SPDR® Blackstone High Income ETF HYBL

NAV
$27.45
as of Dec 02 2022
Base Currency
USD
Assets Under Management
$113.92 M
as of Dec 02 2022
Gross Expense Ratio
0.70%

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


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


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


Fund Information as of Dec 05 2022

Benchmark Bloomberg U.S. Aggregate Bond Index
Secondary Benchmark SPDR Blackstone High Income Composite Index
Inception Date Feb 16 2022
Options Available No
Gross Expense Ratio
0.70%
Base Currency USD
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 Dec 05 2022

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

Fund Characteristics as of Dec 02 2022

Number of Holdings 536
Average Maturity in Years
5.50
Weighted Average Spread 3.29
Current 3 month LIBOR 4.73%
Percent of Loans in the Portfolio with LIBOR Floors 59.38%
Weighted Average All in Rate 6.31%
Weighted Average Days to Reset 34
Weighted Average LIBOR Floor 0.62%
Average Price $91.87

Yields as of Dec 02 2022

30 Day SEC Yield
6.73%
30 Day SEC Yield (Unsubsidized)
-

Fund Market Price as of Dec 02 2022

Bid/Ask
$27.51
Closing Price
$27.51
Day High $27.54
Day Low $27.44
Exchange Volume (Shares)
10
Premium/Discount
0.22%
30-Day Median Bid/Ask Spread
0.18%

Premium Discount to NAV Graph and Summary

Number of Days Summary

Calendar Year 2021 First Quarter of 2022 Second Quarter of 2022 Third Quarter of 2022
Days Traded at Premium
- 27 24 53
Days Traded at Discount
- 3 38 11

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 Dec 02 2022

Net Cash Amount $2,038,531.42

Fund Net Asset Value as of Dec 02 2022

NAV
$27.45
Shares Outstanding 4.15 M
Assets Under Management $113.92 M

Fund Performance

  • Fund Inception Date: Feb 16 2022

as of Oct 31 2022

As Of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Feb 16 2022
Fund Before Tax
NAV Oct 31 2022 1.97% 1.97% - - - - - -6.56%
Market Value Oct 31 2022 2.21% 2.21% - - - - - -6.12%
Bloomberg U.S. Aggregate Bond Index
Oct 31 2022 -1.30% -1.30% -15.72% -15.68% -3.77% -0.54% 0.74% -12.15%
Fund After Tax
Return after Taxes on Distributions Oct 31 2022 1.74% 1.74% - - - - - -7.79%
Return after Taxes on Distributions and Sale of Fund Shares Oct 31 2022 1.17% 1.17% - - - - - -3.87%
Bloomberg U.S. Aggregate Bond Index
Oct 31 2022 -1.30% -1.30% -15.72% -15.68% -3.77% -0.54% 0.74% -12.15%

as of Sep 30 2022

As Of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Feb 16 2022
Fund Before Tax
NAV Sep 30 2022 -3.84% -0.48% - - - - - -8.37%
Market Value Sep 30 2022 -3.96% -0.79% - - - - - -8.15%
Bloomberg U.S. Aggregate Bond Index
Sep 30 2022 -4.32% -4.75% -14.61% -14.60% -3.26% -0.27% 0.89% -11.00%
Fund After Tax
Return after Taxes on Distributions Sep 30 2022 -4.05% -1.07% - - - - - -9.37%
Return after Taxes on Distributions and Sale of Fund Shares Sep 30 2022 -2.27% -0.27% - - - - - -4.92%
Bloomberg U.S. Aggregate Bond Index
Sep 30 2022 -4.32% -4.75% -14.61% -14.60% -3.26% -0.27% 0.89% -11.00%

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: 0.70%


Top Holdings

Fund Top Holdings as of Dec 02 2022

Name Par Value Weight
Point Au Roche Park CLO, Ltd. 1,480,000 1.12%
Mineral Resources Ltd 8.5% 05/01/2030 850,000 0.78%
LTI Holdings Inc aka Boyd Corp 09/06/2026 961,858 0.69%
Intesa SanPaolo SPA 5.71% 01/15/2026 800,000 0.69%
Sunoco LP / Sunoco Finance Corp 4.5% 05/15/2029 830,000 0.65%
Carnival Corp. 7.625% 03/01/2026 850,000 0.64%
1011778 BC ULC / New Red Finance Inc 3.875% 01/15/2028 750,000 0.60%
Sirius XM Radio Inc 4% 07/15/2028 750,000 0.59%
CDI Escrow Issuer Inc 5.75% 04/01/2030 700,000 0.58%
Albertsons Cos, Inc. aka American Stores 4.625% 01/15/2027 690,000 0.57%
Download All Holdings: Daily

Sector Allocation

Fund Sector Breakdown as of Dec 02 2022

Sector Weight
Sector Weight
Consumer Services 13.35%
Media & Entertainment 9.39%
Energy 9.12%
Software & Services 8.45%
Capital Goods 7.89%
Materials 6.96%
Commercial & Professional Services 4.27%
Diversified Financials 4.27%
Insurance 3.82%
Health Care Equipment & Services 3.75%
Retailing 3.30%
Technology Hardware & Equipment 3.26%
Utilities 2.70%
Consumer Durables & Apparel 2.66%
Telecommunication Services 2.59%
Real Estate 2.48%
Pharmaceuticals, Biotechnology & Life Sciences 2.25%
Transportation 2.02%
Food, Beverage & Tobacco 1.94%
Banks 1.81%
Automobiles & Components 1.47%
Household & Personal Products 1.20%
Food & Staples Retailing 0.73%
Semiconductors & Semiconductor Equipment 0.33%

Asset Allocation

Fund Asset Allocation as of Dec 02 2022

Sector Weight
Bond 49.73%
Loan 45.65%
CLO Debt 3.14%
Cash 1.48%

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

Fund Quality Breakdown as of Dec 02 2022

Name Weight
BBB 0.15%
BBB- 4.69%
BB+ 16.69%
BB 14.97%
BB- 14.57%
B+ 16.74%
B 18.94%
B- 8.56%
CCC+ 2.83%
CCC 1.07%
CCC- 0.25%
D 0.15%
NR 0.41%

Maturity Ladder

Fund Maturity Ladder as of Dec 02 2022

Name Weight
0 - 2 Years 1.75%
2 - 5 Years 36.31%
5 - 7 Years 49.80%
7 - 10 Years 10.74%
> 10 Years 1.40%

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.


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.

Prior to 8/29/2022, the Morningstar LSTA US Leverage Loan Index was known as the S&P/LSTA U.S. Leveraged Loan Index.

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.