State Street(R) SPDR(R) Portfolio High Yield Bond ETF
U.S. bond index ETF · tracks ICE BofA US High Yield Index
As of its 2026 Q2 report, State Street(R) SPDR(R) Portfolio High Yield Bond ETF held 1,949 positions with $11.33B in net assets. Its ten largest holdings made up 6.9% of the fund. The SPHY share class costs 0.05% a year. Over the 12 months to May 2026, SPHY returned 7.7%, with dividends reinvested. In 2026 Q2 it added 188 new positions and exited 164.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
GVMXXState Street Global Advisors | 4.01% | $454.16M | — |
1261229 BC LTD 10.00% · due 2032-04-15 | 0.42% | $47.97M | — |
ECHOSTAR CORP 10.75% · due 2029-11-30 | 0.40% | $45.70M | — |
MERIDIAN ARC HOLDCO LLC 6.25% · due 2031-04-30 | 0.40% | $45.31M | — |
PR RNO PROPERTY OWNER 1 6.50% · due 2031-05-01 | 0.30% | $33.94M | — |
QUIKRETE HOLDINGS INC 6.38% · due 2032-03-01 | 0.28% | $31.81M | — |
CLOUD SOFTWARE GRP INC 6.50% · due 2029-03-31 | 0.28% | $31.81M | — |
CLOUD SOFTWARE GRP INC 9.00% · due 2029-09-30 | 0.27% | $30.64M | — |
SV RNO PROPERTY OWNER 1 5.88% · due 2031-03-01 | 0.27% | $30.21M | — |
AMERICAN AIRLINES/AADVAN 5.75% · due 2029-04-20 | 0.25% | $28.83M | — |
The 200 largest of 1,949 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 98.29% |
| Cash & short-term | 4.01% |
| Stocks | 0.02% |
By sector
- Other
- 48.5%
- International
- 14.5%
- Consumer Discretionary
- 5.2%
- Industrials
- 4.7%
- 10 other sectors
- 27.1%
- Other
- 48.5%
- International
- 14.5%
- Consumer Discretionary
- 5.2%
- Industrials
- 4.7%
- Cash
- 3.9%
- Health Care
- 3.9%
- Communication Services
- 3.8%
- Financials
- 3.2%
- Energy
- 2.9%
- Materials
- 2.6%
- Information Technology
- 2.4%
- Utilities
- 1.9%
- Consumer Staples
- 1.8%
- Real Estate
- 0.8%
How it has done
SPHY share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.70%. Past returns are a record, not a forecast.
Jun 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.
Fees & fund details
State Street(R) SPDR(R) Portfolio High Yield Bond ETF is a U.S. bond index ETF that tracks the ICE BofA US High Yield Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- ETF
- Credit quality
- High yield
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.05%· SPHY 0.05%
- Portfolio turnover
- 52.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
188 new· the largest 6
164 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
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 | 99.7% |
| Zero-coupon or unclassified | 0.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.2% |
| 1-3y | 24.9% |
| 3-5y | 37.8% |
| 5-10y | 33.0% |
| 10y+ | 4.2% |
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 2026Q2
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 | 50% |
| Interest rates | 50% |
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 | +2.84 yr |
| Investment grade | +0.06 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 | 0.90 yr | 31% |
| 5 yr | 1.59 yr | 55% |
| 10 yr | 0.32 yr | 11% |
| 30 yr | 0.04 yr | 1% |
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.90 yr | 31% |
| 5 yr | 1.58 yr | 55% |
| 10 yr | 0.35 yr | 12% |
| 30 yr | 0.03 yr | 1% |
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 | $893 | $43.3k |
| 1 yr | +0.90 | +0.02 | +0.88 | $19.4k | $996.1k |
| 5 yr | +1.59 | +0.03 | +1.55 | $34.3k | $1.76m |
| 10 yr | +0.32 | +0.01 | +0.33 | $15.1k | $379.3k |
| 30 yr | +0.04 | +0.00 | +0.03 | $2.8k | $35.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — SPHY, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”