State Street(R) SPDR(R) Portfolio High Yield Bond ETF
SPDR SERIES TRUST · Series S000036938 · 1 share classes
data updated 2026-08-10
Fund profile
As filed in the prospectus · 2025 Q4
The State Street SPDR Portfolio High Yield Bond ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the broad U.S. corporate high yield market.
The fund tracks the ICE BofA US High Yield Index using a sampling strategy, holding a subset of the index's below-investment-grade corporate bonds selected to replicate the index's risk and return characteristics. Because the fund samples rather than holding all index constituents, its performance may diverge from the index. The fund concentrates its holdings in whatever industries dominate the index, which as of the filing date included consumer cyclical and communication services sectors.
| Share class | Expense ratio |
|---|---|
| SPHY | 0.05% |
Portfolio turnover 52.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q1
| Bonds | 97.05% |
| Cash & short-term | 5.76% |
| Loans | 0.05% |
| Stocks | 0.02% |
Latest quarter
What changed since the fund's previous filing
Largest new: SV RNO PROPERTY OWNER 1, ASURION LLC/ASURION CO, NEXSTAR MEDIA INC, BLACK PEARL COMPUTE LLC, CCO HLDGS LLC/CAP CORP ×2, OAK-EAGLE ACQUIRECO INC, The MICHAELS COS INC
Largest exited: BOOST NEWCO BORROWER LLC, COMMSCOPE LLC, CALPINE CORP ×2, DISH DBS CORP, VISTRA OPERATIONS CO LLC, MIDCAP FINANCIAL ISSR TR, BOMBARDIER INC
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Feb 2026
Mar 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-03-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 99.9% |
| Floating rate | 0.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.7% |
| 1-3y | 21.1% |
| 3-5y | 40.2% |
| 5-10y | 33.7% |
| 10y+ | 4.4% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q1
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.93 yr |
| Investment grade | +0.07 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.87 yr | 30% |
| 5 yr | 1.64 yr | 56% |
| 10 yr | 0.34 yr | 12% |
| 30 yr | 0.04 yr | 1% |
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.87 yr | 29% |
| 5 yr | 1.62 yr | 54% |
| 10 yr | 0.41 yr | 14% |
| 30 yr | 0.07 yr | 2% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.04 | +0.00 | +0.04 | $1.3k | $36.7k |
| 1 yr | +0.87 | +0.02 | +0.85 | $19.7k | $854.0k |
| 5 yr | +1.64 | +0.04 | +1.58 | $36.4k | $1.59m |
| 10 yr | +0.34 | +0.01 | +0.40 | $12.3k | $399.4k |
| 30 yr | +0.04 | +0.00 | +0.07 | $2.8k | $67.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | State Street Global Advisors | 5.76% | $579.50M | — |
| — | 1261229 BC LTD10.00% · due 2032-04-15 | 0.46% | $46.70M | — |
| — | ECHOSTAR CORP10.75% · due 2029-11-30 | 0.42% | $42.35M | — |
| — | QUIKRETE HOLDINGS INC6.38% · due 2032-03-01 | 0.32% | $32.59M | — |
| — | CLOUD SOFTWARE GRP INC6.50% · due 2029-03-31 | 0.30% | $30.72M | — |
| — | CLOUD SOFTWARE GRP INC9.00% · due 2029-09-30 | 0.28% | $27.73M | — |
| — | VENTURE GLOBAL LNG INC9.50% · due 2029-02-01 | 0.27% | $27.39M | — |
| — | SV RNO PROPERTY OWNER 15.88% · due 2031-03-01 | 0.27% | $27.02M | — |
| — | DISH NETWORK CORP11.75% · due 2027-11-15 | 0.24% | $24.26M | — |
| — | PANTHER ESCROW ISSUER7.13% · due 2031-06-01 | 0.24% | $24.10M | — |
Top 10 positions are 8.57% of net assets, top 25 11.78%, across 953 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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