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

SPDR® Barclays High Yield Bond ETF

Fund Objective

The SPDR® 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 Barclays High Yield Very Liquid Index.

Ordinary brokerage commissions may apply.

Fund Information

As of 05/27/2015
Ticker SymbolJNK
Primary BenchmarkBarclays High Yield Very Liquid Index
CUSIP78464A417
Short Selling AllowedYes
Options AvailableYes
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 Date11/28/2007
Investment ManagerSSGA Funds Management, Inc.
Management TeamHigh Yield Bond Management Team
DistributorState Street Global Markets, LLC
Distribution FrequencyMonthly
ExchangeNYSE ARCA EXCHANGE

Fund Characteristics

As of 05/26/2015
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.

6.33
Average Price$101.40
Average Spread420.1
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.

5.95%
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.

6.51%
Dividend YieldN/A
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.

4.22 years
Number of Holdings813
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.

6.41%

Yields

As of 05/26/2015
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.

5.58%
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.

5.78%

Index Characteristics

As of 05/26/2015
Average Maturity in Years6.23
Average Price$101.48
Average Spread416.1
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.

5.95%
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.

6.54%
Dividend YieldN/A
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.

4.13 years
Number of Holdings794
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.

6.42%

Fund Documents

Fund Market Price

As of 05/26/2015
Bid/Ask$39.33
Closing Price$39.32
Day High$39.36
Day Low$39.31
Exchange Volume (shares)

The Exchange Volume represents the volume of shares traded on the ETF's primary exchange throughout the previous business day.

509,754
Premium/Discount0.18%
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 05/26/2015
Price$39.26
Shares Outstanding294.77 M
Total Net Assets$11,572.27 M
Most Recent NAV / NAV History XLS

Fund Net Cash Amount

As of 05/26/2015
Net Cash Amount$257,442,643.61

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 04/30/2015

Fund Inception Date: 11/28/2007

Index Inception Date: 11/28/2007

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Barclays High Yield Bond ETF" bmarkName="Barclays High Yield Very Liquid Index"><funds><field>1 Month</field><fund>1.13</fund><index>1.21</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>1.13</fund><index>1.21</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>3.52</fund><index>3.84</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>1.06</fund><index>2.29</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>6.19</fund><index>7.05</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund>7.34</fund><index>8.29</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>6.49</fund><index>8.89</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 03/31/2015

Fund Inception Date: 11/28/2007

Index Inception Date: 11/28/2007

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Barclays High Yield Bond ETF" bmarkName="Barclays High Yield Very Liquid Index"><funds><field>1 Month</field><fund>-0.86</fund><index>-0.82</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>2.37</fund><index>2.59</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>2.37</fund><index>2.59</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>0.55</fund><index>1.64</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>6.12</fund><index>6.98</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund>7.60</fund><index>8.57</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>6.40</fund><index>8.82</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings

Subject to change.

As of 05/26/2015
NameWeightMarket ValueISIN
SPRINT CORP 7.875 09/15/20230.60%68,953,765.14US85207UAF21
NUMERICABLE-SFR SAS 6 05/15/20220.56%64,144,340.42US67054LAB36
FIRST DATA CORPORATION 12.625 01/15/20210.55%62,979,895.28US319963BB96
FCA US LLC/CG CO-ISSUER 8.25 06/15/20210.50%56,513,297.81US17121EAD94
VALEANT PHARMACEUTICALS 6.125 04/15/20250.47%54,167,464.73US91831AAC53
SPRINT COMMUNICATIONS 9 11/15/20180.47%53,878,621.00US852061AK63
VALEANT PHARMACEUTICALS 5.875 05/15/20230.47%53,110,824.05US91831AAB70
HCA INC 6.5 02/15/20200.46%52,726,224.86US404121AC95
HJ HEINZ CO 4.25 10/15/20200.45%51,545,209.44US423074AR46
CHS/COMMUNITY HEALTH SYS 6.875 02/01/20220.44%50,769,433.58US12543DAV29
Download All Holdings XLS

Index Top Holdings

As of 05/26/2015
NameWeightisin
SPRINT CORP 7.875 09/15/20230.60%US85207UAF21
NUMERICABLE-SFR SAS 6 05/15/20220.56%US67054LAB36
FIRST DATA CORPORATION 12.625 01/15/20210.50%US319963BB96
FCA US LLC/CG CO-ISSUER 8.25 06/15/20210.48%US17121EAD94
SPRINT COMMUNICATIONS 9 11/15/20180.47%US852061AK63
VALEANT PHARMACEUTICALS 6.125 04/15/20250.47%US91831AAC53
HCA INC 6.5 02/15/20200.47%US404121AC95
REYNOLDS GRP ISS/REYNOLD 5.75 10/15/20200.46%US761735AP42
VALEANT PHARMACEUTICALS 5.875 05/15/20230.46%US91831AAB70
CHS/COMMUNITY HEALTH SYS 6.875 02/01/20220.45%US12543DAV29

Fund Sector Allocation

As of 05/26/2015
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>05/26/2015</asOfDate><code>FUND_SECTOR_ALLOCATION</code><attributes><attribute><rawValue>88.553329</rawValue><value>88.55%</value><label>Corporate - Industrial</label><order>1</order></attribute><attribute><rawValue>7.411652</rawValue><value>7.41%</value><label>Corporate - Finance</label><order>2</order></attribute><attribute><rawValue>3.347039</rawValue><value>3.35%</value><label>Corporate - Utility</label><order>3</order></attribute><attribute><rawValue>0.68798</rawValue><value>0.69%</value><label>Cash</label><order>4</order></attribute></attributes></component>

Index Sector Allocation

As of 05/26/2015
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>05/26/2015</asOfDate><code>BMARK_SECTOR_ALLOCTAION</code><attributes><attribute><rawValue>89.305071</rawValue><value>89.31%</value><label>Corporate - Industrial</label><order>1</order></attribute><attribute><rawValue>7.316487</rawValue><value>7.32%</value><label>Corporate - Finance</label><order>2</order></attribute><attribute><rawValue>3.378442</rawValue><value>3.38%</value><label>Corporate - Utility</label><order>3</order></attribute></attributes></component>

Fund Quality Breakdown

As of 05/26/2015
BBB or Higher1.38%
BB40.87%
B43.56%
CCC or Lower14.19%

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 05/26/2015
BB41.63%
B44.12%
CCC or Lower14.24%

Fund Maturity Ladder

As of 05/26/2015
0 - 1 Year0.74%
1 - 2 Years1.32%
2 - 3 Years3.61%
3 - 5 Years19.92%
5 - 7 Years40.03%
7 - 10 Years33.42%
10 - 15 Years0.56%
20 - 30 Years0.42%

Index Maturity Ladder

As of 05/26/2015
1 - 2 Years1.48%
2 - 3 Years3.66%
3 - 5 Years19.49%
5 - 7 Years38.89%
7 - 10 Years35.47%
10 - 15 Years0.61%
20 - 30 Years0.41%

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 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.

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.
Head of the Fixed Income Beta Solutions Patrick O. Bresnehan Managing Director Show Bio

Patrick is a Managing Director and North America Head of the Fixed Income Beta Solutions team at State Street Global Advisors. In his role, he oversees a team of portfolio managers providing clients with a broad range of fixed income index strategies including SPDR ETFs, institutional separate accounts and commingled funds.

Prior to joining SSGA, Patrick was a Director and Senior Portfolio Manager at PanAgora Asset Management and managed multi-asset class quantitative strategies 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. He also holds the FINRA Series 3 license.

Portfolio Manager Kyle Patrick Kelly Principal Show Bio

Kyle is a Principal of SSGA and a Portfolio Manager in the Fixed Income Beta Solutions group where he primarily manages credit and aggregate bond strategies. 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.

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 High Yield Very Liquid Index

The 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, 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, Inc. Respectively, and have $500 million or more of outstanding face value.

© 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.

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 change due to potential changes in the credit quality of the issuer.

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.

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 05/26/2015
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Barclays High Yield Bond ETF JNK $39.26 $39.32 $39.33 0.18%
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.