HYBL State Street® Blackstone High Income ETF

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.

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.

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.

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: The S&P 500^® Index is a product of S&P Dow Jones Indices LLC or its affiliates (“S&P DJI”) and have been licensed for use by State Street Global Advisors. S&P^®, SPDR^®, S&P 500^®,US 500 and the 500 are 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 has been licensed for use by S&P Dow Jones Indices; and these trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by State Street Global Advisors. The fund is not sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of these indices.

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.

The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.

Overview Performance Holdings Documents Purchase Information More Insights

Morningstar Fund Comparison

NAV

NAV

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

$28.42

as of Dec 03 2025

Base Currency

USD

Assets Under Management

$538.60 M

as of Dec 03 2025

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%

Overall Morningstar Rating

as of Oct 31 2025

Quick Links

Key Features

The State Street^® 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., S&P Global Ratings, and Fitch Ratings 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 State Street^® Blackstone High Income Composite Index is a 50%/50% blend of the ICE BofA US High Yield Constrained Index and the Morningstar LSTA US Leveraged Loan Index.

Fund Information as of Dec 04 2025

Primary Benchmark	Bloomberg U.S. Aggregate Bond Index
Secondary Benchmark	State Street^® Blackstone High Income Composite Index
Inception Date	Feb 16 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.	0.70%
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 04 2025

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

Fund Characteristics as of Dec 03 2025

Number of Holdings	688
Average Maturity in Years Average Maturity The market value-weighted average maturity of the bonds and loans in a portfolio, where maturity is the length of time during which the investor will receive interest payments on the investment. When the bond reaches maturity the principal is repaid.	4.75
Weighted Average Spread	3.50
Current 3 Month SOFR	3.77%
Percent of Loans in the Portfolio with SOFR Floors	40.87%
Weighted Average All in Rate	7.05%
Weighted Average Days to Reset	37
Weighted Average SOFR Floor	0.66%
Average Price Average Price The weighted average of each asset’s market price relative to its face value or par value.	$99.09

Yields as of Dec 03 2025

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 maximum offering price on the last day of the period.	6.76%
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.	6.76%
Fund Distribution Yield Fund Distribution Yield The sum of the distributions within the past 365 days divided by Net Asset Value per share, expressed as a percentage.	7.26%

Fund Market Price as of Dec 03 2025

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.	$28.45
Closing Price Closing Price Market Price of last reported trade on the exchange.	$28.44
Day High	$28.45
Day Low	$28.40
Exchange Volume (Shares) Exchange Volume (shares) Represents the volume of shares traded on the ETF's primary exchange throughout the previous business day.	27,067
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)	0.10%
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.	0.04%

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 2024	First Quarter of 2025	Second Quarter of 2025	Third Quarter of 2025
Days Traded at Premium Number of days the ETF 4PM Bid/Ask was above the NAV.	197	34	51	59
Days Traded at Discount Number of days the ETF 4PM Bid/Ask was below the NAV.	55	26	11	5

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.

Fund Net Cash Amount as of Dec 03 2025

Net Cash Amount

$12,351,799.77

Fund Net Asset Value as of Dec 03 2025

NAV NAV The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.	$28.42
Shares Outstanding	18.95 M
Assets Under Management	$538.60 M

Most Recent NAV / NAV History

Morningstar Rating as of Oct 31 2025

Category	Rating Overall Month End	Rating 3 Year Month End	Rating 5 Year Month End	Rating 10 Year Month End
High Yield Bond	★★★★	★★★★	-	-
# of Funds in Category	-	586	548	441

Morningstar Rating

The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange- traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/ 40% three-year rating for 60-119 months of total returns, and 50% 10- year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar Return

The Morningstar Return rates a managed investment’s performance relative to other managed products in its Morningstar Category. It is an assessment of a product's excess return over a risk-free rate (the return of the 90- day Treasury Bill) in comparison with the products in its Morningstar category. In each Morningstar category, the top 10% of products earn a High Morningstar Return (High), the next 22.5% Above Average (+Avg), the middle 35% Average (Avg), the next 22.5% Below Average (-Ave), and the bottom 10% Low (Low). Morningstar Return is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated.

Morningstar Risk

Morningstar Risk evaluates a managed investment’s downside volatility relative to that of other products in its Morningstar Category. It is an assessment of the variations in monthly returns, with an emphasis on downside variations, in comparison with the products in its Morningstar category. In each Morningstar category, the 10% of products with the lowest measured risk are described as Low Risk (Low), the next 22.5% Below Average (-Avg), the middle 35% Average (Avg), the next 22.5% Above Average (+Avg), and the top 10% High (High). Morningstar Risk is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated.

© 2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Fund Performance

Fund Inception Date: Feb 16 2022

as of Oct 31 2025

	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 2025	0.31%	0.31%	6.42%	7.82%	9.84%	-	-	5.94%
Market Value	Oct 31 2025	0.23%	0.23%	6.27%	7.67%	9.68%	-	-	5.95%
Primary Benchmark Bloomberg U.S. Aggregate Bond Index	Oct 31 2025	0.62%	0.62%	6.80%	6.16%	5.60%	-0.24%	1.90%	0.92%
Secondary Benchmark State Street^® Blackstone High Income Composite Index	Oct 31 2025	0.21%	0.21%	6.06%	7.18%	9.81%	6.26%	5.69%	6.29%
Fund After Tax
Return after Taxes on Distributions	Oct 31 2025	0.07%	0.07%	4.08%	4.66%	6.44%	-	-	2.91%
Return after Taxes on Distributions and Sale of Fund Shares	Oct 31 2025	0.19%	0.19%	3.75%	4.55%	6.05%	-	-	3.18%
Primary Benchmark Bloomberg U.S. Aggregate Bond Index	Oct 31 2025	0.62%	0.62%	6.80%	6.16%	5.60%	-0.24%	1.90%	0.92%
Secondary Benchmark State Street^® Blackstone High Income Composite Index	Oct 31 2025	0.21%	0.21%	6.06%	7.18%	9.81%	6.26%	5.69%	6.29%

as of Sep 30 2025

	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 2025	0.62%	2.10%	6.08%	7.63%	10.44%	-	-	5.99%
Market Value	Sep 30 2025	0.55%	2.06%	6.03%	7.45%	10.40%	-	-	6.03%
Primary Benchmark Bloomberg U.S. Aggregate Bond Index	Sep 30 2025	1.09%	2.03%	6.13%	2.88%	4.93%	-0.45%	1.84%	0.77%
Secondary Benchmark State Street^® Blackstone High Income Composite Index	Sep 30 2025	0.60%	2.09%	5.84%	7.12%	10.44%	6.28%	5.80%	6.38%
Fund After Tax
Return after Taxes on Distributions	Sep 30 2025	0.37%	1.35%	4.01%	4.44%	7.03%	-	-	2.96%
Return after Taxes on Distributions and Sale of Fund Shares	Sep 30 2025	0.36%	1.24%	3.56%	4.43%	6.52%	-	-	3.22%
Primary Benchmark Bloomberg U.S. Aggregate Bond Index	Sep 30 2025	1.09%	2.03%	6.13%	2.88%	4.93%	-0.45%	1.84%	0.77%
Secondary Benchmark State Street^® Blackstone High Income Composite Index	Sep 30 2025	0.60%	2.09%	5.84%	7.12%	10.44%	6.28%	5.80%	6.38%

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

Subject to change.

Fund Top Holdings as of Dec 03 2025

Name	Par Value	Weight
State Street Blackstone Senior Loan ETF	132,691	1.03%
Global Medical Response Inc aka Air Medical Group 10/01/2032	4,889,009	0.92%
Fair Isaac Corp 4% 06/15/2028	4,633,000	0.86%
Dawn Bidco LLC aka Dayforce 10/07/2032	4,290,000	0.81%
AI Aqua Merger Sub Inc. aka Culligan 07/31/2028	3,455,869	0.65%
Cloud Software Group Inc aka Balboa/Citrix 08/13/2032	3,392,141	0.64%
TransDigm Inc 6.375% 03/01/2029	3,287,000	0.64%
Allied Universal Holdco LLC aka USAGM 08/20/2032	3,249,400	0.61%
MPT Operating Partnership LP / MPT Finance Corp aka Medical Properties Trust 4.625% 08/01/2029	3,854,000	0.61%
Kioxia Holdings Corp 6.625% 07/24/2033	2,987,000	0.58%

Download All Holdings: Daily

Sector Allocation

Fund Sector Breakdown as of Dec 03 2025

Sector	Weight
Sector	Weight
Software & Services	13.73%
Energy	11.48%
Financial Services	11.20%
Capital Goods	7.49%
Health Care Equipment & Services	6.73%
Consumer Discretionary Distribution & Retail	5.68%
Consumer Services	5.58%
Media & Entertainment	5.49%
Materials	5.30%
Commercial & Professional Services	4.24%
Transportation	3.20%
Technology Hardware & Equipment	2.49%
Automobiles & Components	2.24%
Insurance	2.17%
Consumer Durables & Apparel	2.12%
Equity Real Estate Investment Trusts (REITs)	2.00%
Food, Beverage & Tobacco	1.74%
Telecommunication Services	1.61%
Pharmaceuticals, Biotechnology & Life Sciences	1.45%
Utilities	1.41%
Semiconductors & Semiconductor Equipment	1.07%
Household & Personal Products	0.87%
Real Estate Management & Development	0.49%
Banks	0.13%
Consumer Staples Distribution & Retail	0.07%

Financial Services sector may include up to 15% CLO debt positions.

Asset Allocation

Fund Asset Allocation as of Dec 03 2025

Sector	Weight
Bond	49.22%
Loan	39.21%
CLO Debt	10.54%
Equity	1.03%

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 03 2025

Name	Weight
BBB	0.14%
BBB-	0.76%
BB+	7.66%
BB	10.72%
BB-	20.22%
B+	12.80%
B	24.14%
B-	18.59%
CCC+	2.83%
CCC	1.45%
CCC-	0.64%
NR	0.05%

Maturity Ladder

Fund Maturity Ladder as of Dec 03 2025

Name	Weight
0 - 2 Years	1.63%
2 - 5 Years	55.90%
5 - 7 Years	36.57%
7 - 10 Years	5.71%
> 10 Years	0.19%

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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.

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 State Street^® 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.