SPDR® Bloomberg Barclays High Yield Bond ETF

JNK

Key Features

  • The SPDR® Bloomberg Barclays High Yield Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Bloomberg Barclays High Yield Very Liquid Index (the "Index")
  • Seeks to provide a a diversified exposure to US dollar-denominated high yield corporate bonds with above-average liquidity
  • A more cost efficient way to implement a high yield exposure than via individual bonds
  • Rebalanced on the last business day of the month

Fund Information

As of 12/05/2019
Ticker Symbol JNK
Primary Benchmark Bloomberg Barclays High Yield Very Liquid Index
CUSIP 78468R622
Options Available Yes
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.

0.40%
Inception Date 11/28/2007
Countries of Registration United States, Chile, Japan, Netherlands, Singapore, Sweden, Switzerland, United Kingdom
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
Exchange NYSE ARCA EXCHANGE

Fund Documents

Fund Performance

MONTH END As of 10/31/2019 QUARTER END As of 09/30/2019
1 Month0.25%0.25%
QTD0.25%1.21%
YTD12.24%11.97%
1 Year8.75%6.49%
3 Year5.56%5.46%
5 Year3.67%3.86%
10 Year6.53%6.64%
Inception
5.52%5.53%
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. 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.  It is not possible to invest directly in an index.

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.

Fund Characteristics

As of 12/04/2019
Average Coupon

Average Coupon

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

6.26%
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.

6.03
Average Price $102.03
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.

5.50%
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.

6.29%
Number of Holdings 914
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.

3.13 years
Option Adjusted Spread 361.77
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.

6.19%

Fund Market Price

As of 12/04/2019
Bid/Ask $108.00
Closing Price $108.01
Day High $108.01
Day Low $107.67
Exchange Volume (shares)

Exchange Volume (shares)

Represents the volume of shares traded on the ETF's primary exchange throughout the previous business day.

1,347,503
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)

0.22%

Yields

As of 12/03/2019
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 current maximum offering price.

5.20%
Fund Dividend Yield

Fund Dividend Yield

The sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

5.58%

Fund Net Asset Value

NAV

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

As of 12/04/2019
NAV

NAV

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

$107.77
Shares Outstanding 94.47 M
Total Net Assets $10,181.11 M

Index Characteristics

As of 12/04/2019
Average Coupon 6.25%
Average Maturity in Years 6.04
Average Price $101.94
Average Yield To Worst 5.51%
Current Yield 6.29%
Number of Holdings 858
Option Adjusted Duration 3.14 years
Option Adjusted Spread 363.42
Yield To Maturity 6.17%

Fund Net Cash Amount

As of 12/04/2019
Net Cash Amount $15,849,513.45

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 apply.

Performance Chart

Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
11/28/2007
Month End
NAV 10/31/2019 0.25% 0.25% 12.24% 8.75% 5.56% 3.67% 6.53% 5.52%
Market Value 10/31/2019 -0.06% -0.06% 11.95% 8.57% 5.60% 3.61% 6.53% 5.51%
Return after Taxes on Distributions 10/31/2019 0.06% 0.06% 10.34% 6.27% 3.11% 1.15% 3.72% 2.50%
Return after Taxes on Distributions and Sale of Fund Shares 10/31/2019 0.15% 0.15% 7.22% 5.11% 3.15% 1.62% 3.85% 2.89%
Bloomberg Barclays High Yield Very Liquid Index 10/31/2019 0.29% 0.29% 12.53% 9.15% 5.94% 4.75% 7.58% 7.41%
Quarter End
NAV 09/30/2019 0.25% 1.21% 11.97% 6.49% 5.46% 3.86% 6.64% 5.53%
Market Value 09/30/2019 0.38% 1.18% 12.02% 6.48% 5.33% 3.85% 6.51% 5.55%
Return after Taxes on Distributions 09/30/2019 0.07% 0.64% 10.27% 4.04% 3.00% 1.33% 3.81% 2.51%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 0.15% 0.71% 7.06% 3.77% 3.07% 1.76% 3.93% 2.90%
Bloomberg Barclays High Yield Very Liquid Index 09/30/2019 0.27% 1.24% 12.21% 6.91% 5.87% 4.99% 7.72% 7.44%
Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
11/28/2007
Month End
NAV 10/31/2019 0.25% 0.25% 12.24% 8.75% 5.56% 3.67% 6.53% 5.52%
Market Value 10/31/2019 -0.06% -0.06% 11.95% 8.57% 5.60% 3.61% 6.53% 5.51%
Return after Taxes on Distributions 10/31/2019 0.06% 0.06% 10.34% 6.27% 3.11% 1.15% 3.72% 2.50%
Return after Taxes on Distributions and Sale of Fund Shares 10/31/2019 0.15% 0.15% 7.22% 5.11% 3.15% 1.62% 3.85% 2.89%
Bloomberg Barclays High Yield Very Liquid Index 10/31/2019 0.29% 0.29% 12.53% 9.15% 5.94% 4.75% 7.58% 7.41%
Quarter End
NAV 09/30/2019 0.25% 1.21% 11.97% 6.49% 5.46% 3.86% 6.64% 5.53%
Market Value 09/30/2019 0.38% 1.18% 12.02% 6.48% 5.33% 3.85% 6.51% 5.55%
Return after Taxes on Distributions 09/30/2019 0.07% 0.64% 10.27% 4.04% 3.00% 1.33% 3.81% 2.51%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 0.15% 0.71% 7.06% 3.77% 3.07% 1.76% 3.93% 2.90%
Bloomberg Barclays High Yield Very Liquid Index 09/30/2019 0.27% 1.24% 12.21% 6.91% 5.87% 4.99% 7.72% 7.44%
Swipe to view all columns
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. 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.  It is not possible to invest directly in an index.

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: 0.40%

Performance Graphs

Month End as of 10/31/2019

Fund Inception Date: 11/28/2007

Index Inception Date: 11/28/2007

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Quarter End as of 09/30/2019

Fund Inception Date: 11/28/2007

Index Inception Date: 11/28/2007

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Fund Top Holdings

Subject to change.

As of 12/04/2019
Name Weight Market Value ISIN
STATE ST INST US GOV MM-G 0 00/00/0000 1.10 % 113,455,118.85 US8574924663
ALTICE FRANCE SA 7.375 05/01/2026 0.72 % 73,606,538.72 US67054KAA79
TRANSDIGM INC 6.25 03/15/2026 0.56 % 57,863,284.41 US893647BE67
CENTENE CORP 4.625 12/15/2029 0.48 % 48,944,097.50 US15135BAS07
1011778 BC / NEW RED FIN 5 10/15/2025 0.41 % 41,855,476.21 US68245XAE94
CHS/COMMUNITY HEALTH SYS 6.25 03/31/2023 0.41 % 41,713,984.89 US12543DAY67
DIAMOND SPORTS GR/DIAMON 5.375 08/15/2026 0.40 % 41,567,745.25 US25277LAA44
ALTICE FINANCING SA 7.5 05/15/2026 0.40 % 41,283,963.00 US02154CAE30
TRANSDIGM INC 5.5 11/15/2027 0.39 % 39,754,324.70 US893647BJ54
HCA INC 5.375 02/01/2025 0.38 % 39,402,403.55 US404119BR91

Index Top Holdings

As of 12/04/2019
Name Weight isin
ALTICE FRANCE SA 7.375 05/01/2026 0.74 % US67054KAA79
TRANSDIGM INC 6.25 03/15/2026 0.56 % US893647BE67
CENTENE CORP 4.625 12/15/2029 0.48 % US15135BAS07
CHS/COMMUNITY HEALTH SYS 6.25 03/31/2023 0.40 % US12543DAY67
DIAMOND SPORTS GR/DIAMON 5.375 08/15/2026 0.40 % US25277LAA44
ALTICE FINANCING SA 7.5 05/15/2026 0.39 % US02154CAE30
BAUSCH HEALTH COS INC 6.125 04/15/2025 0.38 % US91831AAC53
1011778 BC / NEW RED FIN 5 10/15/2025 0.38 % US68245XAE94
HCA INC 5.375 02/01/2025 0.38 % US404119BR91
CCO HLDGS LLC/CAP CORP 5.125 05/01/2027 0.36 % US1248EPBT92

Fund Sector Allocation

As of 12/04/2019
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Index Sector Allocation

As of 12/04/2019
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Fund Quality Breakdown

Quality Breakdown

Bloomberg Barclay's uses an evenly weighted blend of a security's Moody's, S&P, and Fitch rating rounded down to the lower rating in the case of the composite being between two ratings. In the case where a security has no rating, an issuer rating may be used to determine index classification. Bloomberg Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 12/04/2019
BBB or Higher -0.02%
BB 50.08%
B 37.25%
CCC or Lower 12.64%
Not Rated 0.06%

Index Quality Breakdown

Quality Breakdown

Bloomberg Barclay's uses an evenly weighted blend of a security's Moody's, S&P, and Fitch rating rounded down to the lower rating in the case of the composite being between two ratings. In the case where a security has no rating, an issuer rating may be used to determine index classification. Bloomberg Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 12/04/2019
BB 49.92%
B 37.57%
CCC or Lower 12.51%

Fund Maturity Ladder

As of 12/04/2019
0 - 1 Year -0.09%
1 - 2 Years 1.81%
2 - 3 Years 4.20%
3 - 5 Years 21.68%
5 - 7 Years 42.51%
7 - 10 Years 27.39%
10 - 15 Years 2.50%

Index Maturity Ladder

As of 12/04/2019
1 - 2 Years 1.54%
2 - 3 Years 4.32%
3 - 5 Years 21.58%
5 - 7 Years 41.80%
7 - 10 Years 27.98%
10 - 15 Years 2.78%

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.

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.

Unless otherwise noted all information contained herein is that of the SPDR Bloomberg Barclays High Yield Bond ETF.

BLOOMBERG®, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, and BARCLAYS®, a trademark and service mark of Barclays Bank Plc, have each been licensed for use in connection with the listing and trading of the SPDR Bloomberg Barclays ETFs.

Global Fixed Income, Cash and Currency

Fixed Income Portfolio Manager Mike Brunell Vice President Show BioHide Bio

Mike is a Vice President of State Street Global Advisors and a senior member of the Fixed Income portfolio management team.

In his current role as part of US Fixed Income Beta solutions, he heads the credit sector team and is responsible for developing, managing, and supporting various types of funds against a variety of conventional and custom bond index strategies. He was a member of the group that launched the first SPDR fixed income ETFs in 2007 and a long-time manager of our US high yield and convertible ETF products.

Prior to joining the investment team in 2004 Mike had been responsible for managing the U.S. Fixed Income Operations group at SSGA. Previous to that he had been a member of the Mutual Fund Custody division of State Street where he was focused on the accounting and the valuation of various domestic and international equity and bond portfolios.

Mike earned a BS degree in Business Administration from Saint Michael's College and a Masters in Finance from Boston College. Additionally he earned the Chartered Financial Analyst designation and is a member of the CFA Institute and the Boston Securities Analyst Society.

Portfolio Manager Kyle Patrick Kelly Vice President Show BioHide Bio

Kyle is a Vice President of SSGA and a Portfolio Manager in the Fixed Income Beta Solutions group where he manages high yield and investment grade credit ETFs and separate accounts. Prior to joining the portfolio management team, he worked as an Investment Risk Management Analyst focused on SSGA's fixed income and multi-asset-class products.

Kyle graduated from Boston College with a BA in Communication and Economics. He earned the Chartered Financial Analyst designation and the Financial Risk Manager designation. He is a member of the CFA Institute, the Boston Securities Analyst Society, and the Global Association of Risk Professionals.

Credit Portfolio Manager Bradley Sullivan Portfolio Manager Show BioHide Bio

Bradley J. Sullivan is a Vice President and Sr. Portfolio Manager in State Street Global Advisors on the Fixed Income, Currency and Cash Investments team where he manages corporate credit beta portfolios for ETFs, commingled funds and separately managed accounts.

Prior to joining SSGA, Mr. Sullivan was a Senior Research Analyst at State Street Bank and Trust where he covered the Healthcare, Pharmaceutical, Chemicals, Retail and Power/ Utilities sectors for the corporate credit and leveraged loan portfolios. Mr. Sullivan joined State Street in 2013 to launch a multibillion dollar leveraged loan fund within the corporate credit team which managed more than $9B in committed proprietary capital. Prior to joining State Street, Mr. Sullivan was the Assistant Portfolio Manager in the Leveraged Finance Group for MetLife Investments. The team managed more than $12B across leveraged loan and high yield credit portfolios on a total return mandate. Mr. Sullivan joined MetLife Investments in 2007 as a Credit Research Analyst covering the corporate Healthcare, Technology, and Beverage sectors within the Global Fixed Income Research Group. In 2003, Mr. Sullivan received his formal credit training in the Brown Brothers Harriman Banking Analyst Program in Boston on the Medical Technology team.

Mr. Sullivan earned his Bachelors of Science Management degree in Accounting and Finance from Tulane University and a Master's in Business Administration from the Colgate Darden Graduate School of Business at the University of Virginia. Mr. Sullivan is a CFA charterholder.

Junior Portfolio Manager April Borawski Officer Show BioHide Bio

April currently works as a Junior Portfolio Manager on SSGA's Cash Management Team where she focuses on Rates portfolios. Previously, April worked as a Fixed Income Portfolio Specialist where she served as a subject matter expert by providing clients, prospects and consultants with time sensitive information about the investment philosophy, process, and performance of specific Global Fixed Income products.

Prior to her time at SSGA, April was a member of State Street's Professional Development Program, focusing on Data and Analytics.

April studied International Business, Finance, Marketing and Spanish at Northeastern University, graduating summa cum laude.

After Tax Returns

After-tax returns are calculated 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, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

Bloomberg Barclays High Yield Very Liquid Index

The Bloomberg Barclays High Yield Very Liquid Index is designed to measure the performance of publicly issued U.S. dollar denominated high yield corporate bonds with above-average liquidity. High yield securities are generally rated below investment grade and are commonly referred to as "junk bonds." The Index includes publicly issued U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds that have a remaining maturity of at least one year, but not more than fifteen years, regardless of optionality; are rated high-yield (Ba1/BB+/BB+ or below) using the middle rating of Moody's Investors Service, Inc., Fitch Inc., or Standard & Poor's Financial Services, LLC, respectively; and have $500 million or more of outstanding face value.

Important Risk Information

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.

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.

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.

Non-diversified funds that focus on a relatively small number of securities tend to be more volatile than diversified funds and the market as a whole.

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.

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.

Glossary

Premium Discount to NAV

As of 12/04/2019
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Bloomberg Barclays High Yield Bond ETF JNK $107.77 $108.01 $108.00 0.22%
Download Fund Data

x axis: # of days y axis: # Premium/Discount percentage

The above information is provided to show the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds.

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.

Centralized Systematic Valuation Aggregated Cash Flow (ACF) File

This information provided is calculated by Bloomberg Finance L.P., a third party not affiliated with SSGA. Neither SSGA nor its affiliates assume any liability for or guarantee the timeliness, accuracy and completeness of the information provided. The information provided is as of the date indicated and is subject to change.

This analysis or any portion thereof may not be revised or changed in any way, reprinted, sold or redistributed without the written consent of SSGA.

This cash flow table and the data contained herein (together, "Content") is provided for informational purposes only, on an "as is" basis. No source of Content, or any of its affiliates (each a "Source"), makes any warranty, express or implied, that the Content is accurate, complete or error-free, and it should not be relied upon as such. No Source guarantees the timeliness, reliability, performance, continued availability, or currency of the Content or any results obtained therefrom. No Source shall be liable for any damages, including without limitation, any special, punitive, indirect, incidental or consequential damages, or any lost profits, arising from the use of or reliance on the Content, even if advised of the possibility of such damages. Nothing in the Content shall constitute or be construed as an offering of financial instruments by any Source, or as investment advice or recommendations by such entities of an investment strategy or whether or not to "buy", "sell" or "hold" an investment.

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