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SJNK

SPDR® Bloomberg Barclays Short Term High Yield Bond ETF

Fund Objective

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.

Ordinary brokerage commissions may apply.

Fund Information

As of   12/05/2016
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

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 Date 03/14/2012
Investment Manager SSGA Funds Management, Inc.
Management Team Global Fixed Income, Cash and Currency
Distributor State Street Global Markets, LLC
Distribution Frequency Monthly
Exchange NYSE ARCA EXCHANGE

Fund Characteristics

As of   12/01/2016
Average Coupon

 Average Coupon

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

6.57%
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.

3.26
Average Price $99.09
Average Spread 521.1
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.

6.87%
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.

6.62%
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.

2.39 years
Number of Holdings 757
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.

7.14%

Yields

As of   12/01/2016
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.

5.99%
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.

5.71%

Index Characteristics

As of   12/01/2016
Average Coupon 6.61%
Average Maturity in Years 3.26
Average Price $99.78
Average Spread 507.2
Average Yield To Worst 6.67%
Current Yield 6.77%
Modified Adjusted Duration 2.35 years
Number of Holdings 654
Real Modified Duration N/A
Yield To Maturity 7.01%

Fund Documents

Fund Market Price

As of   12/01/2016
Bid/Ask $27.30
Closing Price $27.29
Day High $27.36
Day Low $27.27
Exchange Volume (shares) 619,042
Premium/Discount

Premium/Discount to NAV

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)

0.21%
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   12/01/2016
NAV $27.24
Shares Outstanding 122.50 M
Total Net Assets $3,337.26 M
Most Recent NAV / NAV History XLS

Fund Net Cash Amount

As of   12/01/2016
Net Cash Amount $128,198,965.42

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 10/31/2016

Fund Inception Date: 03/14/2012

Index Inception Date: 03/01/2012

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Fund Top Holdings

Subject to change.

As of   12/01/2016
Name Weight Market Value ISIN
REYNOLDS GRP ISS/REYNOLD 5.75 10/15/2020 0.67 % 22,559,669.44 US761735AP42
HCA INC 6.5 02/15/2020 0.64 % 21,392,226.56 US404121AC95
WIND ACQUISITION FIN SA 7.375 04/23/2021 0.61 % 20,419,135.99 US97314XAK00
SOFTBANK GROUP CORP 4.5 04/15/2020 0.55 % 18,465,551.50 US83404DAA72
SABINE PASS LIQUEFACTION 5.625 02/01/2021 0.54 % 17,891,650.00 US785592AE61
EMC CORP 1.875 06/01/2018 0.53 % 17,658,312.50 US268648AP77
NAVIENT CORP 8.45 06/15/2018 0.52 % 17,426,884.84 US78442FEH73
DISH DBS CORP 6.75 06/01/2021 0.51 % 17,047,350.00 US25470XAE58
SPRINT COMMUNICATIONS 9 11/15/2018 0.46 % 15,536,657.50 US852061AK63
ICAHN ENTERPRISES/FIN 6 08/01/2020 0.46 % 15,377,012.50 US451102AX52
Download All Holdings XLS

Index Top Holdings

As of 12/01/2016
Name Weight isin
REYNOLDS GRP ISS/REYNOLD 5.75 10/15/2020 0.75 % US761735AP42
HCA INC 6.5 02/15/2020 0.74 % US404121AC95
WIND ACQUISITION FIN SA 7.375 04/23/2021 0.64 % US97314XAK00
SOFTBANK GROUP CORP 4.5 04/15/2020 0.57 % US83404DAA72
EMC CORP 1.875 06/01/2018 0.55 % US268648AP77
SABINE PASS LIQUEFACTION 5.625 02/01/2021 0.48 % US785592AE61
SPRINT COMMUNICATIONS 9 11/15/2018 0.48 % US852061AK63
DISH DBS CORP 6.75 06/01/2021 0.48 % US25470XAE58
DYNEGY INC 6.75 11/01/2019 0.47 % US26817RAM07
NAVIENT CORP 8.45 06/15/2018 0.43 % US78442FEH73

Fund Sector Allocation

As of  12/01/2016
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/01/2016</asOfDate><code>FUND_SECTOR_ALLOCATION</code><attributes><attribute><rawValue>82.482341</rawValue><value>82.48%</value><label>Corporate - Industrial</label><order>1</order></attribute><attribute><rawValue>13.212231</rawValue><value>13.21%</value><label>Corporate - Finance</label><order>2</order></attribute><attribute><rawValue>2.265714</rawValue><value>2.27%</value><label>Corporate - Utility</label><order>3</order></attribute><attribute><rawValue>1.971219</rawValue><value>1.97%</value><label>Cash</label><order>4</order></attribute><attribute><rawValue>0.04999</rawValue><value>0.05%</value><label>Non Corporates</label><order>5</order></attribute><attribute><rawValue>0.018505</rawValue><value>0.02%</value><label>Other</label><order>6</order></attribute></attributes></component>

Index Sector Allocation

As of  12/01/2016
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/01/2016</asOfDate><code>BMARK_SECTOR_ALLOCTAION</code><attributes><attribute><rawValue>85.175073</rawValue><value>85.18%</value><label>Corporate - Industrial</label><order>1</order></attribute><attribute><rawValue>12.719746</rawValue><value>12.72%</value><label>Corporate - Finance</label><order>2</order></attribute><attribute><rawValue>2.10518</rawValue><value>2.11%</value><label>Corporate - Utility</label><order>3</order></attribute><attribute><rawValue>1.0E-6</rawValue><value>0.00%</value><label>Other</label><order>4</order></attribute></attributes></component>

Fund Quality Breakdown

Quality Breakdown

Bloomberg 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.  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  12/01/2016
BBB or Higher 3.62%
BB 46.32%
B 27.37%
CCC or Lower 22.32%
Not Rated 0.38%

Index Quality Breakdown

Quality Breakdown

Bloomberg 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.  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  12/01/2016
BB 48.67%
B 28.60%
CCC or Lower 22.43%
Not Rated 0.29%

Fund Maturity Ladder

As of  12/01/2016
0 - 1 Year 8.55%
1 - 2 Years 11.31%
2 - 3 Years 17.41%
3 - 5 Years 60.40%
5 - 7 Years 1.51%
7 - 10 Years 0.73%
10 - 15 Years 0.04%

Index Maturity Ladder

As of  12/01/2016
0 - 1 Year 6.02%
1 - 2 Years 11.98%
2 - 3 Years 18.24%
3 - 5 Years 63.76%

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.

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.

Unless otherwise noted all information contained herein is that of the SPDR Bloomberg Barclays Short Term 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.

Prior to 10/31/2016, the SPDR Bloomberg Barclays Short Term High Yield Bond ETF was known as the SPDR Barclays Short Term High Yield Bond ETF. Index prior to 10/31/2016 was known as the Barclays US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index. Index after 10/31/2016 is known as the Bloomberg Barclays US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index.

Global Fixed Income, Cash and Currency

Portfolio Manager Joanna Madden Vice President Show Bio

Joanna Madden is a Vice President at State Street Global Advisors and a Portfolio Manager in the Fixed Income Beta Solutions team since 2013.

Previously, she was a Portfolio Manager within the US Cash Management Group responsible for short term liquidity investments across all the cash and securities lending portfolios managed in Boston. She joined the Boston group in April 2010 after working as a Portfolio Manager with the London Cash Management Group.

Prior to her portfolio management role, she was a Product Analyst for the London Cash Management Group where she provided analytical and business support. Before joining SSGA in London, Joanna worked as an Operations Specialist supporting the Boston Cash Management Group.

Joanna received a Bachelor of Science degree in Political Science from Loyola University of Chicago, Illinois.

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.
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.

Credit Portfolio Manager Sullivan Bradley Portfolio Manager Show 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.

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

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.

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  12/01/2016
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Bloomberg Barclays Short Term High Yield Bond ETF SJNK $27.24 $27.29 $27.30 0.21%
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.