JNK
SPDR Bloomberg Barclays 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.
6.3%
Current Yield
5.0 years
Macaulay Duration
6.8%
Yield to Maturity
B1
Median Quality
3.3%
ALTAR Score™
Fund Basics
| Fund sponsor | SSgA Funds Management Inc |
| Category | Corporate |
| Asset class | Fixed Income |
| Website | link... |
| Inception date | Nov 28, 2007 |
| Assets (mns) | $11,644 |
| Expense ratio | 40 bp |
Constituent Breakdown
| No. of constituents | 939 |
| No. of distinct issuers | 537 |
| Coverage | 91% |
| Fixed/floating rate | 99% / 1% |
| Investment grade | 3% |
| Inflation protected | 0% |
| Non-standard maturity (callable, etc.) | 93% |
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
| ALTICE FRANCE SA 7.375% 01-MAY-2026 | 0.7 % |
| TRANSDIGM, INC. 6.25% 15-MAR-2026 | 0.6 % |
| CENTENE CORPORATION 4.625% 15-DEC-2029 | 0.5 % |
| ALTICE FINANCING SA 7.5% 15-MAY-2026 | 0.4 % |
| NEW RED FINANCE, INC. 5.0% 15-OCT-2025 | 0.3 % |
| OCCIDENTAL PETROLEUM CORPORATION 2.9% 15 | 0.3 % |
| COMMUNITY HEALTH SYSTEMS, INC. 6.25% 31- | 0.3 % |
| CCO HOLDINGS LLC 5.125% 01-MAY-2027 | 0.3 % |
| HCA, INC. 3.5% 01-SEP-2030 | 0.3 % |
| CENTENE CORPORATION 4.25% 15-DEC-2027 | 0.3 % |
Issuer Type Breakdown
Top Issuers
| CCO HOLDINGS LLC | 1.9 % |
| CENTENE CORPORATION | 1.5 % |
| OCCIDENTAL PETROLEUM CORPORATION | 1.5 % |
| TENET HEALTHCARE CORPORATION | 1.4 % |
| COMMUNITY HEALTH SYSTEMS, INC. | 1.4 % |
Historical Performance
Standardized Annual Returns (as of 06/30/2020)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| -5.4% | -1.9% | 3.1% | 2.3% | 3.2% | 5.7% | 5.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.44 | 71% |
| MSCI EAFE | 0.47 | 72% |
| MSCI Emg Mkts | 0.34 | 60% |
Liquidity Measures
| Avg. volume (000) | 10,637 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.01% |
| ADV of underlying (mns) | $0 |
Technical Indicators
| Recent close | $101.72 |
| 30d moving avg. | $102.38 |
| Annualized volatility | 8.8% |
| Relative strength (RSI) | 55 |
| Short interest (ETF) | 10.7% |
| Short interest (underlying) | 0.0% |
Distributions
Total Cost of Ownership Detail
| JNK | Difference | ||
|---|---|---|---|
| Fund expenses | -- | -- | |
| Bid/Ask spread | -- | -- | |
| Round-trip commission | -- | -- | -- |
| Total Cost of Ownership | -- | -- | -- |
Total Cost of Ownership over Time
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
5.0 yrs
Modified Duration
◁ INSENSITIVE
EXTREMELY SENSITIVE ▷
4.8%
ⓘ 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
3.3%
Cat. Avg
1.8%
Fund Category: Corporate
| Adj. Yield to Maturity | -- bp |
| Less: Annual "default factor" | -- bp |
| Less: Expenses | 40 bp |
| Equals: ALTAR Score™ | 3.3% |
ALTAR Score™ vs. Duration (Corporate Bond ETFs)
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Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
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