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Home   »   ETFs : SPDR® Barclays Issuer Scored Corporate Bond ETF (CBND)
CBND

SPDR® Barclays Issuer Scored Corporate Bond ETF

Fund Objective

The SPDR® Barclays Issuer Scored Corporate Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays Issuer Scored Corporate Index.

Ordinary brokerage commissions may apply.

Fund Information

As of 04/17/2014
Ticker SymbolCBND
Primary BenchmarkBarclays Issuer Scored Corporate Index
CUSIP78464A144
Short Selling AllowedYes
Options AvailableNo
Gross Expense Ratio0.16%
Inception Date04/06/2011
Investment ManagerSSgA Funds Management, Inc.
Management TeamCorporate Bond ETF Management Team
DistributorState Street Global Markets, LLC
Distribution FrequencyMonthly
ExchangeNYSE ARCA EXCHANGE

Fund Characteristics

As of 04/15/2014
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.

9.40
Average Price$108.94
Average Spread111.5
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.
3.02%
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.

4.31%
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.

Index Dividend Yield is the weighted average of the underlyings’ indicated annual dividend divided by price, expressed as a percentage.

3.39%
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.

6.60 years
Number of Holdings552
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.

3.03%

30 DAY SEC YIELD

As of 04/15/2014
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.

2.96%

Index Characteristics

As of 04/15/2014
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.

9.23
Average Price$108.55
Average Spread104.8
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.
2.90%
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.

4.23%
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.

6.48 years
Number of Holdings4,505
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.

2.91%

Fund Documents

Fund Market Price

As of 04/15/2014
Bid/Ask$31.97
Closing Price$31.91
Day High$31.91
Day Low$31.91
Exchange Volume (shares)255
Premium/Discount0.01%
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 04/15/2014
Price$31.97
Shares Outstanding900,000
Total Net Assets$28.77 M
Most Recent NAV / NAV History XLS

Fund Net Cash Amount

As of 04/15/2014
Net Cash Amount$633,698.21

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 03/31/2014

Fund Inception Date: 04/06/2011

Index Inception Date: 09/24/2010

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Barclays Issuer Scored Corporate Bond ETF" bmarkName="Barclays Issuer Scored Corporate Index "><funds><field>1 Month</field><fund>0.11</fund><index>0.09</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>2.93</fund><index>2.89</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>2.93</fund><index>2.89</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>1.32</fund><index>1.32</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund></fund><index>5.94</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>5.56</fund><index>6.04</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 03/31/2014

Fund Inception Date: 04/06/2011

Index Inception Date: 09/24/2010

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Barclays Issuer Scored Corporate Bond ETF" bmarkName="Barclays Issuer Scored Corporate Index "><funds><field>1 Month</field><fund>0.11</fund><index>0.09</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>2.93</fund><index>2.89</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>2.93</fund><index>2.89</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>1.32</fund><index>1.32</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund></fund><index>5.94</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>5.56</fund><index>6.04</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings
Subject to change.

As of 04/15/2014
NameWeightMarket ValueIsin
MDC HOLDINGS INC 5.375 07/01/20150.74%212,105.54US5526J0AB44
DELTA AIR LINES 2012-1A 4.75 05/07/20200.71%204,742.10US247358AA29
CAMDEN PROPERTY TRUST 4.625 06/15/20210.67%191,824.01US133131AR34
AEGON NV 4.625 12/01/20150.56%161,391.36US007924AH66
LINCOLN NATIONAL CORP 4 09/01/20230.54%154,514.82US534187BD07
DIGITAL REALTY TRUST LP 3.625 10/01/20220.49%140,264.79US25389JAK25
MANULIFE FINANCIAL CORP 4.9 09/17/20200.46%131,703.27US56501RAB24
LLOYDS BANK PLC 6.375 01/21/20210.42%122,213.75US539473AH14
XYLEM INC 3.55 09/20/20160.42%121,665.05US98419MAA80
CF INDUSTRIES INC 6.875 05/01/20180.42%120,188.58US12527GAA13
Download All Holdings XLS

Index Top Holdings

As of 04/15/2014
NameWeightIsin
GAP INC/THE 5.95 04/12/20210.36%US364760AK48
LEGG MASON INC 5.5 05/21/20190.31%US524901AP00
NETAPP INC 2 12/15/20170.28%US64110DAC83
MANULIFE FINANCIAL CORP 3.4 09/17/20150.26%US56501RAA41
PACKAGING CORP OF AMERIC 4.5 11/01/20230.25%US695156AQ25
DAIMLER FINANCE NA LLC 8.5 01/18/20310.24%US233835AQ08
SASOL FINANCING INT 4.5 11/14/20220.24%US803865AA25
GENENTECH INC 4.75 07/15/20150.24%US368710AG46
LAZARD GROUP LLC 6.85 06/15/20170.23%US52107QAE52
MANULIFE FINANCIAL CORP 4.9 09/17/20200.23%US56501RAB24

Fund Sector Allocation

As of 04/15/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/15/2014</asOfDate><attributes><attribute><rawValue>60.200334</rawValue><value>60.20%</value><label>CORPORATE - INDUSTRIAL</label><order>1</order></attribute><attribute><rawValue>27.793785</rawValue><value>27.79%</value><label>CORPORATE - FINANCE</label><order>2</order></attribute><attribute><rawValue>10.777435</rawValue><value>10.78%</value><label>CORPORATE - UTILITY</label><order>3</order></attribute><attribute><rawValue>1.228446</rawValue><value>1.23%</value><label>CASH</label><order>4</order></attribute></attributes><code>FUND_SECTOR_ALLOCATION</code></component>

Index Sector Allocation

As of 04/15/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/15/2014</asOfDate><attributes><attribute><rawValue>59.234848</rawValue><value>59.23%</value><label>CORPORATE - INDUSTRIAL</label><order>1</order></attribute><attribute><rawValue>28.960813</rawValue><value>28.96%</value><label>CORPORATE - FINANCE</label><order>2</order></attribute><attribute><rawValue>11.804338</rawValue><value>11.80%</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><code>BMARK_SECTOR_ALLOCTAION</code></component>

Fund 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 04/15/2014
Aaa1.72%
Aa3.89%
A33.07%
Baa61.07%
Below Baa0.26%

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 04/15/2014
Aaa0.57%
Aa5.51%
A36.00%
Baa57.74%
Below Baa0.19%

Fund Maturity Ladder

As of 04/15/2014
0.00-1.00 Years3.20%
1.01-2.00 Years9.55%
2.01-3.00 Years7.51%
3.01-5.00 Years15.01%
5.01-7.00 Years20.25%
7.01-10.00 Years21.09%
10.01-15.00 Years1.87%
15.01-20.00 Years3.63%
20.01-30.00 Years17.80%
30.01+ Years0.10%

Index Maturity Ladder

As of 04/15/2014
0.00-1.00 Years5.34%
1.01-2.00 Years8.56%
2.01-3.00 Years7.63%
3.01-5.00 Years19.75%
5.01-7.00 Years14.58%
7.01-10.00 Years22.03%
10.01-15.00 Years1.67%
15.01-20.00 Years3.47%
20.01-30.00 Years16.57%
30.01+ 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.

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.

Unless otherwise noted all information contained in this fact sheet is that of the SPDR Barclays Issuer Scored Corporate Bond ETF.

Corporate Bond ETF Management Team

Senior Portfolio Manager Patrick O. Bresnehan Vice President Show Bio

Patrick is a Vice President at State Street Global Advisors and Senior Portfolio Manager within the Global Fixed Income Beta Solutions team. He is responsible for managing a broad range of fixed income beta strategies.

Prior to joining SSgA, Patrick was a Director and Senior Portfolio Manager at PanAgora Asset Management and managed portfolios across the risk spectrum 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.

Senior Portfolio Manager Mahesh Jayakumar Vice President Show Bio

Mahesh is a Vice President of the Fixed Income, Currency and Cash Investments team at State Street Global Advisors and has been a member of the team since 2010. In this current role as a portfolio manager in the Fixed Income Beta Solutions group, he is responsible for managing several funds and ETF's spanning diverse areas such as US Aggregate strategies, Global Treasuries/Inflation strategies, Government/Credit portfolios, Green bonds and custom or client directed mandates.

Through his membership in the Corporate Responsibility Working Group at State Street and other ESG related activities, Mahesh is active in the growth of Environmental Finance within the company. He has also held prior roles in State Street Global Markets where he spent time in the Investor Behavior Research Team (IBRT) at State Street Associates working on the research and development of quantitative market indicators.

Mahesh holds an MBA from the MIT Sloan School of Management, MS in Computer Science from Boston University and BS in Information Systems from Purdue University. He has earned the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute and Boston Security Analysts Society. He has also earned the Financial Risk Manager (FRM) designation and is a member of the Global Association of Risk Professionals (GARP).

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 Issuer Scored Corporate Index

The Barclays Issuer Scored Corporate Index is designed to measure the performance of the U.S. corporate bond market. The Index includes publicly issued U.S. dollar denominated corporate issues that are rated investment grade and have $250 million or more of par amount outstanding. Only securities issued by companies with publicly traded equity are eligible for inclusion. In addition, the securities must be denominated in U.S. dollars, fixed rate and non-convertible. The Index includes only corporate sectors. The corporate sectors are Industrial, Utility, and Financial Institutions, which include both U.S. and non-U.S. corporations. The following instruments are excluded from the Index: structured notes with embedded swaps or other special features; subordinated debt; private placements; floating rate securities; and Eurobonds. Individual issuers in the Index are weighted using the following financial ratios: return on assets, interest coverage and current ratio (“factors”). Individual security weights are then calculated by the relative market value of each eligible security issued by the issuer.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 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.

 

Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; and inflation risk.

 

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 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 04/15/2014
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Barclays Issuer Scored Corporate Bond ETF CBND $31.97 $31.91 $31.97 0.01%
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.