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Home   »   ETFs : SPDR® Barclays International High Yield Bond ETF (IJNK)
IJNK

SPDR® Barclays International High Yield Bond ETF

Fund Objective

The SPDR® Barclays International High Yield Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays Global HY ex US Domiciled 350mn+ Cash Pay Index.

Ordinary brokerage commissions may apply.

Fund Information

As of 03/31/2015
Ticker SymbolIJNK
Primary BenchmarkBarclays Global HY ex US Domiciled 350mn+ Cash Pay Index
CUSIP78468R846
Short Selling AllowedYes
Options AvailableNo
Gross Expense Ratio

The gross expense ratio is 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 Date03/12/2014
Investment ManagerSSgA Funds Management, Inc.
Management TeamInternational High Yield Bond Management Team
DistributorState Street Global Markets, LLC
Distribution FrequencyMonthly
ExchangeNYSE ARCA EXCHANGE

Fund Characteristics

As of 03/30/2015
Average Maturity in Years5.28
Average Price$104.55
Average Spread404.3
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.

4.85%
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.

5.87%
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.

3.85 years
Number of Holdings202
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.

4.98%

Yields

As of 03/27/2015
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.

4.36%
Fund 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.

3.26%

Index Characteristics

As of 03/30/2015
Average Maturity in Years5.54
Average Price$103.78
Average Spread435.4
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.

5.24%
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.

6.15%
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.

3.95 years
Number of Holdings800
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.

5.46%

Fund Documents

Fund Market Price

As of 03/30/2015
Bid/Ask$22.37
Closing Price$22.44
Day High$22.44
Day Low$22.44
Exchange Volume (shares)2,206
Premium/Discount-0.67%
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 03/30/2015
Price$22.52
Shares Outstanding1.10 M
Total Net Assets$24.77 M
Most Recent NAV / NAV History XLS

Fund Net Cash Amount

As of 03/30/2015
Net Cash Amount$948,631.28

Purchase Information

Buying and Selling ETFs

ETFs are flexible and relatively 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 02/28/2015

Fund Inception Date: 03/12/2014

Index Inception Date: 08/13/2013

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Barclays International High Yield Bond ETF" bmarkName="Barclays Global HY ex US Domiciled 350mn+ Cash Pay Index"><funds><field>1 Month</field><fund>2.24</fund><index>2.28</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>-0.36</fund><index>-0.58</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>-0.36</fund><index>-0.58</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund></fund><index>-5.50</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund></fund><index></index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index></index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index></index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>-5.02</fund><index>-5.62</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 12/31/2014

Fund Inception Date: 03/12/2014

Index Inception Date: 08/13/2013

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Barclays International High Yield Bond ETF" bmarkName="Barclays Global HY ex US Domiciled 350mn+ Cash Pay Index"><funds><field>1 Month</field><fund>-2.46</fund><index>-2.76</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>-2.92</fund><index>-3.06</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund></fund><index>-5.07</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund></fund><index>-2.67</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund></fund><index></index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index></index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index></index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>-4.68</fund><index>-5.07</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings

Subject to change.

As of 03/30/2015
NameWeightMarket ValueISIN
VIRGIN MEDIA SECURED FIN 5.375 04/15/20211.08%268,033.85US55181WAA27
EVRAZ GROUP SA 7.4 04/24/20171.03%254,891.67XS0652913558
VIMPELCOM HOLDINGS BV 6.2546 03/01/20171.00%248,759.61XS0643176448
COMMERZBANK AG 8.125 09/19/20230.96%238,496.53US20259BAA98
WIND ACQUISITION FIN SA 7 04/23/20210.95%236,229.98XS1055940206
CEMEX FINANCE LLC 9.375 10/12/20220.95%234,550.00USU12763AC92
JSC SEVERSTAL(STEEL CAP) 4.45 03/19/20180.94%233,464.93XS0899969702
ALTICE SA 7.25 05/15/20220.92%228,331.60XS1061642317
SCHAEFFLER FINANCE BV 7.75 02/15/20170.91%225,937.50US806261AC75
JBS INVESTMENTS GMBH 7.75 10/28/20200.88%217,544.44USA29866AA70
Download All Holdings XLS

Index Top Holdings

As of 03/30/2015
NameWeightisin
NUMERICABLE-SFR SAS 6 05/15/20220.67%US67054LAB36
WIND ACQUISITION FIN SA 7.375 04/23/20210.50%US97314XAK00
ALTICE SA 7.75 05/15/20220.49%US02154VAA98
SOFTBANK CORPORATION 4.5 04/15/20200.43%US83404DAA72
NUMERICABLE-SFR SAS 4.875 05/15/20190.40%US67054LAA52
1011778 BC / NEW RED FIN 6 04/01/20220.40%US68245XAA72
ALTICE SA 7.25 05/15/20220.39%XS1061642317
NIELSEN FINANCE LLC/CO 5 04/15/20220.39%US65409QBB77
INTELSAT JACKSON HLDG 7.25 10/15/20200.39%US45824TAC99
WIND ACQUISITION FIN SA 4 07/15/20200.38%XS1082636876

Fund Sector Allocation

As of 03/30/2015
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>03/30/2015</asOfDate><code>FUND_SECTOR_ALLOCATION</code><attributes><attribute><rawValue>71.352248</rawValue><value>71.35%</value><label>Corporate - Industrial</label><order>1</order></attribute><attribute><rawValue>22.516274</rawValue><value>22.52%</value><label>Corporate - Finance</label><order>2</order></attribute><attribute><rawValue>4.112277</rawValue><value>4.11%</value><label>Cash</label><order>3</order></attribute><attribute><rawValue>2.019202</rawValue><value>2.02%</value><label>Corporate - Utility</label><order>4</order></attribute></attributes></component>

Index Sector Allocation

As of 03/30/2015
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>03/30/2015</asOfDate><code>BMARK_SECTOR_ALLOCTAION</code><attributes><attribute><rawValue>74.958001</rawValue><value>74.96%</value><label>Corporate - Industrial</label><order>1</order></attribute><attribute><rawValue>22.559051</rawValue><value>22.56%</value><label>Corporate - Finance</label><order>2</order></attribute><attribute><rawValue>2.482948</rawValue><value>2.48%</value><label>Corporate - Utility</label><order>3</order></attribute></attributes></component>

Fund Quality Breakdown

As of 03/30/2015
Aaa4.11%
Below Baa95.89%

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 03/30/2015
Below Baa100.00%

Fund Maturity Ladder

As of 03/30/2015
0 - 1 Year4.34%
1 - 2 Years6.59%
2 - 3 Years10.45%
3 - 5 Years26.80%
5 - 7 Years27.84%
7 - 10 Years21.10%
10 - 15 Years1.16%
15 - 20 Years0.33%
20 - 30 Years1.40%

Index Maturity Ladder

As of 03/30/2015
1 - 2 Years7.34%
2 - 3 Years10.10%
3 - 5 Years27.81%
5 - 7 Years28.56%
7 - 10 Years22.32%
10 - 15 Years1.55%
15 - 20 Years0.89%
20 - 30 Years1.23%
> 30 Years0.19%

Fund Country Weights

As of 03/30/2015
Italy15.08%
France11.48%
United Kingdom11.19%
Germany9.02%
Luxembourg7.34%
Canada7.08%
Russia4.46%
Spain3.70%
Ireland3.50%
Brazil3.39%
Netherlands3.29%
Mexico2.44%
United States1.82%
Japan1.34%
India1.33%
Jamaica1.18%
Australia1.16%
European Union1.04%
Colombia0.88%
DOMINICAN REP0.80%
Jersey Channel Islands0.79%
Turkey0.79%
Macau0.78%
Sweden0.78%
Switzerland0.68%
South Africa0.66%
Finland0.51%
Hungary0.50%
Greece0.45%
Czech Republic0.45%
Portugal0.44%
Israel0.44%
China0.41%
Denmark0.24%
Argentina0.22%
Singapore0.21%
Kazakhstan0.13%

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.

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.

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

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.

International High Yield Bond Management Team

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

Stephen is head of the Fixed Income Beta Team for EMEA. Stephen joined the company in February 2007 and heads a team of portfolio managers who provide clients with a broad range of fixed income strategies. These include 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 a portfolio 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.

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 HY ex US Domiciled 350mn+ Cash Pay Index

The Barclays Global HY ex US Domiciled 350mn+ Cash Pay Index is designed to be a measure of the international high yield, fixed rate, fixed income corporate markets of issuers domiciled outside the United States, including in emerging markets. High yield securities are generally rated below investment grade and are commonly referred to as "junk bonds."  The securities in the Index must have a minimum 350 million market capitalization outstanding in local currency terms and at least 1 year remaining to maturity.  Securities must be fixed rate, although step-up coupons and coupons that change according to a predetermined schedule are permitted. Additionally, securities must be rated high yield (Ba1/BB+/BB+ or below), but not defaulted, using the middle rating of Moody's Investors Service, Inc., Standard & Poor's, Inc., and Fitch Inc. after dropping the highest and lowest available ratings.

© 2015 State Street Corporation. All Rights Reserved.

© 2015 State Street Corporation. All Rights Reserved.

© 2015 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.

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. This may cause the Fund to experience tracking errors relative to performance of the index.

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.

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.

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 03/30/2015
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Barclays International High Yield Bond ETF IJNK $22.52 $22.44 $22.37 -0.67%
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.