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Home   »   ETFs : SPDR® Barclays Emerging Markets Local Bond ETF (EBND)
EBND

SPDR® Barclays Emerging Markets Local Bond ETF

Fund Objective

The  SPDR® Barclays Emerging Markets Local Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays EM Local Currency Government Diversified Index.

Ordinary brokerage commissions may apply.

Fund Information

As of 04/23/2014
Ticker SymbolEBND
Primary BenchmarkBarclays EM Local Currency Government Diversified Index
CUSIP78464A391
Short Selling Allowed
The variable fee is based on the size of the transaction unit, and could be lower than the fee displayed.  For more information, please download the full list of fees found in the Related Items section of this page.  This fee applies only to creation and redemption units, and not to transactions occurring on the secondary market.
Yes
Options AvailableNo
Gross Expense Ratio0.50%
Inception Date02/23/2011
Investment ManagerSSgA Funds Management, Inc.
Management TeamEmerging Markets Local Bond ETF Management Team
DistributorState Street Global Markets, LLC
Distribution FrequencyMonthly
ExchangeNYSE ARCA EXCHANGE

Fund Characteristics

As of 04/22/2014
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.

6.86
Average Price$102.14
Average Spread86.0
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.
5.90%
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.

5.58%
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.

2.50%
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.

4.78 years
Number of Holdings277
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.

5.90%

30 DAY SEC YIELD

As of 04/21/2014
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.

5.53%

Index Characteristics

As of 04/22/2014
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.

6.90
Average Price$102.66
Average Spread87.9
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.
5.96%
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.

5.68%
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.

4.78 years
Number of Holdings425
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.

5.96%

Fund Documents

Fund Market Price

As of 04/22/2014
Bid/Ask$30.09
Closing Price$30.10
Day High$30.11
Day Low$30.03
Exchange Volume (shares)2,585
Premium/Discount-0.01%
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 04/22/2014
Price$30.09
Shares Outstanding3.20 M
Total Net Assets$96.30 M
Most Recent NAV / NAV History XLS

Fund Net Cash Amount

As of 04/22/2014
Net Cash Amount$2,176,075.93

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: 02/23/2011

Index Inception Date: 02/23/2011

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Barclays Emerging Markets Local Bond ETF" bmarkName="Barclays EM Local Currency Government Diversified Index "><funds><field>1 Month</field><fund>2.08</fund><index>2.23</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>1.45</fund><index>1.65</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>1.45</fund><index>1.65</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>-4.85</fund><index>-4.02</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>2.02</fund><index>3.05</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>2.93</fund><index>3.98</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 03/31/2014

Fund Inception Date: 02/23/2011

Index Inception Date: 02/23/2011

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Barclays Emerging Markets Local Bond ETF" bmarkName="Barclays EM Local Currency Government Diversified Index "><funds><field>1 Month</field><fund>2.08</fund><index>2.23</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>1.45</fund><index>1.65</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>1.45</fund><index>1.65</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>-4.85</fund><index>-4.02</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>2.02</fund><index>3.05</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>2.93</fund><index>3.98</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings
Subject to change.

As of 04/22/2014
NameWeightMarket ValueIsin
KOREA TREASURY BOND 2.75 12/10/20152.25%2,154,826.49KR10350272C6
LETRA TESOURO NACIONAL 0 07/01/20161.98%1,895,407.22BRSTNCLTN6W5
NOTA DO TESOURO NACIONAL 10 01/01/20171.92%1,841,537.70BRSTNCNTF0G9
LETRA TESOURO NACIONAL 0 01/01/20161.78%1,710,998.40BRSTNCLTN6S3
LETRA TESOURO NACIONAL 0 07/01/20151.34%1,288,705.12BRSTNCLTN6Y1
KOREA TREASURY BOND 2.75 09/10/20171.31%1,257,079.00KR1035017295
KOREA TREASURY BOND 5.25 09/10/20151.21%1,162,207.46KR1035027R95
MEX BONOS DESARR FIX RT 7.5 06/03/20271.12%1,074,629.67MX0MGO0000D8
LETRA TESOURO NACIONAL 0 01/01/20171.10%1,055,793.99BRSTNCLTN6X3
NOTA DO TESOURO NACIONAL 10 01/01/20231.05%1,005,568.43BRSTNCNTF147
Download All Holdings XLS

Index Top Holdings

As of 04/22/2014
NameWeightIsin
LETRA TESOURO NACIONAL 0 01/01/20162.00%BRSTNCLTN6S3
NOTA DO TESOURO NACIONAL 10 01/01/20171.73%BRSTNCNTF0G9
LETRA TESOURO NACIONAL 0 04/01/20151.34%BRSTNCLTN6V7
LETRA TESOURO NACIONAL 0 07/01/20161.25%BRSTNCLTN6W5
LETRA TESOURO NACIONAL 0 01/01/20171.23%BRSTNCLTN6X3
NOTA DO TESOURO NACIONAL 10 01/01/20231.03%BRSTNCNTF147
REPUBLIC OF SOUTH AFRICA 10.5 12/21/20260.85%ZAG000016320
KOREA TREASURY BOND 5.75 09/10/20180.84%KR1035027V99
LETRA TESOURO NACIONAL 0 07/01/20150.83%BRSTNCLTN6Y1
TITULOS DE TESORERIA B 10 07/24/20240.82%COL17CT02385

Fund Sector Allocation

As of 04/22/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/22/2014</asOfDate><attributes><attribute><rawValue>99.265527</rawValue><value>99.27%</value><label>TREASURY</label><order>1</order></attribute><attribute><rawValue>0.734473</rawValue><value>0.73%</value><label>CASH</label><order>2</order></attribute></attributes><code>FUND_SECTOR_ALLOCATION</code></component>

Index Sector Allocation

As of 04/22/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/22/2014</asOfDate><attributes><attribute><rawValue>100.0</rawValue><value>100.00%</value><label>TREASURY</label><order>1</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 04/22/2014
Aaa0.73%
Aa18.45%
A33.77%
Baa41.73%
Below Baa5.31%

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 04/22/2014
Aa18.42%
A33.88%
Baa42.27%
Below Baa5.44%

Fund Maturity Ladder

As of 04/22/2014
0.00-1.00 Years1.17%
1.01-2.00 Years17.44%
2.01-3.00 Years14.75%
3.01-5.00 Years21.21%
5.01-7.00 Years9.83%
7.01-10.00 Years14.97%
10.01-15.00 Years8.24%
15.01-20.00 Years6.71%
20.01-30.00 Years5.69%

Index Maturity Ladder

As of 04/22/2014
1.01-2.00 Years18.97%
2.01-3.00 Years14.56%
3.01-5.00 Years19.37%
5.01-7.00 Years10.78%
7.01-10.00 Years15.55%
10.01-15.00 Years9.05%
15.01-20.00 Years6.49%
20.01-30.00 Years4.66%
30.01+ Years0.56%

Fund Country Weights

As of 04/22/2014
S.KOREA12.69%
BRAZIL12.29%
MEXICO9.75%
POLAND7.35%
THAILAND5.94%
TURKEY4.70%
COLOMBIA4.67%
MALAYSIA4.57%
S.AFRICA4.53%
INDONESIA4.52%
RUSSIA4.45%
ISRAEL4.40%
PHILIPPINES4.27%
CZECH REP4.22%
HUNGARY3.03%
ROMANIA2.43%
NIGERIA2.32%
PERU1.91%
CHILE1.55%
UNITED STATES0.42%

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.

* There may be differences between the Fund’s Dividend Yield and other yield calculations due to the effect of foreign currency gains and losses and foreign taxes within the Fund.

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 Emerging Markets Local Bond ETF.

Emerging Markets Local Bond ETF Management Team

EMEA Head of Fixed Income Beta Solutions John Patrick Philpot Vice President Show Bio

John is EMEA Head of Portfolio Management, Fixed Income Beta. He is mainly responsible for overseeing a wide range of investment grade mandates, including government, corporate and inflation linked bonds. John also oversees operational activities for the Fixed Income Beta team.

Prior to commencing his current role, John managed a range of broad investment grade and inflation-linked portfolios. Previously John worked as a Senior Portfolio Analyst, also at SSgA.

John earned his BSc (Honours) from the University of London, and has obtained the Investment Management Certificate.

Lead Investment Manager Abhishek Kumar Principal Show Bio

Abhishek is a Lead Investment Manager - Emerging Markets within the Fixed Income Beta group at State Street Global Advisors Limited, having joined the company in September, 2010. He is responsible for the management of broad range of fixed income strategies including corporate and global rates portfolios.

Prior to joining the Investment Management team, Abhishek spent three years at ICICI Bank UK PLC as an Assistant Portfolio Manager.

Abhishek holds a Masters in Management from ESCP Europe Paris, a Post Graduate Diploma in Management from Indian Institute of Management Lucknow, India and a Bachelors degree in Mechanical Engineering from Indian Institute of Technology Kharagpur, India. He is a CFA charterholder and is a member of the CFA Society UK and the CFA Institute.

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 EM Local Currency Government Diversified Index

The Barclays EM Local Currency Government Diversified Index is designed to measure the performance of the fixed-rate local currency sovereign debt of emerging market countries. The Index includes govern-ment bonds issued by countries outside the United States, in local currencies, that have a remaining maturity of one year or more and are rated B3/B-/B- or higher. In addition, the securities in the Index must be fixed-rate and have certain minimum amounts outstanding, depending upon the currency in which the bonds are denominated.

© 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. 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.

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.

Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations, all of which may be magnified in emerging markets.

Non-diversified funds that focus on a relatively small number of securities tend to be more volatile than diversified funds and the market as a whole.

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 04/22/2014
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Barclays Emerging Markets Local Bond ETF EBND $30.09 $30.10 $30.09 -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.