SPDR® Bloomberg Barclays Short Term High Yield Bond ETF

SJNK

Key Features

  • The SPDR® Bloomberg Barclays Short Term 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 US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index (the "Index")
  • Seeks to provide diversified exposure to short-term US dollar-denominated high yield corporate bonds
  • Potentially presents less interest rate risk than high yield bonds with longer duration
  • A more cost efficient way to implement a high yield exposure than via individual bonds

Fund Information

As of 12/09/2019
Ticker Symbol SJNK
Primary Benchmark Bloomberg Barclays US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index
CUSIP 78468R408
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 03/14/2012
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 11/30/2019 QUARTER END As of 09/30/2019
1 Month-0.12%0.21%
QTD-0.09%0.43%
YTD7.62%7.72%
1 Year5.46%3.57%
3 Year4.82%4.95%
5 Year3.55%3.56%
10 YearN/AN/A
Inception
4.08%4.18%
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 12/05/2019
Average Coupon

Average Coupon

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

6.17%
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.

3.18
Average Price $98.46
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.

5.39%
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.

6.34%
Number of Holdings 740
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.

1.63 years
Option Adjusted Spread 367.17
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.

6.46%

Fund Market Price

As of 12/05/2019
Bid/Ask $26.62
Closing Price $26.62
Day High $26.63
Day Low $26.58
Exchange Volume (shares) 205,132
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)

0.20%

Yields

As of 12/05/2019
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.

5.09%
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.

5.75%

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 12/05/2019
NAV

NAV

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

$26.57
Shares Outstanding 119.20 M
Total Net Assets $3,167.32 M

Index Characteristics

As of 12/05/2019
Average Coupon 6.31%
Average Maturity in Years 3.27
Average Price $100.20
Average Yield To Worst 5.67%
Current Yield 6.50%
Number of Holdings 670
Option Adjusted Duration 1.70 years
Option Adjusted Spread 392.76
Yield To Maturity 6.70%

Fund Net Cash Amount

As of 12/05/2019
Net Cash Amount $23,729,784.19

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
03/14/2012
Month End
NAV 11/30/2019 -0.12% -0.09% 7.62% 5.46% 4.82% 3.55% N/A 4.08%
Market Value 11/30/2019 0.07% -0.17% 7.57% 5.44% 4.73% 3.62% N/A 4.09%
Return after Taxes on Distributions 11/30/2019 -0.31% -0.47% 5.57% 3.04% 2.41% 1.14% N/A 1.71%
Return after Taxes on Distributions and Sale of Fund Shares 11/30/2019 -0.07% -0.05% 4.50% 3.20% 2.62% 1.60% N/A 2.05%
Bloomberg Barclays US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index 11/30/2019 -0.03% 0.02% 7.86% 5.61% 5.17% 4.34% N/A 5.05%
Quarter End
NAV 09/30/2019 0.21% 0.43% 7.72% 3.57% 4.95% 3.56% N/A 4.18%
Market Value 09/30/2019 0.31% 0.51% 7.75% 3.55% 4.87% 3.55% N/A 4.21%
Return after Taxes on Distributions 09/30/2019 0.03% -0.14% 6.07% 1.19% 2.52% 1.14% N/A 1.81%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 0.13% 0.25% 4.56% 2.07% 2.70% 1.60% N/A 2.13%
Bloomberg Barclays US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index 09/30/2019 0.22% 0.52% 7.84% 3.77% 5.31% 4.39% N/A 5.17%
Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
03/14/2012
Month End
NAV 11/30/2019 -0.12% -0.09% 7.62% 5.46% 4.82% 3.55% N/A 4.08%
Market Value 11/30/2019 0.07% -0.17% 7.57% 5.44% 4.73% 3.62% N/A 4.09%
Return after Taxes on Distributions 11/30/2019 -0.31% -0.47% 5.57% 3.04% 2.41% 1.14% N/A 1.71%
Return after Taxes on Distributions and Sale of Fund Shares 11/30/2019 -0.07% -0.05% 4.50% 3.20% 2.62% 1.60% N/A 2.05%
Bloomberg Barclays US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index 11/30/2019 -0.03% 0.02% 7.86% 5.61% 5.17% 4.34% N/A 5.05%
Quarter End
NAV 09/30/2019 0.21% 0.43% 7.72% 3.57% 4.95% 3.56% N/A 4.18%
Market Value 09/30/2019 0.31% 0.51% 7.75% 3.55% 4.87% 3.55% N/A 4.21%
Return after Taxes on Distributions 09/30/2019 0.03% -0.14% 6.07% 1.19% 2.52% 1.14% N/A 1.81%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 0.13% 0.25% 4.56% 2.07% 2.70% 1.60% N/A 2.13%
Bloomberg Barclays US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index 09/30/2019 0.22% 0.52% 7.84% 3.77% 5.31% 4.39% N/A 5.17%
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 11/30/2019

Fund Inception Date: 03/14/2012

Index Inception Date: 03/01/2012

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Quarter End as of 09/30/2019

Fund Inception Date: 03/14/2012

Index Inception Date: 03/01/2012

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Fund Top Holdings

Subject to change.

Subject to change.

As of 12/05/2019
Name Weight Market Value ISIN
STATE ST INST US GOV MM-G 0 00/00/0000 1.62 % 52,715,665.43 US8574924663
REYNOLDS GRP ISS/REYNOLD 5.75 10/15/2020 0.71 % 23,195,183.03 US761735AP42
TENET HEALTHCARE CORP 8.125 04/01/2022 0.66 % 21,412,395.45 US88033GCE89
CHS/COMMUNITY HEALTH SYS 6.25 03/31/2023 0.62 % 20,132,673.98 US12543DAY67
SPRINT CORP 7.875 09/15/2023 0.60 % 19,620,075.27 US85207UAF21
INTELSAT JACKSON HLDG 8.5 10/15/2024 0.55 % 17,911,633.28 US45824TBA25
DISH DBS CORP 6.75 06/01/2021 0.51 % 16,659,641.25 US25470XAE58
CCO HLDGS LLC/CAP CORP 5.875 04/01/2024 0.51 % 16,586,582.68 US1248EPBP70
NIELSEN FINANCE LLC/CO 5 04/15/2022 0.50 % 16,184,454.84 US65409QBB77
SOLERA LLC / SOLERA FINA 10.5 03/01/2024 0.49 % 16,006,917.97 US83422AAA16

Index Top Holdings

As of 12/05/2019
Name Weight isin
REYNOLDS GRP ISS/REYNOLD 5.75 10/15/2020 0.67 % US761735AP42
TENET HEALTHCARE CORP 8.125 04/01/2022 0.66 % US88033GCE89
CHS/COMMUNITY HEALTH SYS 6.25 03/31/2023 0.63 % US12543DAY67
SPRINT CORP 7.875 09/15/2023 0.59 % US85207UAF21
INTELSAT JACKSON HLDG 8.5 10/15/2024 0.52 % US45824TBA25
NIELSEN FINANCE LLC/CO 5 04/15/2022 0.49 % US65409QBB77
HCA INC 7.5 02/15/2022 0.48 % US404121AD78
SOLERA LLC / SOLERA FINA 10.5 03/01/2024 0.46 % US83422AAA16
DISH DBS CORP 5.875 07/15/2022 0.45 % US25470XAJ46
CLEAR CHANNEL WORLDWIDE 9.25 02/15/2024 0.45 % US18451QAN88

Fund Sector Allocation

As of 12/05/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/05/2019</asOfDate><code>FUND_SECTOR_ALLOCATION</code><attributes><attribute><rawValue>86.019053</rawValue><value>86.02%</value><label>Corporate - Industrial</label><order>1</order></attribute><attribute><rawValue>10.182412</rawValue><value>10.18%</value><label>Corporate - Finance</label><order>2</order></attribute><attribute><rawValue>1.977617</rawValue><value>1.98%</value><label>Corporate - Utility</label><order>3</order></attribute><attribute><rawValue>1.820911</rawValue><value>1.82%</value><label>Cash</label><order>4</order></attribute><attribute><rawValue>7.0E-6</rawValue><value>0.00%</value><label>Other</label><order>5</order></attribute></attributes></component>

Index Sector Allocation

As of 12/05/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/05/2019</asOfDate><code>BMARK_SECTOR_ALLOCTAION</code><attributes><attribute><rawValue>88.114694</rawValue><value>88.11%</value><label>Corporate - Industrial</label><order>1</order></attribute><attribute><rawValue>9.847914</rawValue><value>9.85%</value><label>Corporate - Finance</label><order>2</order></attribute><attribute><rawValue>2.037392</rawValue><value>2.04%</value><label>Corporate - Utility</label><order>3</order></attribute></attributes></component>

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 12/05/2019
BBB or Higher 3.15%
BB 46.93%
B 35.70%
CCC or Lower 13.82%
Not Rated 0.39%

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 12/05/2019
BB 47.10%
B 37.05%
CCC or Lower 15.51%
Not Rated 0.34%

Fund Maturity Ladder

As of 12/05/2019
0 - 1 Year 7.36%
1 - 2 Years 11.38%
2 - 3 Years 21.92%
3 - 5 Years 57.83%
5 - 7 Years 0.77%
7 - 10 Years 0.73%

Index Maturity Ladder

As of 12/05/2019
0 - 1 Year 4.20%
1 - 2 Years 10.79%
2 - 3 Years 21.75%
3 - 5 Years 63.26%

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 Short Term 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 US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index

Bloomberg Barclays US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index includes short-term publicly issued U.S. dollar-denominated high yield corporate bonds.  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 less than 5 years regardless of optionality, are rated between Caa3/ CCC-/CCC- and Ba1/BB+/BB+ using the middle rating of Moody's Investors Service, Inc., Fitch, Inc., or Standard & Poor's, Inc., respectively, and have $350 million or more of issuance.  The Index includes only corporate sectors. The corporate sectors are Industrial, Utility and Financial Institutions.  Excluded from the Index are non-corporate bonds, structured notes with embedded swaps or other special features, bonds with equity-type features (e.g., warrants, convertibility), floating-rate issues, Eurobonds, defaulted bonds, zero coupon bonds and payment in kind securities. The Index is issuer-capped and the securities in the Index are updated on the index rebalancing date.

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 12/05/2019
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Bloomberg Barclays Short Term High Yield Bond ETF SJNK $26.57 $26.62 $26.62 0.20%
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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