SPDR® MarketAxess Investment Grade 400 Corporate Bond ETF LQIG

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.

The values of debt securities may decrease as a result of many factors, including, by way of example, general market fluctuations; increases in interest rates; actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments; illiquidity in debt securities markets; and prepayments of principal, which often must be reinvested in obligations paying interest at lower rates.

Passively managed funds hold a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index.

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.

$101.02

as of May 24 2022

Base Currency

USD

Assets Under Management

$106.07 M

as of May 24 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.

0.09%


Key Features

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

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 May 25 2022

Fund Information as of May 25 2022
Benchmark Inception Date Options Available 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.

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 May 11, 2023, 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 May 11, 2023. This waiver and/or reimbursement may not be terminated prior to May 11, 2023 except with the approval of the Fund’s Board of Trustees.

Base Currency Investment Manager
MarketAxess U.S. Investment Grade 400 Corporate Bond Index May 11 2022 No 0.09% 0.07% USD SSGA Funds Management, Inc.
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 May 11, 2023, 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 May 11, 2023. This waiver and/or reimbursement may not be terminated prior to May 11, 2023 except with the approval of the Fund’s Board of Trustees.

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

Listing Information as of May 25 2022

Listing Information as of May 25 2022
Exchange Listing Date Trading Currency Ticker CUSIP ISIN
NYSE ARCA EXCHANGE May 12 2022 USD LQIG 78468R499 US78468R4992
Exchange NYSE ARCA EXCHANGE
Listing Date May 12 2022
Trading Currency USD
Ticker LQIG
CUSIP 78468R499
ISIN US78468R4992

Fund Characteristics as of May 24 2022

Fund Characteristics as of May 24 2022
Number of Holdings Average Coupon

Average Coupon

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

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.

Average Price 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.

Current Yield

Current Yield

A bond's annual return based on its annual coupon payments and current price (as opposed to its original price or face). The formula for current yield is a bond's annual coupons divided by its current price. When aggregating Current Yield for a portfolio level statistic, the weighted average of the Current Yield and market value for each security is used.

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.

403 3.71% 12.72 $93.74 4.39% 3.92% 8.37 years
Number of Holdings 403
Average Coupon

Average Coupon

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

3.71%
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.

12.72
Average Price $93.74
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.

4.39%
Current Yield

Current Yield

A bond's annual return based on its annual coupon payments and current price (as opposed to its original price or face). The formula for current yield is a bond's annual coupons divided by its current price. When aggregating Current Yield for a portfolio level statistic, the weighted average of the Current Yield and market value for each security is used.

3.92%
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.

8.37 years
Option Adjusted Spread 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.

157.99 4.40%
Option Adjusted Spread 157.99
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.

4.40%

Index Characteristics as of May 24 2022

Index Characteristics as of May 24 2022
Number of Holdings Average Coupon Average Maturity in Years Average Price Average Yield To Worst Current Yield Option Adjusted Duration
400 3.72% 12.75 $93.93 4.40% 3.93% 8.39 years
Number of Holdings 400
Average Coupon 3.72%
Average Maturity in Years 12.75
Average Price $93.93
Average Yield To Worst 4.40%
Current Yield 3.93%
Option Adjusted Duration 8.39 years
Option Adjusted Spread Yield to Maturity
158.22 4.40%
Option Adjusted Spread 158.22
Yield to Maturity 4.40%

Fund Market Price as of May 24 2022

Fund Market Price as of May 24 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.

$101.58 - - - 0 0.56% 0.03%
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.

$101.58
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.

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)

0.56%
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.

0.03%
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.

- -
Days Traded at Discount

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

- -
Days Traded at Premium

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

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

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

Calendar Year 2021 -
First Quarter of 2022 -
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.

Premium/discount information will be displayed in the Number of Days Summary table following the completion of the current calendar quarter.

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 24 2022

Fund Net Cash Amount as of May 24 2022
Net Cash Amount
$871,157.00
Net Cash Amount $871,157.00

Fund Net Asset Value as of May 24 2022

Fund Net Asset Value as of May 24 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
$101.02 1.05 M $106.07 M
NAV

NAV

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

$101.02
Shares Outstanding 1.05 M
Assets Under Management $106.07 M
Most Recent NAV / NAV History

Top Holdings

Subject to change.

Top Holdings

Subject to change.

Fund Top Holdingsas of May 24 2022
Index Top Holdingsas of May 24 2022

Fund Top Holdings as of May 24 2022

Name Market Value ISIN Weight
ANHEUSER-BUSCH CO/INBEV 4.9 02/01/2046 960,941.59 US03522AAJ97 0.91%
CVS HEALTH CORP 5.05 03/25/2048 826,535.12 US126650CZ11 0.78%
GE CAPITAL INTL FUNDING 4.418 11/15/2035 698,420.16 US36164QNA21 0.66%
T-MOBILE USA INC 3.875 04/15/2030 681,860.66 US87264ABF12 0.64%
GOLDMAN SACHS GROUP INC 6.75 10/01/2037 660,745.80 US38141GFD16 0.62%
MAGALLANES INC 5.141 03/15/2052 633,642.57 US55903VAQ68 0.60%
AT&T INC 3.5 619,169.80 - 0.58%
AT&T INC 3.55 09/15/2055 612,902.39 US00206RLJ94 0.58%
WELLS FARGO & COMPANY 5.013 04/04/2051 589,651.93 US95000U2M49 0.56%
BANK OF AMERICA CORP 3.419 12/20/2028 588,251.81 US06051GHD43 0.55%

Index Top Holdings as of May 24 2022

Name ISIN Weight
ANHEUSER-BUSCH CO/INBEV 4.9 02/01/2046 US03522AAJ97 0.92%
CVS HEALTH CORP 5.05 03/25/2048 US126650CZ11 0.78%
GE CAPITAL INTL FUNDING 4.418 11/15/2035 US36164QNA21 0.65%
T-MOBILE USA INC 3.875 04/15/2030 US87264ABF12 0.65%
GOLDMAN SACHS GROUP INC 6.75 10/01/2037 US38141GFD16 0.62%
MAGALLANES INC 5.141 03/15/2052 US55903VAQ68 0.60%
AT&T INC 3.5 09/15/2053 US00206RKJ04 0.58%
AT&T INC 3.55 09/15/2055 US00206RLJ94 0.57%
BANK OF AMERICA CORP 3.419 12/20/2028 US06051GHD43 0.56%
WELLS FARGO & COMPANY 5.013 04/04/2051 US95000U2M49 0.55%

Sector Allocation

Sector Allocation
Fund Sector Breakdownas of May 24 2022
Index Sector Breakdownas of May 24 2022

Fund Sector Breakdown as of May 24 2022

Sector Weight
CORPORATE - INDUSTRIAL 66.94%
Corporate - Finance 30.16%
Corporate - Utility 2.58%
Cash 0.19%
Non Corporates 0.13%

Index Sector Breakdown as of May 24 2022

Sector Weight
CORPORATE - INDUSTRIAL 67.08%
Corporate - Finance 30.18%
Corporate - Utility 2.60%
Non Corporates 0.14%

Quality Breakdown

Quality Breakdown
Fund Quality Breakdownas of May 24 2022
Index Quality Breakdownas of May 24 2022

Fund Quality Breakdown as of May 24 2022

Name Weight
Aaa 2.21%
Aa 8.98%
A 35.92%
Baa 52.90%

Index Quality Breakdown as of May 24 2022

Name Weight
Aaa 2.02%
Aa 9.04%
A 35.98%
Baa 52.96%

Maturity Ladder

Maturity Ladder
Fund Maturity Ladderas of May 24 2022
Index Maturity Ladderas of May 24 2022

Fund Maturity Ladder as of May 24 2022

Name Weight
0 - 1 Year 0.19%
1 - 2 Years 1.57%
2 - 3 Years 8.75%
3 - 5 Years 20.53%
5 - 7 Years 11.94%
7 - 10 Years 20.20%
10 - 15 Years 2.92%
15 - 20 Years 6.02%
20 - 30 Years 23.08%
> 30 Years 4.81%

Index Maturity Ladder as of May 24 2022

Name Weight
1 - 2 Years 1.58%
2 - 3 Years 8.76%
3 - 5 Years 20.60%
5 - 7 Years 11.96%
7 - 10 Years 20.18%
10 - 15 Years 2.92%
15 - 20 Years 6.05%
20 - 30 Years 23.17%
> 30 Years 4.79%

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.


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 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.