Forgot User ID or Password?

Not Registered?

Sign up now to get full combined access to the SPDRs.com and SPDRU.com content, including advisor education materials and analytical tools.

Go to Registration page »
Home   »   ETFs : SPDR® BofA Merrill Lynch Emerging Markets Corporate Bond ETF (EMCD)
EMCD

SPDR® BofA Merrill Lynch Emerging Markets Corporate Bond ETF

Fund Objective

The SPDR® BofA Merrill Lynch Emerging Markets Corporate Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the BofA Merrill Lynch Emerging Markets Diversified Corporate Index.

Ordinary brokerage commissions may apply.

Fund Information

As of 04/16/2014
Ticker SymbolEMCD
Primary BenchmarkBofA Merrill Lynch Emerging Markets Diversified Corporate Index
CUSIP78468R507
Short Selling AllowedYes
Options AvailableNo
Gross Expense Ratio0.50%
Inception Date06/18/2012
Investment ManagerSSgA Funds Management, Inc.
Management TeamETF Corporate Bond Management Team
DistributorState Street Global Markets, LLC
Distribution FrequencyMonthly
ExchangeNYSE ARCA EXCHANGE

Fund Characteristics

As of 04/14/2014
Average Maturity in Years
Average Maturity

The market value-weighted average maturity of the bonds in a portfolio, where maturity is defined as Stated Final for bullet maturity bonds and the average time to receipt of all principal payments for amortizing instruments, including mortgage pass-throughs, CMOs, amortizing asset-backed securities and ARMs.

8.08
Average Price$105.43
Average Spread247.1
Average Yield To Worst
For callable and/or puttable securities, the minimum value of the yield to maturity, yield to put, and yield to call. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.
4.28%
Convexity0.58%
Current Yield

 Average Current Yield

The market value weighted average current coupon of the bonds in the portfolio divided by current market price of the bonds in the portfolio.

5.06%
Dividend Yield

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

Index Dividend Yield is the weighted average of the underlyings’ indicated annual dividend divided by price, expressed as a percentage.

5.54%
Modified Adjusted Duration

Modified Adjusted Duration

An option-adjusted measure of a portfolio's sensitivity to changes in interest rates.  Calculated as the percentage change of a portfolio’s value for a 100 basis point change in yield.

5.67 years
Number of Holdings142
Yield To Maturity

Average 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.

4.31%

30 DAY SEC YIELD

As of 04/14/2014
30 Day SEC Yield

30 Day SEC Yield (Standardized Yield) 

An annualized yield that is calculated by dividing the investment income earned by the fund less expenses over the most recent 30-day period by the current maximum offering price.

4.26%

Index Characteristics

As of 04/14/2014
Average Maturity in Years
Average Maturity

The market value-weighted average maturity of the bonds in a portfolio, where maturity is defined as Stated Final for bullet maturity bonds and the average time to receipt of all principal payments for amortizing instruments, including mortgage pass-throughs, CMOs, amortizing asset-backed securities and ARMs.

8.60
Average Price$103.08
Average Spread307.1
Average Yield To Worst
For callable and/or puttable securities, the minimum value of the yield to maturity, yield to put, and yield to call. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.
4.89%
Current Yield

 Average Current Yield

The market value weighted average current coupon of the bonds in the portfolio divided by current market price of the bonds in the portfolio.

5.93%
Modified Adjusted Duration

Modified Adjusted Duration

An option-adjusted measure of a portfolio's sensitivity to changes in interest rates.  Calculated as the percentage change of a portfolio’s value for a 100 basis point change in yield.

5.68 years
Number of Holdings625
Yield To Maturity

Average 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.

4.99%

Fund Documents

Fund Market Price

As of 04/14/2014
Bid/Ask$29.88
Closing Price$30.07
Day High$30.14
Day Low$30.00
Exchange Volume (shares)1,710
Premium/Discount0.31%
Premium Discount to Nav Chart

Fund Net Asset Value

NAV

Market value of a mutual fund’s and ETF’s total assets, minus liabilities, divided by the number of shares outstanding

As of 04/14/2014
Price$29.79
Shares Outstanding600,000
Total Net Assets$17.87 M
Most Recent NAV / NAV History XLS

Fund Net Cash Amount

As of 04/14/2014
Net Cash Amount$604,694.16

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 Graphs

Month End as of 03/31/2014

Fund Inception Date: 06/18/2012

Index Inception Date: 04/12/2012

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; BofA Merrill Lynch Emerging Markets Corporate Bond ETF" bmarkName="BofA Merrill Lynch Emerging Markets Diversified Corporate Index"><funds><field>1 Month</field><fund>0.25</fund><index>0.36</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>2.66</fund><index>2.59</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>2.66</fund><index>2.59</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>-0.39</fund><index>0.23</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>4.15</fund><index>4.97</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 03/31/2014

Fund Inception Date: 06/18/2012

Index Inception Date: 04/12/2012

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; BofA Merrill Lynch Emerging Markets Corporate Bond ETF" bmarkName="BofA Merrill Lynch Emerging Markets Diversified Corporate Index"><funds><field>1 Month</field><fund>0.25</fund><index>0.36</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>2.66</fund><index>2.59</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>2.66</fund><index>2.59</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>-0.39</fund><index>0.23</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>4.15</fund><index>4.97</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings
Subject to change.

As of 04/14/2014
NameWeightMarket ValueIsin
PETROBRAS INTL FIN CO 3.5 02/06/20173.47%512,455.56US71645WAU53
PETROLEOS MEXICANOS 5.5 01/21/20212.94%435,272.22US71654QAX07
GAZPROM (GAZ CAPITAL SA) 9.25 04/23/20192.52%371,831.25US368266AL62
VTB BANK (VTB CAPITAL SA 6 04/12/20172.16%319,900.00US91833EAH45
TAQA ABU DHABI NATL ENER 5.875 12/13/20211.94%286,405.38US00386SAJ15
MAJAPAHIT HOLDING BV 7.75 01/20/20201.93%285,520.83US56068TAF49
CEMEX ESPANA LUXEMBOURG 9.875 04/30/20191.91%281,996.53US151288AB35
PETROLEOS MEXICANOS 6.5 06/02/20411.66%245,155.13US71654QAZ54
ROSNEFT FINANCE SA 7.5 07/18/20161.55%228,833.33US87261GAB14
KAZMUNAYGAS NATIONAL CO 6.375 04/09/20211.48%218,452.08US48667QAF28
Download All Holdings XLS

Index Top Holdings

As of 04/14/2014
NameWeightIsin
PETROLEOS DE VENEZUELA S 8.5 11/02/20170.99%USP7807HAK16
PETROBRAS INTL FIN CO 5.375 01/27/20210.72%US71645WAR25
PETRONAS CAPITAL LTD 5.25 08/12/20190.59%US716743AD16
PETROLEOS MEXICANOS 6.5 06/02/20410.56%US71654QAZ54
PETROLEOS MEXICANOS 6.375 01/23/20450.55%US71656LAY74
PETROLEOS MEXICANOS 5.5 01/21/20210.54%US71654QAX07
PETROLEOS DE VENEZUELA S 12.75 02/17/20220.52%US716558AC52
PEMEX PROJ FDG MASTER TR 6.625 06/15/20350.51%US706451BG56
VALE OVERSEAS LIMITED 6.875 11/21/20360.49%US91911TAH68
PETROLEOS DE VENEZUELA S 6 11/15/20260.48%US716558AF83

Fund Sector Allocation

As of 04/14/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/14/2014</asOfDate><attributes><attribute><rawValue>54.272204</rawValue><value>54.27%</value><label>NON CORPORATES</label><order>1</order></attribute><attribute><rawValue>35.801615</rawValue><value>35.80%</value><label>CORPORATE - INDUSTRIAL</label><order>2</order></attribute><attribute><rawValue>6.179157</rawValue><value>6.18%</value><label>CORPORATE - FINANCE</label><order>3</order></attribute><attribute><rawValue>2.916785</rawValue><value>2.92%</value><label>CASH</label><order>4</order></attribute><attribute><rawValue>0.830239</rawValue><value>0.83%</value><label>CORPORATE - UTILITY</label><order>5</order></attribute></attributes><code>FUND_SECTOR_ALLOCATION</code></component>

Index Sector Allocation

As of 04/14/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/14/2014</asOfDate><attributes><attribute><rawValue>47.142304</rawValue><value>47.14%</value><label>NON CORPORATES</label><order>1</order></attribute><attribute><rawValue>40.254809</rawValue><value>40.25%</value><label>CORPORATE - INDUSTRIAL</label><order>2</order></attribute><attribute><rawValue>11.091251</rawValue><value>11.09%</value><label>CORPORATE - FINANCE</label><order>3</order></attribute><attribute><rawValue>1.511636</rawValue><value>1.51%</value><label>CORPORATE - UTILITY</label><order>4</order></attribute></attributes><code>BMARK_SECTOR_ALLOCTAION</code></component>

Fund Quality Breakdown

Quality Breakdown

Barclays uses the “middle rating” of Moody’s, S&P, and Fitch to determine a security’s index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  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 04/14/2014
Aaa2.92%
Aa3.79%
A25.42%
Baa53.83%
Below Baa14.04%

Index Quality Breakdown

Quality Breakdown

Barclays uses the “middle rating” of Moody’s, S&P, and Fitch to determine a security’s index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  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 04/14/2014
Aaa0.10%
Aa3.55%
A21.05%
Baa51.34%
Below Baa23.97%

Fund Maturity Ladder

As of 04/14/2014
0.00-1.00 Years2.92%
1.01-2.00 Years2.13%
2.01-3.00 Years11.89%
3.01-5.00 Years14.34%
5.01-7.00 Years36.33%
7.01-10.00 Years18.19%
10.01-15.00 Years0.96%
20.01-30.00 Years12.79%
30.01+ Years0.45%

Index Maturity Ladder

As of 04/14/2014
0.00-1.00 Years0.15%
1.01-2.00 Years5.74%
2.01-3.00 Years9.32%
3.01-5.00 Years21.43%
5.01-7.00 Years21.65%
7.01-10.00 Years25.57%
10.01-15.00 Years2.00%
15.01-20.00 Years0.82%
20.01-30.00 Years11.60%
30.01+ Years1.72%

Fund Country Weights

As of 04/14/2014
BRAZIL18.60%
MEXICO12.93%
RUSSIA11.91%
CHINA11.83%
S.KOREA7.37%
UNITED ARAB EMIRATES5.18%
UNITED STATES4.47%
CHILE3.99%
HONG KONG3.48%
COLOMBIA2.35%
ISRAEL2.21%
INDIA2.07%
KAZAKHSTAN1.76%
QATAR1.74%
MALAYSIA1.61%
S.AFRICA1.52%
VENEZUELA1.51%
INDONESIA1.42%
KUWAIT1.03%
SINGAPORE0.83%
TAIWAN0.79%
TRINIDAD0.77%
BARBADOS0.63%

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

Unless otherwise noted all information contained herein is that of the SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF.

Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “BofA Merrill Lynch”, and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch’s prior written approval.  The licensee’s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch.  BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS).

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.

ETF Corporate Bond Management Team

Senior Portfolio Manager Patrick O. Bresnehan Vice President Show Bio

Patrick is a Vice President at State Street Global Advisors and Senior Portfolio Manager within the Global Fixed Income Beta Solutions team. He is responsible for managing a broad range of fixed income beta strategies.

Prior to joining SSgA, Patrick was a Director and Senior Portfolio Manager at PanAgora Asset Management and managed portfolios across the risk spectrum within the firm's Macro-Strategies Group. Preceding this, he was a Senior Vice President at Fleet Investment Advisors responsible for a team managing investment-grade strategies for institutional clients. Patrick began his investment management career as a Fixed Income Portfolio Manager at Scudder, Stevens and Clark, Inc.

Patrick received a BA in Economics from Norwich University and an MS in Finance from the Carroll School of Management at Boston College. He has earned the Chartered Financial Analyst designation and is a member of the CFA Institute and Boston Security Analysts Society.

Portfolio Manager Mike Brunell Vice President Show Bio
Mike is a Vice President of State Street Global Advisors and has been a member of the Fixed Income portfolio management team since 2004. In his current role as part of the Beta solutions group, he is responsible for developing and managing various funds and ETF's against a variety of conventional and custom bond index strategies. Prior to joining the investment team Mike had been responsible for managing the U.S. Bond Operations group at SSgA which he had been a member of since 1997. He started his career in the investment management field when he joined the Mutual Fund Custody division of State Street in 1993. In this role he focused on the accounting and the valuation of various domestic and international equity and bond portfolios. Mike earned a BS in Business Administration from Saint Michael's College and a MSF degree from Boston College. Additionally he earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Institute and the Boston Securities Analyst Society.

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.

BofA Merrill Lynch Emerging Markets Diversified Corporate Index

The BofA Merrill Lynch Emerging Markets Diversified Corporate Index is designed to measure the performance of U.S. dollar-denominated emerging markets corporate senior and secured debt publicly issued in the U.S. domestic and Eurobond markets. In order to qualify for inclusion in the Index an issuer must have primary risk exposure to a country other than a member of the FX G10, a Western European country, or a territory of the US or a Western European country. Securities rated Ca/CC or lower by any of the three rating agencies (i.e., Moody’s Investors Services, Inc. (“Moody’s”), Fitch, Inc. (“Fitch”), or Standard & Poor’s, Inc. (“S&P”)) and any defaulted securities, are excluded from the Index. Individual securities of qualifying issuers must be denominated in US dollars, must be senior or secured debt, and must have at least one year remaining term to final maturity, a fixed coupon, and at least $500 million in outstanding face value.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

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.

Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; issuer credit risk; liquidity risk; and inflation risk.

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.

Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations, all of which may be magnified in emerging markets.

The Fund invests by sampling the Index, holding a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics which may cause the fund to experience tracking errors relative to performance of the Index.

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.

Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

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.

Premium Discount to NAV

As of 04/14/2014
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® BofA Merrill Lynch Emerging Markets Corporate Bond ETF EMCD $29.79 $30.07 $29.88 0.31%
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.