

Fund Characteristics as of May 13 2022
Number of Holdings 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.

Weighted Average Spread Current 3 month LIBOR Percent of Loans in the Portfolio with LIBOR Floors Weighted Average All in Rate Weighted Average Days to Reset
346 5.78 4.23 1.44% 75.50% 5.25% 0
Number of Holdings 346
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.

5.78
Weighted Average Spread 4.23
Current 3 month LIBOR 1.44%
Percent of Loans in the Portfolio with LIBOR Floors 75.50%
Weighted Average All in Rate 5.25%
Weighted Average Days to Reset 0
Weighted Average LIBOR Floor Average Price
0.70% $93.08
Weighted Average LIBOR Floor 0.70%
Average Price $93.08

Yields as of May 13 2022

Yields as of May 13 2022
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.

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.

Tax Equivalent Yield

Taxable Equivalent Yield

Return that is required on a taxable investment to make it equal to the return on a tax-exempt investment. Tax equivalent yield is based on the Fund's 30 Day SEC Yield and the highest marginal federal income tax rate.

5.38% - -
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.

5.38%
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.

-
Tax Equivalent Yield

Taxable Equivalent Yield

Return that is required on a taxable investment to make it equal to the return on a tax-exempt investment. Tax equivalent yield is based on the Fund's 30 Day SEC Yield and the highest marginal federal income tax rate.

-

Fund Market Price as of May 13 2022

Fund Market Price as of May 13 2022
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.

Closing Price

Closing Price

Market Price of last reported trade on the exchange.

Day High Day Low Exchange Volume (Shares)

Exchange Volume (shares)

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

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)

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.

$28.46 $28.46 - - 0 -0.03% 0.07%
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.

$28.46
Closing Price

Closing Price

Market Price of last reported trade on the exchange.

$28.46
Day High -
Day Low -
Exchange Volume (Shares)

Exchange Volume (shares)

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

0
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)

-0.03%
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.

0.07%
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.

x axis: Dates
y axis: Premium or Discount (bps)
Number of Days Summary
Calendar Year 2021 First Quarter of 2022
Days Traded at Premium

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

- 27
Days Traded at Discount

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

- 3
Days Traded at Premium

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

Calendar Year 2021 -
First Quarter of 2022 27
Days Traded at Discount

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

Calendar Year 2021 -
First Quarter of 2022 3
Fund Data

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 May 13 2022

Fund Net Cash Amount as of May 13 2022
Net Cash Amount
$4,562,139.50
Net Cash Amount $4,562,139.50

Fund Net Asset Value as of May 13 2022

Fund Net Asset Value as of May 13 2022
NAV

NAV

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

Shares Outstanding Assets Under Management
$28.47 4.30 M $122.42 M
NAV

NAV

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

$28.47
Shares Outstanding 4.30 M
Assets Under Management $122.42 M
Most Recent NAV / NAV History

Top Holdings

Subject to change.

Top Holdings

Subject to change.

Fund Top Holdingsas of May 13 2022

Fund Top Holdings as of May 13 2022

Name Par Value Weight
AMC Entertainment Holdings Inc 04/22/2026 2,201,563 1.60%
Quest Software US Holdings Inc. 02/01/2029 2,013,380 1.60%
Crown Finance US Inc aka Cineworld 02/28/2025 2,610,992 1.59%
CT Technologies Intermediate Holdings, Inc. aka Smart Document Solutions, Inc./HealthPort/Ciox Healt 12/16/2025 1,904,996 1.57%
American Airlines, Inc aka AAdvantage 06/27/2025 1,957,833 1.55%
McGraw-Hill Education Inc 07/28/2028 1,917,913 1.53%
Lucid Energy Group II Borrower, LLC aka Lucid Energy 11/24/2028 1,794,813 1.47%
Symphony Technology Group LLC aka Magenta Buyer LLC/McAfee/McAfee Enterprise 07/27/2028 1,670,941 1.34%
Mitchell International, Inc. 10/15/2029 1,519,078 1.26%
Asurion LLC aka Asurion Corporation/Lonestar 01/20/2029 1,599,103 1.26%
Download All Holdings: Daily

Sector Allocation

Sector Allocation
Fund Sector Breakdownas of May 13 2022

Fund Sector Breakdown as of May 13 2022

Sector Weight
Software & Services 14.24%
Media & Entertainment 12.17%
Energy 9.83%
Health Care Equipment & Services 8.75%
Consumer Services 6.88%
Materials 5.52%
Capital Goods 5.34%
Commercial & Professional Services 5.29%
Diversified Financials 4.75%
Retailing 4.43%
Transportation 4.28%
Insurance 3.46%
Banks 2.51%
Pharmaceuticals, Biotechnology & Life Sciences 2.35%
Technology Hardware & Equipment 2.05%
Real Estate 1.93%
Telecommunication Services 1.83%
Food, Beverage & Tobacco 1.30%
Consumer Durables & Apparel 0.81%
Automobiles & Components 0.74%
Food & Staples Retailing 0.55%
Household & Personal Products 0.36%
Semiconductors & Semiconductor Equipment 0.34%
Utilities 0.29%

Asset Allocation

Asset Allocation
Fund Asset Allocationas of May 13 2022

Fund Asset Allocation as of May 13 2022

Sector Weight
Loan 53.51%
Bond 40.63%
Cash 3.35%
CLO Debt 2.51%

Asset Allocation is a method of diversification which positions assets among major investment categories. Asset Allocation may be used in an effort to manage risk and enhance returns.  It does not, however, guarantee a profit or protect against loss.


Quality Breakdown

Quality Breakdown
Fund Quality Breakdownas of May 13 2022

Fund Quality Breakdown as of May 13 2022

Name Weight
BBB- 1.00%
BB+ 10.22%
BB 12.40%
BB- 12.40%
B+ 9.04%
B 18.80%
B- 21.60%
CCC+ 5.86%
CCC 7.65%
CCC- 0.06%
NR 0.98%

Maturity Ladder

Maturity Ladder
Fund Maturity Ladderas of May 13 2022

Fund Maturity Ladder as of May 13 2022

Name Weight
0 - 2 Years 1.59%
2 - 5 Years 36.96%
5 - 7 Years 45.54%
7 - 10 Years 13.49%
> 10 Years 2.42%

Purchase Information

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.

State Street Global Advisors Funds Distributors, LLC is the distributor for some registered products on behalf of the advisor. SSGA Funds Management has retained Blackstone Liquid Credit Strategies LLC as the sub-advisor. State Street Global Advisors Funds Distributors, LLC is not affiliated with Blackstone Liquid Credit Strategies LLC.


Fund Footnotes

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 is that of the SPDR® Blackstone High Income 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.

All information herein is provided as of the date(s) listed above. Calculations are performed on a trade date basis and are intended to include both settled and unsettled positions. The only exception to this is the calculation of Weighted Average Days to Reset which is performed on a settlement date basis and is intended to include information for settled positions only.