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Home   »   ETFs : SPDR® Barclays International Corporate Bond ETF (IBND)
IBND

SPDR® Barclays International Corporate Bond ETF

Fund Objective

The SPDR® Barclays International Corporate Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of  the Barclays Global Aggregate ex-USD > $1B: Corporate Bond Index.

Ordinary brokerage commissions may apply.

Fund Information

As of 04/20/2014
Ticker SymbolIBND
Primary BenchmarkBarclays Global Aggregate ex-USD >$1B: Corporate Bond Index
CUSIP78464A151
Options AvailableNo
Gross Expense Ratio0.55%
Inception Date05/19/2010
Investment ManagerSSgA Funds Management, Inc.
Management TeamInternational Corporate Bond ETF Management Team
DistributorState Street Global Markets, LLC
Distribution FrequencyMonthly
ExchangeNYSE ARCA EXCHANGE

Fund Characteristics

As of 04/17/2014
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.

5.99
Average Price$109.14
Average Spread87.3
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.
1.69%
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.

3.60%
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.

1.33%
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.

4.94 years
Number of Holdings539
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.

1.69%

30 DAY SEC YIELD

As of 04/16/2014
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.

1.18%

Index Characteristics

As of 04/18/2014
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.

5.99
Average Price$109.18
Average Spread87.4
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.
1.70%
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.

3.63%
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.

4.95 years
Number of Holdings542
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.

1.70%

Fund Documents

Fund Market Price

As of 04/16/2014
Bid/Ask$37.62
Closing Price$37.66
Day High$37.78
Day Low$37.62
Exchange Volume (shares)4,301
Premium/Discount0.52%
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 04/16/2014
Price$37.42
Shares Outstanding7.70 M
Total Net Assets$288.17 M
Most Recent NAV / NAV History XLS

Fund Net Cash Amount

As of 04/16/2014
Net Cash Amount$4,733,158.00

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: 05/19/2010

Index Inception Date: 05/19/2010

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Barclays International Corporate Bond ETF" bmarkName="Barclays Global Aggregate ex-USD &amp;gt;$1B: Corporate Bond Index "><funds><field>1 Month</field><fund>0.02</fund><index>0.04</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>2.05</fund><index>2.17</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>2.05</fund><index>2.17</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>10.27</fund><index>10.64</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>5.11</fund><index>5.46</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>7.68</fund><index>8.16</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 03/31/2014

Fund Inception Date: 05/19/2010

Index Inception Date: 05/19/2010

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Barclays International Corporate Bond ETF" bmarkName="Barclays Global Aggregate ex-USD &amp;gt;$1B: Corporate Bond Index "><funds><field>1 Month</field><fund>0.02</fund><index>0.04</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>2.05</fund><index>2.17</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>2.05</fund><index>2.17</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>10.27</fund><index>10.64</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>5.11</fund><index>5.46</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>7.68</fund><index>8.16</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings
Subject to change.

As of 04/17/2014
NameWeightMarket ValueIsin
DEUTSCHE BANK AG 5.125 08/31/20170.56%1,621,720.00DE000DB5S5U8
DEUTSCHE BANK AG 2.375 01/11/20230.54%1,563,797.69DE000DB5DCS4
RABOBANK NEDERLAND 4.125 07/14/20250.54%1,551,097.35XS0525602339
RABOBANK NEDERLAND 3.875 04/20/20160.50%1,446,127.18XS0619051971
RABOBANK NEDERLAND 4.75 01/15/20180.49%1,424,730.47XS0339454851
RABOBANK NEDERLAND 3.375 01/18/20160.46%1,313,381.20XS0240383603
SHELL INTERNATIONAL FIN 4.375 05/14/20180.45%1,304,171.61XS0428147093
RABOBANK NEDERLAND 4.25 01/16/20170.42%1,218,460.29XS0282445336
RABOBANK NEDERLAND 4.125 01/12/20210.41%1,195,258.82XS0576532054
SANTANDER INTL DEBT SA 4.625 03/21/20160.41%1,183,755.79XS0828735893
Download All Holdings XLS

Index Top Holdings

As of 04/18/2014
NameWeightIsin
RABOBANK NEDERLAND 4.125 01/14/20200.54%XS0478074924
DEUTSCHE BANK AG 5.125 08/31/20170.53%DE000DB5S5U8
RABOBANK NEDERLAND 4.75 01/15/20180.52%XS0339454851
RABOBANK NEDERLAND 3.875 04/20/20160.52%XS0619051971
RABOBANK NEDERLAND 4.25 01/16/20170.44%XS0282445336
RABOBANK NEDERLAND 4.125 07/14/20250.43%XS0525602339
RABOBANK NEDERLAND 4.75 06/06/20220.42%XS0304159576
CREDIT SUISSE LONDON 4.75 08/05/20190.41%XS0444030646
ENEL FINANCE INTL NV 5 09/14/20220.40%XS0452187916
CITIGROUP INC 5 08/02/20190.40%XS0197646218

Fund Sector Allocation

As of 04/17/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/17/2014</asOfDate><attributes><attribute><rawValue>52.389139</rawValue><value>52.39%</value><label>CORPORATE - FINANCE</label><order>1</order></attribute><attribute><rawValue>38.009186</rawValue><value>38.01%</value><label>CORPORATE - INDUSTRIAL</label><order>2</order></attribute><attribute><rawValue>8.947394</rawValue><value>8.95%</value><label>CORPORATE - UTILITY</label><order>3</order></attribute><attribute><rawValue>0.654282</rawValue><value>0.65%</value><label>CASH</label><order>4</order></attribute></attributes><code>FUND_SECTOR_ALLOCATION</code></component>

Index Sector Allocation

As of 04/18/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/18/2014</asOfDate><attributes><attribute><rawValue>52.533188</rawValue><value>52.53%</value><label>CORPORATE - FINANCE</label><order>1</order></attribute><attribute><rawValue>38.374199</rawValue><value>38.37%</value><label>CORPORATE - INDUSTRIAL</label><order>2</order></attribute><attribute><rawValue>9.092613</rawValue><value>9.09%</value><label>CORPORATE - UTILITY</label><order>3</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 04/17/2014
Aaa1.30%
Aa18.39%
A53.55%
Baa26.76%

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 04/18/2014
Aaa0.65%
Aa18.54%
A53.57%
Baa27.23%

Fund Maturity Ladder

As of 04/17/2014
0.00-1.00 Years1.08%
1.01-2.00 Years14.45%
2.01-3.00 Years16.55%
3.01-5.00 Years24.35%
5.01-7.00 Years18.44%
7.01-10.00 Years14.15%
10.01-15.00 Years4.49%
15.01-20.00 Years2.31%
20.01-30.00 Years3.55%
30.01+ Years0.63%

Index Maturity Ladder

As of 04/18/2014
1.01-2.00 Years15.15%
2.01-3.00 Years16.90%
3.01-5.00 Years23.58%
5.01-7.00 Years19.19%
7.01-10.00 Years13.84%
10.01-15.00 Years4.65%
15.01-20.00 Years2.55%
20.01-30.00 Years3.48%
30.01+ Years0.66%

Fund Country Weights

As of 04/17/2014
UNITED STATES18.24%
FRANCE16.09%
GERMANY11.62%
UNITED KINGDOM11.29%
NETHERLANDS10.12%
ITALY9.69%
SPAIN7.28%
SWEDEN4.08%
AUSTRALIA3.76%
SWITZERLAND3.39%
JAPAN1.52%
NORWAY0.65%
DENMARK0.57%
MEXICO0.57%
HONG KONG0.45%
BELGIUM0.44%
CANADA0.26%
ISRAEL0.15%
INDIA0.15%
EUROPEAN UNION-0.31%

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.

Barclays is a trademark of Barclays, the investment banking division of Barclays Bank PLC (“Barclays”) and has been licensed for use in connection with the listing and trading of the SPDR Barclays ETFs. The products are not sponsored by, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of investing in them.

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 in this fact sheet is that of the SPDR Barclays International Corporate Bond ETF.

International Corporate Bond ETF Management Team

EMEA Head of Fixed Income Beta Solutions Stephen Yeats Vice President Show Bio

Stephen is head of the Beta Fixed Income team for EMEA at State Street Global Advisors Limited. Stephen joined the company in February 2007 and heads a team of portfolio managers providing clients a broad range of fixed income strategies, including investment grade credit, global rates, high yield and emerging market debt. He has also been involved with the development of advanced beta strategies and the SDPR fixed income ETF product range.

Prior to joining the investment management team Stephen was an Investment Manager in the Global Fixed Income group of Daiwa SB Investments.

Stephen graduated with a Masters in Chemical Engineering from Nottingham University and has also earned the Chartered Financial Analyst designation. He is a member of the UK Society of Investment Professionals and the CFA Institute.

EMEA Head of Fixed Income Beta Solutions John Patrick Philpot Vice President Show Bio

John is EMEA Head of Portfolio Management, Fixed Income Beta. He is mainly responsible for overseeing a wide range of investment grade mandates, including government, corporate and inflation linked bonds. John also oversees operational activities for the Fixed Income Beta team.

Prior to commencing his current role, John managed a range of broad investment grade and inflation-linked portfolios. Previously John worked as a Senior Portfolio Analyst, also at SSgA.

John earned his BSc (Honours) from the University of London, and has obtained the Investment Management Certificate.

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.

Barclays Global Aggregate ex-USD >$1B: Corporate Bond Index

The Barclays Global Aggregate ex-USD >$1B: Corporate Bond Index is designed to be a broad based measure of the global investment-grade, fixed rate, fixed income corporate markets outside the United States. The Index is part of the Barclays Global ex-USD Aggregate Bond Index (the "Aggregate Index"). The major components of the Aggregate Index are the Pan-European Aggregate and the Asian Pacific Aggregate Indices. The Aggregate Index also includes Euro-Dollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities. The securities in the Index must have a minimum $1 billion market capitalization outstanding and at least 1 year remaining to maturity and must reflect specified regional liquidity constraints. Securities must be fixed rate, although zero coupon bonds and step-ups are permitted. Additionally, securities must be rated investment grade (Baa3/BBB- or higher) by at least two of the rating agencies (Moody’s Investor Service, Inc., Standard & Poor’s, Inc. and Fitch Inc.). Excluded from the Index are subordinated debts, convertible securities, floating-rate notes, fixed-rate perpetuals, warrants, linked bonds, and structured products. The Index is market capitalization weighted and the securities in the Index are updated on the last business day of each month.

© 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. Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations.

Non-diversified funds that focus on a relatively small number of issuers 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 04/16/2014
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Barclays International Corporate Bond ETF IBND $37.42 $37.66 $37.62 0.52%
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.