SPDR Portfolio Corporate Bond ETF

SPBO

Market cap $1.71B

Overview Fund Activity

29.79 USD

+0.07

0.24%

At close Updated Sep 15, 4:00 PM EDT

Pre-market

After hours

29.79

0.00

0%

1 day

0.24%

5 days

0.61%

1 month

1.92%

3 months

3.62%

6 months

3.12%

Year to date

4.05%

1 year

-1.26%

5 years

-16.58%

10 years

-4.7%

0

Funds holding %

of 7,463 funds

–

Analysts bullish %

Fund manager confidence

Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)

6.18% less ownership

Funds ownership: 79.22% [Q1] → 73.05% (-6.18%) [Q2]

7% less funds holding

Funds holding: 160 [Q1] → 149 (-11) [Q2]

17% less capital invested

Capital invested by funds: $1.39B [Q1] → $1.16B (-$230M) [Q2]

18% less repeat investments, than reductions

Existing positions increased: 51 | Existing positions reduced: 62

25% less first-time investments, than exits

New positions opened: 15 | Existing positions closed: 20

33% less funds holding in top 10

Funds holding in top 10: 6 [Q1] → 4 (-2) [Q2]

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Financial journalist opinion

SPBO: Spreads Are Too Tight For This Investment Grade ETF

SPDR Portfolio Corporate Bond ETF offers a diversified investment-grade corporate bond portfolio with a 7-year duration and a 5.2% yield, but credit spreads are historically tight. Potential upside from rate cuts is limited, with only modest capital gains possible if 7-year rates fall to their neutral range. Credit spread risk is skewed to the downside; current spreads are at the bottom of their historical range, leaving significant room for widening in a downturn.

SPBO: Spreads Are Too Tight For This Investment Grade ETF

SPBO: A Balanced Fixed-Income Approach

The SPDR Portfolio Corporate Bond ETF tracks the Bloomberg U.S. Corporate Bond Index, managing $1.83B at a 0.03% expense ratio, offering a 5.20% yield. Its portfolio includes thousands of investment-grade corporate bonds at various maturities but a short duration. While SPBO's bullish case is strong, investors should know some risks in order to navigate them with a better understanding and hopefully higher confidence.

SPBO: A Balanced Fixed-Income Approach

SPBO: Intermediate Duration Corporate Bond Fund, 5.4% Yield

Institutions prefer intermediate duration bonds in the current high rate environment. The SPDR Portfolio Corporate Bond ETF seeks to mimic the Bloomberg U.S. Corporate Bond Index. The fund invests in a diversified portfolio of investment-grade corporate bonds with an average maturity of 7 years. It currently offers a yield of 5.34%.

SPBO: Intermediate Duration Corporate Bond Fund, 5.4% Yield

SPBO: High Quality Corporate Bond Exposure In A Single Fund

SPDR Portfolio Corporate Bond ETF offers access to high-quality investment-grade corporate bonds with a diverse and broad-based portfolio. SPBO's holdings primarily consist of investment-grade corporate bonds with low default rates, providing a relatively safer investment option. The ETF has a high yield and potential for long-term capital appreciation, making it an attractive choice for income investors.

The Credit Opportunity In M&A

M&A was almost dormant in 2023. In the US, as a proportion of the market value of the benchmark equity indices, it fell to its lowest level in 20 years, according to McKinsey. Credit investors are not traditionally supposed to be fans of M&A, and it's true we are wary of leveraging M&A, where debt is loaded onto balance sheets to buy competitors. We are seeing a comeback for M&A that we think is likely to continue through 2024.

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