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Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$28.60

$136 M

7.68%

$2.19

0.70%

Vitals

YTD Return

8.6%

1 yr return

12.3%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$136 M

Holdings in Top 10

11.4%

52 WEEK LOW AND HIGH

$28.6
$27.71
$28.71

Expenses

OPERATING FEES

Expense Ratio 0.70%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$28.60

$136 M

7.68%

$2.19

0.70%

HYBL - Profile

Distributions

  • YTD Total Return 8.6%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 7.7%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    SPDR® Blackstone High Income ETF
  • Fund Family Name
    State Street Global Advisors - advised funds
  • Inception Date
    Feb 17, 2022
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Adam Dwinells

Fund Description

Under normal circumstances, Blackstone Liquid Credit Strategies LLC (the “Sub-Adviser”) will invest the Fund's assets primarily in U.S. dollar denominated high yield debt securities. High yield debt securities include high yield corporate bonds, senior loans and debt tranches of U.S. collateralized loan obligations (“CLOs”). The Fund will invest in CLOs to gain indirect exposure to senior loans. High yield debt securities (commonly known as “junk” bonds) are securities that are rated at the time of investment BB+ or lower by S&P Global Ratings or Fitch Ratings Inc., Ba1 or lower by Moody's Investors Service, Inc. or equivalent ratings by another nationally recognized statistical rating organization, or if unrated, determined by the Sub-Adviser to be of comparable quality. The Fund may invest in debt securities of any maturity. The Fund may invest up to 100% of its net assets in either high yield corporate bonds or senior loans. The Fund's investments in CLOs will not exceed 15% of its net assets (measured at the time of investment).In pursuing its investment objective, the Fund seeks to outperform a composite benchmark comprising 50% high yield bonds and 50% high yield senior loans with less volatility than the general bond and loan markets over full market cycles. The high yield bond portion of the composite benchmark is represented by the ICE BofA US High Yield Constrained Index, and the senior loan portion is represented by the Morningstar LSTA US Leveraged Loan Index.The Fund seeks to maximize performance while minimizing risk (“risk-adjusted returns”) by investing in high yield corporate bonds, senior loans, and debt tranches of U.S. CLOs using a top-down asset allocation approach coupled with bottom-up security selection. The top-down asset allocation approach evaluates macroeconomic, technical, fundamental, and relative value factors to determine allocation weights among the asset classes that the Sub-Adviser believes will result in the best long-term risk-adjusted returns compared to the composite benchmark. The bottom-up security selection process relies on fundamental credit research to dictate security selection within each asset class, seeking to capture credit risk premium by exploiting potential mispricing at the individual security level. When constructing the Fund's portfolio, the Sub-Adviser manages the Fund's asset class, industry, ratings, liquidity and issuer exposures in an effort to optimize the Fund's risk-adjusted returns. The Fund's investment strategy may result in a high portfolio turnover rate.High Yield Corporate BondsWith respect to the high yield corporate bond portion of the Fund's portfolio, the Sub-Adviser applies a systematic approach to security selection and portfolio construction. This approach focuses on the credit risk of companies issuing the corporate bonds (i.e., the risk of loss due to the uncertainty in a debtor's ability to meet its financial obligations). Under normal circumstances, the Sub-Adviser utilizes a proprietary model (the “Model”) that incorporates data including but not limited to fundamental balance-sheet information, real-time information embedded in equity and options markets, and a database of historical defaults. The Model seeks to identify the most liquid, positively mispriced credit issues, while minimizing exposure to systematic credit risks (e.g., macroeconomic risks such as interest rate and currency fluctuations, market volatility, and industry or sector risk). The Sub-Adviser uses a variety of risk-management tools to produce risk measures for investments that are monitored in “real-time,” providing potential early-warning capabilities. Using information provided by the Model, the Sub-Adviser seeks to construct a high yield corporate bond portfolio that delivers excess returns compared to the ICE BofA US High Yield Constrained Index. The Sub-Adviser also seeks to actively diversify exposure in an attempt to mitigate risk specific to individual issuers or sectors in the Fund's high yield corporate bond portfolio, and seeks to generate returns through its integration of technology, infrastructure, ongoing research, and credit expertise.Senior Loans and CLOsWith respect to the senior loan portion of the Fund's portfolio, the Sub-Adviser seeks to construct a portfolio of senior loans and CLOs that provide exposure to senior loans utilizing a traditional bottom-up discretionary approach to credit selection that relies on fundamental credit analysis in an effort to minimize the loss of the Fund's capital. The Fund invests predominantly in senior loans that are made to businesses operating in North America, but may also invest in senior loans made to businesses operating outside of North America. The Fund may invest in senior loans directly, either from the borrower as part of a primary issuance or in the secondary market through assignments of portions of senior loans from third parties, or participations in senior loans, which are contractual relationships with an existing lender in a loan facility whereby the Fund purchases the right to receive principal and interest payments on a loan but the existing lender remains the record holder of the loan. Under normal market conditions, it is expected that the Fund's senior loan investments will maintain an average interest rate duration of less than 90 days. Loan interest rate duration is based on the actual remaining time until the applicable reference rate is reset for each individual loan. In addition, when making investments, the Sub-Adviser seeks to maintain appropriate liquidity and price transparency for the Fund.The Sub-Adviser expects to invest in senior loans, either directly or indirectly through CLOs, possessing the following attributes, which it believes will help generate higher risk-adjusted total returns:Leading, defensible market positions. The Sub-Adviser intends to invest in senior loans made to companies that it believes have developed strong positions within their respective markets and exhibit the potential to maintain sufficient cash flows and profitability to service their obligations in a range of economic environments. The Sub-Adviser will seek companies that it believes possess advantages in scale, scope, customer loyalty, product pricing, or product quality versus their competitors, thereby minimizing business risk and protecting profitability.Investing in companies with positive cash flow. The Sub-Adviser intends to invest in senior loans made primarily to established companies which have demonstrated a record of profitability and cash flows over several economic cycles. The Sub-Adviser believes such companies are well-positioned to maintain consistent cash flow to service and repay their obligations and maintain growth in their businesses or market share. The Sub-Adviser does not intend to invest in primarily start-up companies, companies in turnaround situations or companies with speculative business plans.Proven management teams. The Sub-Adviser intends to focus on investments in senior loans made to companies that have experienced management teams with established track records of success. The Sub-Adviser will typically require companies to have in place proper incentives to align management's goals with the Fund's goals.Private equity sponsorship. The Sub-Adviser may seek to invest in senior loans made to issuers sponsored by what it believes to be high-quality private equity firms. The Sub-Adviser believes that a private equity sponsor's willingness to invest significant sums of equity capital into a company is an implicit endorsement of the quality of the investment. Further, private equity sponsors of companies with significant investments at risk have the ability and a strong incentive to contribute additional capital in difficult economic times should operational issues arise.Diversification, concentration and reliance on other lenders. The Sub-Adviser will seek to invest broadly among companies and industries, thereby potentially reducing the risk of a downturn in any one company or industry having a disproportionate impact on the value of the Fund's portfolio. While the Fund looks to the underlying borrower of a bank loan, rather than the bank originating the loan, for purposes of determining the industry concentration of investments, it is possible that under a different interpretation the Fund may be deemed to concentrate its investments in the financial services industries. Loans, and the collateral securing them, are typically monitored by agents for the lenders, which may be the originating bank or banks. The Fund may be affected by the creditworthiness of the agent bank and other intermediate participants in a senior loan, in addition to the borrower, since rights that may exist under the loan against the borrower if the borrower defaults are typically asserted by or through the agent bank or intermediate participant. Agents are typically large commercial banks, although for senior loans that are not broadly syndicated they can also include thrift institutions, insurance companies or finance companies (or their affiliates). Such companies may be especially susceptible to the effects of changes in interest rates resulting from changes in U.S. or foreign fiscal or monetary policies, governmental regulations affecting capital raising activities or other economic or market fluctuations.Other InvestmentsIn seeking to achieve risk-adjusted returns, the Fund may also invest in bonds and CLOs rated investment grade as measured at the time of investment. The Fund may also invest in US Treasuries and Notes, and Federal Agency issued securities for cash management purposes. The Fund may invest in derivatives including futures and forward contracts, and swaps (including total return swaps, and interest rate and credit default swaps) to manage yield, interest rate exposure (also known as duration), weighted average maturity, and exposure to credit quality. In addition, the Fund may use government bond futures for hedging purposes. The Fund may also invest in exchange traded funds (“ETFs”) as a way to gain exposure to certain asset classes and/or securities that are consistent with the principal investment strategy of the Fund. The Fund may invest in certain ETFs that pay fees to the Adviser and its affiliates for management, marketing or other services.Sale of Fund InvestmentsIf circumstances cause the Sub-Adviser to determine there is a likelihood the value of an existing investment will decline over time, the Fund may, if the Sub-Adviser believes that circumstances require, exit the investment. The circumstances giving rise to the Sub-Adviser's determination may, but will not necessarily, coincide with a downgrade of a senior loan, high yield corporate bond or other security's credit rating.
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HYBL - Performance

Return Ranking - Trailing

Period HYBL Return Category Return Low Category Return High Rank in Category (%)
YTD 8.6% -39.9% 6.2% N/A
1 Yr 12.3% -22.1% 21.3% N/A
3 Yr N/A* -14.2% 66.8% N/A
5 Yr N/A* -13.6% 37.2% N/A
10 Yr N/A* -9.3% 16.2% N/A

* Annualized

Return Ranking - Calendar

Period HYBL Return Category Return Low Category Return High Rank in Category (%)
2023 3.2% -44.3% 3.7% N/A
2022 N/A -56.9% 9.2% N/A
2021 N/A -53.7% 70.9% N/A
2020 N/A -33.7% 5.1% N/A
2019 N/A -9.4% 12.0% N/A

Total Return Ranking - Trailing

Period HYBL Return Category Return Low Category Return High Rank in Category (%)
YTD 8.6% -39.9% 6.2% N/A
1 Yr 12.3% -22.1% 22.2% N/A
3 Yr N/A* -14.2% 66.8% N/A
5 Yr N/A* -13.6% 37.2% N/A
10 Yr N/A* -9.3% 16.2% N/A

* Annualized

Total Return Ranking - Calendar

Period HYBL Return Category Return Low Category Return High Rank in Category (%)
2023 11.9% -44.3% 3.7% N/A
2022 N/A -56.9% 9.2% N/A
2021 N/A -53.7% 70.9% N/A
2020 N/A -33.7% 5.1% N/A
2019 N/A -9.4% 12.0% N/A

HYBL - Holdings

Concentration Analysis

HYBL Category Low Category High HYBL % Rank
Net Assets 136 M 1.47 M 26.2 B 74.42%
Number of Holdings 624 2 2736 42.24%
Net Assets in Top 10 17.1 M -492 M 2.55 B 72.37%
Weighting of Top 10 11.41% 3.0% 100.0% 43.33%

Top 10 Holdings

  1. SPDR Blackstone Senior Loan ETF 3.52%
  2. State Street Institutional US Government Money Market Fund 3.00%
  3. Point Au Roche Park CLO Ltd 0.98%
  4. Allison Transmission Inc 0.63%
  5. Advisor Group Inc 2024 Term Loan 0.58%
  6. DaVita Inc 0.56%
  7. Ally Financial Inc 0.55%
  8. Xerox Holdings Corp 0.54%
  9. Fertitta Entertainment LLC 2022 Term Loan B 0.53%
  10. Ares LXVIII CLO Ltd 0.53%

Asset Allocation

Weighting Return Low Return High HYBL % Rank
Bonds
93.97% 0.00% 154.38% 11.40%
Stocks
3.73% -0.60% 52.82% 84.93%
Cash
3.00% -52.00% 100.00% 80.79%
Preferred Stocks
0.00% 0.00% 14.10% 74.87%
Other
0.00% -63.70% 32.06% 67.24%
Convertible Bonds
0.00% 0.00% 17.89% 66.05%

Stock Sector Breakdown

Weighting Return Low Return High HYBL % Rank
Utilities
0.00% 0.00% 100.00% N/A
Technology
0.00% 0.00% 34.19% N/A
Real Estate
0.00% 0.00% 86.71% N/A
Industrials
0.00% 0.00% 100.00% N/A
Healthcare
0.00% 0.00% 30.07% N/A
Financial Services
0.00% 0.00% 100.00% N/A
Energy
0.00% 0.00% 100.00% N/A
Communication Services
0.00% 0.00% 99.99% N/A
Consumer Defense
0.00% 0.00% 100.00% N/A
Consumer Cyclical
0.00% 0.00% 100.00% N/A
Basic Materials
0.00% 0.00% 100.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High HYBL % Rank
US
3.73% -0.60% 47.59% 82.24%
Non US
0.00% -0.01% 5.26% 68.03%

Bond Sector Breakdown

Weighting Return Low Return High HYBL % Rank
Cash & Equivalents
3.00% 0.00% 99.98% 84.19%
Derivative
0.00% 0.00% 45.95% 64.16%
Securitized
0.00% 0.00% 97.24% 14.62%
Corporate
0.00% 0.00% 100.00% 37.15%
Municipal
0.00% 0.00% 1.17% 56.79%
Government
0.00% 0.00% 99.07% 69.17%

Bond Geographic Breakdown

Weighting Return Low Return High HYBL % Rank
US
93.97% 0.00% 150.64% 13.16%
Non US
0.00% 0.00% 96.17% 60.79%

HYBL - Expenses

Operational Fees

HYBL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.70% 0.02% 3.87% 63.68%
Management Fee 0.70% 0.00% 1.84% 85.68%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

HYBL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

HYBL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

HYBL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 1.00% 327.00% N/A

HYBL - Distributions

Dividend Yield Analysis

HYBL Category Low Category High HYBL % Rank
Dividend Yield 7.68% 0.00% 39.36% 95.55%

Dividend Distribution Analysis

HYBL Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

HYBL Category Low Category High HYBL % Rank
Net Income Ratio N/A -2.39% 14.30% N/A

Capital Gain Distribution Analysis

HYBL Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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HYBL - Fund Manager Analysis

Managers

Adam Dwinells


Start Date

Tenure

Tenure Rank

Feb 16, 2022

0.28

0.3%

Adam is Managing Director and Senior Portfolio Manager at Blackstone Credit. Adam joined DCI in 2005 and has experience in a variety of roles at DCI including client service, performance analysis, and project management. Adam leads a team responsible for day-to-day management of the systematic credit portfolios with a particular focus on cash corporate bond trading. Prior to joining Blackstone / DCI, Adam spent six years at JP Morgan and predecessor companies as a vice president and senior risk advisor in various risk management and audit capacities - with responsibility for credit and rate markets, and corporate treasury business coverage. Adam graduated from Arizona State University with a B.S. in Finance.

Bonnie Brookshaw


Start Date

Tenure

Tenure Rank

Feb 16, 2022

0.28

0.3%

Bonnie Brookshaw is a Managing Director and a Portfolio Manager for Blackstone Credit's U.S. loan separately managed accounts, commingled funds and exchange-traded funds. Previously, Ms. Brookshaw was responsible for the management and implementation of the day-to-day investment strategy for the U.S. CLOs. Prior to joining Blackstone in 2002, Ms. Brookshaw worked at CIBC World Markets and was responsible for the transaction logistics and settlement functions for the structured investment vehicles managed by Trimaran Advisors, L.L.C. Ms. Brookshaw received a B.A. from the State University of New York at Oswego.

Daniel McMullen


Start Date

Tenure

Tenure Rank

Feb 16, 2022

0.28

0.3%

Daniel T. McMullen is a Senior Managing Director and Senior Portfolio Manager with GSO Capital Partners LP (“GSO”), and serves as lead Portfolio Manager of the Portfolio. Since joining Blackstone in 2002, Mr. McMullen's responsibilities have included the coordination of the group's capital markets activities for broadly distributed transactions. Mr. McMullen serves as the group's senior representative for a number of financial intermediaries. Before joining Blackstone, Mr. McMullen worked at CIBC World Markets, most recently as a Director and Senior Investment Analyst for the structured investment vehicles managed by Trimaran Advisors, L. L. C. Prior to that, Mr. McMullen was a Director in the Investment Banking Group at CIBC, specializing in the aerospace and defense industries. Before joining CIBC in 1996, Mr. McMullen was employed at The Chase Manhattan Bank where he worked in the Corporate Finance Healthcare Group. Mr. McMullen has earned the right to use the Chartered Financial Analyst designation and received a BA from the University of Rochester where he graduated cum laude.

Daniel Smith


Start Date

Tenure

Tenure Rank

Feb 16, 2022

0.28

0.3%

Daniel H. Smith is a Senior Managing Director of The Blackstone Group and Co-Head of the GSO Debt Funds Group. Mr. Smith Co-Chairs the unit’s Investment and Management Committee where he is involved in the strategic direction of the business as well as oversight of the investment process. Prior to joining Blackstone Credit, then known as GSO Capital Partners in 2005, Mr. Smith was Managing Partner and Co-head of RBC Capital Market’s Alternative Investments Unit at Royal Bank of Canada in New York. This business unit managed structured funds, a portfolio of mezzanine debt investments and the bank’s portfolio of limited partnership interests in various private equity funds. Mr. Smith joined RBC in 2001 from Indosuez Capital, a division of Crédit Agricole Indosuez, where he was a Co-Head and Managing Director overseeing the firm’s debt investments business and merchant banking activities. Prior to Indosuez Capital, Mr. Smith was a Principal at Frye-Louis Capital Management in Chicago. He began his career in investment management in 1987 at Van Kampen American Capital (f/k/a Van Kampen Merritt), a mutual fund company in Chicago where he held a variety of positions including co-head of the firm’s high-yield investment group and head of the firm’s equity fund complex. Mr. Smith received a BS in Petroleum Engineering from the University of Southern California and a Masters in Management from the J.L. Kellogg Graduate School of Management at Northwestern University.

Gordon McKemie


Start Date

Tenure

Tenure Rank

Feb 16, 2022

0.28

0.3%

Gordon McKemie is a Principal of The Blackstone Group L.P. and a portfolio manager for CCS. Mr. McKemie is also responsible for the evaluation and ongoing analysis of primary and secondary fixed income investments across multiple industries. Prior to joining GSO, Mr. McKemie was an Associate in Leveraged Finance at Citigroup and an Assistant Vice President in high yield research at Barclays Capital. He began his career at Lehman Brothers. Mr. McKemie received a B.B.A. from Goizueta Business School at Emory University. Mr. McKemie has earned the right to use the Chartered Financial Analyst designation.

Paul Harrison


Start Date

Tenure

Tenure Rank

Feb 16, 2022

0.28

0.3%

Mr. Paul Harrison serves as Chief Investment Officer at DCI.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.07 2.92