JNK
SPDR Bloomberg High Yield Bond ETF
SPDR Barclays High Yield Bond ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the price and yield of the Barclays High Yield Very Liquid Bond Index.
Corporate
FIXED INCOME
Passive
MANAGEMENT STYLE
7.9 B
ASSETS UNDER MGMT
40 bp
EXPENSES
Fund Basics
| Fund sponsor | SSgA Funds Management Inc |
| Category | Corporate |
| Asset class | Fixed Income |
| Website | link... |
| Inception date | Nov 28, 2007 |
| Assets (mns) | $7,888 |
| Expense ratio | 40 bp |
Constituent Breakdown
| No. of constituents | 1,143 |
| No. of distinct issuers | 665 |
| Coverage | 97% |
| Fixed/floating rate | 98% / 2% |
| Investment grade | 2% |
| Inflation protected | 0% |
| Non-standard maturity (callable, etc.) | 99% |
Fund Structure
| Regulation | Open-End Investment Company |
| Distributions | Monthly |
| Taxation | 1099 |
| Bond selection | |
| Weighting | Market Cap |
| Smart-beta | No |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| TRANSDIGM, INC. 6.25% 15-MAR-2026 | 0.4 % |
| MOZART DEBT MERGER SUB, INC. 3.875% 01-A | 0.4 % |
| TIBCO SOFTWARE INC. 6.5% 31-MAR-2029 | 0.4 % |
| AMERICAN AIRLINES, INC. 5.5% 20-APR-2026 | 0.4 % |
| DIRECTV FINANCING LLC 5.875% 15-AUG-2027 | 0.4 % |
| DISH NETWORK CORPORATION 11.75% 15-NOV-2 | 0.4 % |
| CLOUD SOFTWARE GROUP, INC. 9.0% 30-SEP-2 | 0.4 % |
| CARNIVAL CORPORATION 5.75% 01-MAR-2027 | 0.4 % |
| COLT MERGER SUB, INC. 6.25% 01-JUL-2025 | 0.3 % |
| AMERICAN AIRLINES, INC. 5.75% 20-APR-202 | 0.3 % |
Issuer Type Breakdown
Top Issuers
| CCO HOLDINGS LLC | 2.0 % |
| FORD MOTOR CREDIT COMPANY LLC | 1.8 % |
| TENET HEALTHCARE CORPORATION | 1.3 % |
| CARNIVAL CORPORATION | 1.3 % |
| AMERICAN AIRLINES, INC. | 1.1 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 8.6% | 12.2% | 10.1% | 3.5% | 3.8% | 3.9% | 5.1% | Volatility | 4.5% | 5.2% | 7.2% | 8.9% | 10.5% | 8.6% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.49 | 77% |
| MSCI EAFE | 0.48 | 73% |
| MSCI Emg Mkts | 0.36 | 40% |
Liquidity Measures
| Avg. volume (000) | 3,550 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.01% |
| ADV of underlying (mns) | $0 |
Technical Indicators
| Recent close | $96.81 |
| 30d moving avg. | $96.81 |
| Annualized volatility | 9.8% |
| Relative strength (RSI) | 53 |
| Short interest (ETF) | 10.0% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Credit Quality
Duration
Macaulay Duration
Modified Duration
SHORT
MED.
LONG TERM
4.4 yrs
Modified Duration
◁ INSENSITIVE
EXTREMELY SENSITIVE ▷
4.2%
ⓘ Our analysis shows this fund is likely to be relatively insensitive to changes in interest rates
Interest Rate Sensitivity Analysis
| Change in YTM |
New YTM |
Est. Price Change |
New Price |
|---|---|---|---|
| +300 bp | --% | --% | $-- |
| +200 bp | --% | --% | $-- |
| +150 bp | --% | --% | $-- |
| +100 bp | --% | --% | $-- |
| +75 bp | --% | --% | $-- |
| +50 bp | --% | --% | $-- |
| +25 bp | --% | --% | $-- |
| 0 bp | --% | --% | $-- |
| -25 bp | --% | --% | $-- |
| -50 bp | --% | --% | $-- |
| -75 bp | --% | --% | $-- |
| -100 bp | --% | --% | $-- |
| -150 bp | --% | --% | $-- |
| -200 bp | --% | --% | $-- |
| - 300bp | --% | --% | $-- |
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Yields
Disposition of YTM
Distribution Yield (Trailing 12 Months)
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ETF Research Center Fund Rating
The ALTAR Score™ is our measure of an ETF's overall investment merit. For fixed income funds, the Score is an estimate of risk-adjusted yield to maturity (calculation shown below). In effecient markets, the plot of ALTAR Scores™ vs. Duration should resemble the familiar yield curve. Funds that sit above the curve may offer better risk-adjusted returns than those that sit below the curve.
ALTAR Score™
JNK
3.8%
Cat. Avg
3.9%
Fund Category: Corporate
| Adj. Yield to Maturity | -- bp |
| Less: Annual "default factor" | -- bp |
| Less: Expenses | 40 bp |
| Equals: ALTAR Score™ | 3.8% |
ALTAR Score™ vs. Duration (Corporate Bond ETFs)
Expense Analysis
| Peer Group | Passive Corporate Fixed Income ETFs |
| # of ETFs | 24 |
| Avg. Expense Ratio | 18.1 bp |
| Std. Deviation | 16.9 bp |
| JNK (40 bp) Percentile rank | 90 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| JNK | 40.0 | 1.1 | 41.1 |
| Peer Avg. | 29.7 | 15.9 | 45.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .