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SPDR® Portfolio High Yield Bond ETF SPHY

NAV
$22.46
as of Mar 23 2023
Base Currency
USD
Assets Under Management
$1,035.32 M
as of Mar 23 2023
Gross Expense Ratio
0.10%

Key Features


  • The SPDR® Portfolio High Yield Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the ICE BofA US High Yield Index (the “Index”)
  • One of the low cost core SPDR Portfolio ETFs, a suite of portfolio building blocks designed to provide broad, diversified exposure to core asset classes
  • A low cost ETF that seeks to offer exposure to over a trillion dollars of USD-denominated high yield debt
  • The index includes publicly issued USD high yield bonds with a below investment grade rating, at least 18 months to final maturity at the time of issuance, at least one year to maturity, a fixed coupon, and a minimum amount outstanding of $250M

About this Benchmark


The ICE BofA US High Yield Index is market capitalization weighted and is designed to measure the performance of U.S. dollar denominated below investment grade (commonly referred to as “junk”) corporate debt publicly issued in the U.S. domestic market. The Index includes securities rated below investment grade (based on an average of Moody’s Investors Service, Inc., Fitch, Inc., and Standard & Poor’s Financial Services, LLC) with at least 18 months remaining to final maturity at the time of issuance and at least one year remaining term to final maturity as of the Index’s rebalancing date. In addition, individual securities of qualifying issuers must have a fixed coupon schedule and a minimum amount outstanding of $250 million.


Fund Information as of Mar 25 2023

Benchmark ICE BofA US High Yield Index
Inception Date Jun 18 2012
Options Available No
Gross Expense Ratio
0.10%
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 Mar 25 2023

Exchange Listing Date Trading Currency Ticker CUSIP ISIN
NYSE ARCA EXCHANGE Jun 19 2012 USD SPHY 78468R606 US78468R6062

Fund Characteristics as of Mar 23 2023

Number of Holdings 1,946
Average Coupon
5.83%
Average Maturity in Years
5.39
Average Price $88.20
Average Yield To Worst
8.93%
Option Adjusted Duration
3.76 years
Option Adjusted Spread 515.53
Yield to Maturity
8.95%

Index Characteristics as of Mar 23 2023

Number of Holdings 1,916
Average Coupon 5.86%
Average Maturity in Years 5.38
Average Price $88.96
Average Yield To Worst 8.90%
Option Adjusted Duration 3.75 years
Option Adjusted Spread 511.59
Yield to Maturity 8.92%

Yields as of Mar 23 2023

30 Day SEC Yield
8.76%
30 Day SEC Yield (Unsubsidized)
8.76%
Fund Distribution Yield
6.65%

Fund Market Price as of Mar 23 2023

Bid/Ask
$22.42
Closing Price
$22.44
Day High $22.60
Day Low $22.35
Exchange Volume (Shares)
79,816
Premium/Discount
-0.17%
30-Day Median Bid/Ask Spread
0.04%

Premium Discount to NAV Graph and Summary

Number of Days Summary

Calendar Year 2022
Days Traded at Premium
139
Days Traded at Discount
112

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 Mar 23 2023

Net Cash Amount $17,297,621.22

Fund Net Asset Value as of Mar 23 2023

NAV
$22.46
Shares Outstanding 46.10 M
Assets Under Management $1,035.32 M

Fund Performance

  • Fund Inception Date: Jun 18 2012

as of Feb 28 2023

As Of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Jun 18 2012
Fund Before Tax
NAV Feb 28 2023 -1.27% 2.51% 2.51% -5.21% 1.54% 2.87% 3.40% 3.92%
Market Value Feb 28 2023 -1.56% 2.10% 2.10% -5.42% 1.46% 2.81% 3.34% 3.92%
Benchmark
Feb 28 2023 -1.29% 2.56% 2.56% -5.52% 1.14% 2.72% 3.51% 4.00%
Fund After Tax
Return after Taxes on Distributions Feb 28 2023 -1.50% 2.28% 2.28% -7.62% -0.82% 0.61% 1.33% 1.88%
Return after Taxes on Distributions and Sale of Fund Shares Feb 28 2023 -0.75% 1.49% 1.49% -3.10% 0.21% 1.25% 1.69% 2.13%
Benchmark
Feb 28 2023 -1.29% 2.56% 2.56% -5.52% 1.14% 2.72% 3.51% 4.00%

as of Dec 31 2022

As Of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Jun 18 2012
Fund Before Tax
NAV Dec 31 2022 -0.67% 4.04% -10.76% -10.76% 0.20% 2.03% 3.18% 3.73%
Market Value Dec 31 2022 -1.46% 4.92% -10.61% -10.61% 0.25% 2.01% 3.12% 3.77%
Benchmark
Dec 31 2022 -0.75% 3.98% -11.22% -11.22% -0.23% 1.88% 3.32% 3.81%
Fund After Tax
Return after Taxes on Distributions Dec 31 2022 -1.15% 3.06% -12.98% -12.98% -2.12% -0.19% 1.12% 1.70%
Return after Taxes on Distributions and Sale of Fund Shares Dec 31 2022 -0.39% 2.39% -6.34% -6.34% -0.77% 0.64% 1.53% 1.99%
Benchmark
Dec 31 2022 -0.75% 3.98% -11.22% -11.22% -0.23% 1.88% 3.32% 3.81%

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.

Index Change: “Benchmark” reflects linked performance returns of both the ICE BofA US High Yield Index and the ICE BofAML US Diversified Crossover Corporate Index. The index returns are reflective of the ICE BofAML US Diversified Crossover Corporate Index from fund inception until 4/1/2019 and of the ICE BofA US High Yield Index effective 4/1/2019 to present.

Gross Expense Ratio: 0.10%


Top Holdings

as of Mar 23 2023
as of Mar 23 2023

Fund Top Holdings as of Mar 23 2023

Name Market Value ISIN Weight
TRANSDIGM INC 6.25 03/15/2026 3,435,582.26 US893647BE67 0.33%
MOZART DEBT MERGER SUB 3.875 04/01/2029 3,243,505.42 US62482BAA08 0.31%
CLOUD SOFTWARE GRP HOLDG 6.5 03/31/2029 3,050,537.10 US88632QAE35 0.30%
AMERICAN AIRLINES/AADVAN 5.5 04/20/2026 2,920,210.61 US00253XAA90 0.28%
DIRECTV FIN LLC/COINC 5.875 08/15/2027 2,775,423.47 US25461LAA08 0.27%
DISH NETWORK CORP 11.75 11/15/2027 2,767,477.22 US25470MAG42 0.27%
CCO HLDGS LLC/CAP CORP 5.125 05/01/2027 2,621,050.21 US1248EPBT92 0.25%
AMERICAN AIRLINES/AADVAN 5.75 04/20/2029 2,608,192.05 US00253XAB73 0.25%
CAESARS ENTERTAIN INC 6.25 07/01/2025 2,584,277.83 US28470RAH57 0.25%
CARNIVAL CORP 5.75 03/01/2027 2,358,761.54 US143658BN13 0.23%

Index Top Holdings as of Mar 23 2023

Name ISIN Weight
TRANSDIGM INC 6.25 03/15/2026 US893647BE67 0.36%
MEDLINE BORROWER LP 3.875 04/01/2029 US62482BAA08 0.32%
CLOUD SOFTWARE GRP HOLDG 6.5 03/31/2029 US88632QAE35 0.29%
AMERICAN AIRLINES/AADVAN 5.5 04/20/2026 US00253XAA90 0.28%
CAESARS ENTERTAIN INC 6.25 07/01/2025 US28470RAH57 0.28%
DISH NETWORK CORP 11.75 11/15/2027 US25470MAG42 0.28%
DIRECTV FIN LLC/COINC 5.875 08/15/2027 US25461LAA08 0.27%
CCO HLDGS LLC/CAP CORP 5.125 05/01/2027 US1248EPBT92 0.25%
AMERICAN AIRLINES/AADVAN 5.75 04/20/2029 US00253XAB73 0.24%
CARNIVAL CORP 5.75 03/01/2027 US143658BN13 0.23%

Sector Allocation

as of Mar 23 2023
as of Mar 23 2023

Fund Sector Breakdown as of Mar 23 2023

Sector Weight
Corporate - Consumer Cyclical 22.11%
CORPORATE - COMMUNICATIONS 15.55%
CORPORATE - ENERGY 12.32%
Corporate - Consumer Non-Cyclical 11.23%
Corporate - Capital Goods 9.82%
Corporate - Technology 6.68%
Corporate - Basic Industry 4.98%
Corporate - Finance Companies 2.88%
Corporate - Electric 2.72%
Corporate - Transportation 2.48%
Corporate - REITS 2.17%
Corporate - Insurance 1.62%
Corporate - Other Financial 1.32%
Corporate - Industrial Other 1.30%
Corporate - Banking 1.05%
Corporate - Brokerage Assetmanagers Exchanges 0.95%
OTHER 0.82%

Index Sector Breakdown as of Mar 23 2023

Sector Weight
Corporate - Consumer Cyclical 22.80%
CORPORATE - COMMUNICATIONS 15.49%
CORPORATE - ENERGY 11.72%
Corporate - Consumer Non-Cyclical 11.57%
Corporate - Capital Goods 10.37%
Corporate - Technology 6.78%
Corporate - Basic Industry 4.90%
Corporate - Electric 2.64%
Corporate - Finance Companies 2.53%
Corporate - Transportation 2.53%
Corporate - REITS 1.95%
Corporate - Insurance 1.64%
Corporate - Industrial Other 1.29%
Corporate - Other Financial 1.25%
Corporate - Banking 1.07%
Corporate - Brokerage Assetmanagers Exchanges 0.92%
OTHER 0.54%

Quality Breakdown

as of Mar 23 2023
as of Mar 23 2023

Fund Quality Breakdown as of Mar 23 2023

Name Weight
AAA 0.54%
BAA3 0.87%
BA1 15.56%
BA2 11.46%
BA3 21.26%
B1 13.39%
B2 14.61%
B3 11.07%
CAA1 5.15%
CAA2 4.70%
CAA3 0.80%
CCC or Lower 0.07%
Not Rated 0.54%

Index Quality Breakdown as of Mar 23 2023

Name Weight
BAA3 0.57%
BA1 16.22%
BA2 11.28%
BA3 20.94%
B1 14.04%
B2 14.65%
B3 10.73%
CAA1 5.22%
CAA2 5.00%
CAA3 0.75%
CCC or Lower 0.06%
Not Rated 0.54%

Maturity Ladder

as of Mar 23 2023
as of Mar 23 2023

Fund Maturity Ladder as of Mar 23 2023

Name Weight
0 - 1 Year 0.93%
1 - 2 Years 4.81%
2 - 3 Years 13.37%
3 - 5 Years 31.09%
5 - 7 Years 32.13%
7 - 10 Years 13.84%
10 - 15 Years 1.76%
15 - 20 Years 0.83%
20 - 30 Years 1.14%
> 30 Years 0.09%

Index Maturity Ladder as of Mar 23 2023

Name Weight
1 - 2 Years 5.21%
2 - 3 Years 13.71%
3 - 5 Years 31.32%
5 - 7 Years 32.12%
7 - 10 Years 14.22%
10 - 15 Years 1.59%
15 - 20 Years 0.75%
20 - 30 Years 0.94%
> 30 Years 0.13%

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 Portfolio High Yield 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.

Index Change: “Benchmark” reflects linked performance returns of both the ICE BofA US High Yield Index and the ICE BofAML US Diversified Crossover Corporate Index. The index returns are reflective of the ICE BofAML US Diversified Crossover Corporate Index from fund inception until 4/1/2019 and of the ICE BofA US High Yield Index effective 4/1/2019 to present.

Prior to 09/23/2019, the SPDR® Portfolio High Yield Bond ETF was known as the SPDR® ICE BofAML Broad High Yield Bond ETF.

Prior to 09/23/2019, the ticker for SPHY was CJNK.

"ICE Data" and "the ICE BofA US High Yield Index" (the "Index") are trademarks of Ice Data Indices, LLC or its affiliates, and have been licensed for use by SSGA. ICE Data has not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Product, nor makes any representation or warranty, express or implied, to the owners of the licensee’s products or any member of the public regarding the licensee’s products or the advisability of investing in the licensees products, particularly the ability of the Index to track performance of any market or strategy. ICE DATA DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND ICE DATA SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, UNAVAILABILITY, OR INTERRUPTIONS THEREIN.