SPDR Loomis Sayles Opportunistic Bond ETF
Name
As of 05/10/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
0.2%
1 yr return
6.1%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$37.5 M
Holdings in Top 10
16.7%
52 WEEK LOW AND HIGH
$25.7
$24.57
$26.23
Expenses
OPERATING FEES
Expense Ratio 0.55%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 05/10/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
OBND - Profile
Distributions
- YTD Total Return 0.2%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 7.2%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameSPDR Loomis Sayles Opportunistic Bond ETF
-
Fund Family NameState Street Global Advisors - advised funds
-
Inception DateSep 28, 2021
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerAndrea DiCenso
Fund Description
Loomis, Sayles & Company, L.P. (the “Sub-Adviser”) actively manages the Fund's assets utilizing a “multi-asset credit strategy” that seeks to capture credit risk premiums in markets that it believes can offer strong risk-adjusted return potential over a full market cycle.
Under normal circumstances, the Sub-Adviser will invest at least 80% of the Fund's net assets (plus the amount of borrowings for investment purposes), directly, or indirectly through underlying exchanged-traded funds (“ETFs”), in debt obligations. Debt obligations in which the Fund principally invests include securities issued or guaranteed by the U.S. government or its agencies, instrumentalities or sponsored corporations; inflation protected public obligations of the U.S. Treasury; securitized credit securities, such as agency and non-agency residential mortgage-backed securities, agency and non-agency commercial mortgage-backed securities, agency and non-agency asset-backed securities and collateralized debt obligations (including collateralized loan obligations) (“Securitized Credit Securities”); debt obligations issued by domestic or foreign private sector entities, including issuers located in emerging markets; debt obligations issued by foreign governments and their agencies and instrumentalities, including issuers located in emerging markets; debt obligations issued by supranational entities; debt securities issued pursuant to Rule 144A or Regulation S under the Securities Act of 1933; structured notes; and bank loans (primarily senior loans). Such debt obligations may be issued at fixed, variable, floating, adjustable or zero coupon rates. The Fund may also invest in hybrid securities that combine debt and equity characteristics, such as preferred securities, convertible preferred securities and contingent convertible securities (“CoCos”). The Fund may also enter into repurchase agreements and reverse repurchase agreements. The Fund may invest up to 10% of its assets in non-U.S. dollar-denominated debt obligations and any such debt obligations will be hedged back to the U.S. dollar.
The Fund may also invest in derivatives including: futures and forward contracts; swaps (including credit default swaps, total return swaps, interest rate swaps, and index swaps); options and swaptions; interest rate caps, floors and collars; warrants and other rights; and contracts for differences. Such derivatives may include those derivatives where the underlying assets are based on one or more securities, indices, currencies, interest rates and loans, and may be deliverable or non-deliverable. The Fund may conduct foreign currency transactions on a spot or forward basis. The Fund may use derivatives to hedge the Fund's portfolio (e.g., to hedge against currency fluctuations), as well as for investment purposes (e.g., to gain exposure to certain issuers or markets). The Fund may also invest in ETFs registered under the Investment Company Act of 1940, as amended (the “1940 Act”) (including ETFs advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”)) to gain exposure to certain asset classes and/or securities.
The Fund may invest in debt obligations of any credit quality and may invest up to 100% of its net assets in debt instruments that are rated below investment grade or are unrated but determined by the Sub-Adviser to be of comparable quality (commonly known as “high-yield” investments or “junk” bonds). The Fund may invest up to 60% of its net assets in bank loans and may invest up to 25% of its net assets in Securitized Credit Securities. While the Fund looks to the underlying borrower of a bank loan, rather than the bank originating the loan, for purposes of determining the industry concentration of investments, it is possible that under a different interpretation the Fund may be deemed to concentrate its investments in the financial services industries.
The Sub-Adviser monitors the duration of the securities held by the Fund to seek to mitigate exposure to interest rate risk. Under normal circumstances, the Sub-Adviser seeks to maintain an investment portfolio with a weighted average effective duration of 0 to 7 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates.
In pursuing its investment objective, the Fund seeks to outperform the SPDR Loomis Sayles Opportunistic Bond Composite Index, a composite benchmark comprising 50% investment grade corporate bonds, 25% high yield corporate bonds, and 25% senior loans. The investment grade corporate bond portion of the composite benchmark is represented by the Bloomberg US Corporate Bond Index, the high yield corporate bond portion is represented by the Bloomberg US High Yield 2% Issuer Capped Index, and the senior loan portion is represented by the Morningstar LSTA US Leveraged Loan Index.
The Sub-Adviser determines asset class allocation by evaluating the current stage of the credit cycle and the attractiveness of the various asset classes. Such evaluation features macroeconomic, asset class and industry analysis driven by real-time market data, economic releases, and trading patterns, coupled with the Sub-Adviser's quantitative economic and market cycle identifying models. In selecting securities for the Fund within a specific asset class, the Sub-Adviser utilizes a security-specific valuation framework driven by the portfolio management team's daily interaction with the Sub-Adviser's sector teams integrating quantitative analysis with the Sub-Adviser's internal fundamental research.
The Sub-Adviser uses a comprehensive risk controlled approach in managing the Fund's investments to seek to control the principal risk components of the fixed income markets. The decision to sell or adjust positions is driven by the relative value of the security, spread, and risk-adjusted return expectations versus current levels. The Sub-Adviser typically sells a security (i) when it is no longer consistent with the Sub-Adviser's view of market trends; (ii) when it is no longer attractive on a relative value basis, given any inherent risks; or (iii) to control for risk.
OBND - Performance
Return Ranking - Trailing
| Period | OBND Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.2% | -21.8% | 17.7% | 95.12% |
| 1 Yr | 6.1% | -26.4% | 18.0% | N/A |
| 3 Yr | N/A* | -29.6% | 52.0% | N/A |
| 5 Yr | N/A* | -33.0% | 28.7% | N/A |
| 10 Yr | N/A* | -27.0% | 12.7% | N/A |
* Annualized
Return Ranking - Calendar
| Period | OBND Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.9% | -31.8% | 18.4% | N/A |
| 2022 | -15.0% | -14.3% | 103.5% | N/A |
| 2021 | N/A | -20.2% | 60.6% | N/A |
| 2020 | N/A | -13.4% | 10.9% | N/A |
| 2019 | N/A | -12.3% | 4.1% | N/A |
Total Return Ranking - Trailing
| Period | OBND Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.2% | -21.8% | 28.6% | 97.15% |
| 1 Yr | 6.1% | -26.4% | 38.5% | N/A |
| 3 Yr | N/A* | -29.6% | 52.0% | N/A |
| 5 Yr | N/A* | -33.0% | 29.9% | N/A |
| 10 Yr | N/A* | -27.0% | 16.1% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | OBND Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.5% | -31.8% | 18.4% | N/A |
| 2022 | -11.2% | -14.3% | 103.5% | N/A |
| 2021 | N/A | -20.2% | 60.6% | N/A |
| 2020 | N/A | -13.4% | 10.9% | N/A |
| 2019 | N/A | -12.3% | 4.7% | N/A |
OBND - Holdings
Concentration Analysis
| OBND | Category Low | Category High | OBND % Rank | |
|---|---|---|---|---|
| Net Assets | 37.5 M | 100 | 124 B | 91.87% |
| Number of Holdings | 447 | 2 | 8175 | 59.06% |
| Net Assets in Top 10 | 6.32 M | -1.57 B | 20.5 B | 77.18% |
| Weighting of Top 10 | 16.67% | 4.3% | 100.0% | 34.69% |
Top 10 Holdings
- SPDR Blackstone Senior Loan ETF 4.48%
- State Street Institutional US Government Money Market Fund 4.13%
- OneMain Direct Auto Receivables Trust 2021-1 1.33%
- UniCredit SpA 1.10%
- SWAP CCPC MORGAN STANLEY COC 1.08%
- Credit Suisse AG/New York NY 1.07%
- HSBC USA Inc 1.00%
- E.W. Scripps Company (The) 2019 Term Loan B2 0.85%
- Clover CLO 2018-1 LLC 0.84%
- Bank of America Corp 0.78%
Asset Allocation
| Weighting | Return Low | Return High | OBND % Rank | |
|---|---|---|---|---|
| Bonds | 87.78% | -150.81% | 188.92% | 47.30% |
| Cash | 5.52% | -261.12% | 258.91% | 52.84% |
| Stocks | 4.48% | -38.22% | 261.12% | 59.89% |
| Other | 2.22% | -25.82% | 276.99% | 61.55% |
| Preferred Stocks | 0.00% | 0.00% | 31.88% | 38.31% |
| Convertible Bonds | 0.00% | 0.00% | 33.50% | 10.24% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | OBND % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 100.00% | 0.75% |
| Technology | 0.00% | 0.00% | 33.40% | 66.33% |
| Real Estate | 0.00% | 0.00% | 100.00% | 69.83% |
| Industrials | 0.00% | 0.00% | 100.00% | 76.31% |
| Healthcare | 0.00% | 0.00% | 100.00% | 13.97% |
| Financial Services | 0.00% | 0.00% | 100.00% | 75.81% |
| Energy | 0.00% | 0.00% | 100.00% | 87.28% |
| Communication Services | 0.00% | 0.00% | 100.00% | 72.32% |
| Consumer Defense | 0.00% | 0.00% | 99.97% | 69.08% |
| Consumer Cyclical | 0.00% | 0.00% | 89.95% | 74.31% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 70.82% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | OBND % Rank | |
|---|---|---|---|---|
| US | 4.48% | -40.06% | 261.12% | 53.11% |
| Non US | 0.00% | -6.04% | 17.73% | 67.22% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | OBND % Rank | |
|---|---|---|---|---|
| Cash & Equivalents | 5.21% | 0.00% | 100.00% | 61.39% |
| Derivative | 0.90% | 0.00% | 72.98% | 78.06% |
| Securitized | 0.00% | 0.00% | 99.65% | 73.33% |
| Corporate | 0.00% | 0.00% | 100.00% | 22.08% |
| Municipal | 0.00% | 0.00% | 54.26% | 69.31% |
| Government | 0.00% | 0.00% | 99.43% | 18.61% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | OBND % Rank | |
|---|---|---|---|---|
| US | 87.78% | -151.11% | 194.51% | 29.32% |
| Non US | 0.00% | -136.75% | 90.11% | 65.15% |
OBND - Expenses
Operational Fees
| OBND Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.55% | 0.01% | 6.46% | 89.92% |
| Management Fee | 0.55% | 0.00% | 2.29% | 34.59% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.70% | N/A |
Sales Fees
| OBND Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| OBND Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| OBND Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 496.00% | N/A |
OBND - Distributions
Dividend Yield Analysis
| OBND | Category Low | Category High | OBND % Rank | |
|---|---|---|---|---|
| Dividend Yield | 7.24% | 0.00% | 17.29% | 61.23% |
Dividend Distribution Analysis
| OBND | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| OBND | Category Low | Category High | OBND % Rank | |
|---|---|---|---|---|
| Net Income Ratio | N/A | -1.55% | 11.51% | N/A |
Capital Gain Distribution Analysis
| OBND | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| May 01, 2024 | $0.155 | OrdinaryDividend |
| Apr 01, 2024 | $0.141 | OrdinaryDividend |
| Mar 01, 2024 | $0.146 | OrdinaryDividend |
| Feb 01, 2024 | $0.135 | OrdinaryDividend |
| Dec 18, 2023 | $0.146 | OrdinaryDividend |
| Dec 01, 2023 | $0.146 | OrdinaryDividend |
| Nov 01, 2023 | $0.135 | OrdinaryDividend |
| Oct 02, 2023 | $0.126 | OrdinaryDividend |
| Sep 01, 2023 | $0.131 | OrdinaryDividend |
| Aug 01, 2023 | $0.136 | OrdinaryDividend |
| Jul 03, 2023 | $0.145 | OrdinaryDividend |
| Jun 01, 2023 | $0.130 | OrdinaryDividend |
| May 01, 2023 | $0.131 | OrdinaryDividend |
| Apr 03, 2023 | $0.117 | OrdinaryDividend |
| Mar 01, 2023 | $0.127 | OrdinaryDividend |
| Feb 01, 2023 | $0.103 | OrdinaryDividend |
| Dec 19, 2022 | $0.135 | OrdinaryDividend |
| Dec 01, 2022 | $0.084 | OrdinaryDividend |
| Nov 01, 2022 | $0.108 | OrdinaryDividend |
| Oct 03, 2022 | $0.122 | OrdinaryDividend |
| Sep 01, 2022 | $0.103 | OrdinaryDividend |
| Aug 01, 2022 | $0.111 | OrdinaryDividend |
| Jul 01, 2022 | $0.092 | OrdinaryDividend |
| Jun 01, 2022 | $0.087 | OrdinaryDividend |
| May 02, 2022 | $0.075 | OrdinaryDividend |
| Apr 01, 2022 | $0.073 | OrdinaryDividend |
| Mar 01, 2022 | $0.087 | OrdinaryDividend |
| Feb 01, 2022 | $0.084 | OrdinaryDividend |
| Dec 17, 2021 | $0.064 | OrdinaryDividend |
| Dec 01, 2021 | $0.058 | OrdinaryDividend |
| Nov 01, 2021 | $0.044 | OrdinaryDividend |
OBND - Fund Manager Analysis
Managers
Andrea DiCenso
Start Date
Tenure
Tenure Rank
Sep 27, 2021
0.67
0.7%
Ms. DiCenso, who is Vice President and Co-Portfolio Manager for the Credit Asset and World Credit Asset Strategies for Loomis Sayles has 15 years of investment industry experience and joined Loomis Sayles in 2006.
Kevin Kearns
Start Date
Tenure
Tenure Rank
Sep 27, 2021
0.67
0.7%
Kevin Kearns is a Vice President, Portfolio Manager, and Senior Derivatives Strategist in the absolute return and credit opportunity area within the fixed-income group of Loomis, Sayles & Company. Prior to joining Loomis Sayles in 2007, Mr. Kearns was the director of derivatives, quantitative analysis and risk management at Boldwater Capital Management in Boston, where he was responsible for the development and implementation of a credit-focused relative value hedge fund. Mr. Kearns earned a degree in physics from Bridgewater State College and an MBA from Bryant College.
Thomas Stolberg
Start Date
Tenure
Tenure Rank
Sep 27, 2021
0.67
0.7%
Mr. Stolberg serves as a Credit Analyst. Prior to joining Boldwater, he was a Senior Vice President and High Yield Analyst for State Street Research & Management (SSR&M). During his five years as an analyst at SSR&M he had research coverage for a diverse range of industries and served on both the Asset Allocation Committee and the High Yield Strategy Group. Before assuming research coverage, Mr. Stolberg was a High Yield Trader at State Street Research & Management for five years. Before joining State Street Research & Management, Mr. Stolberg had over 10 years experience at Dean Witter Reynolds, National Westminster Bank and Manufacturers Hanover Trust. He received his B. A., cum laude, from Middlebury College.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 28.19 | 5.64 | 3.19 |