JNK Fund Description

The SPDR Barclays High Yield Bond ETF tracks a market-weighted index of highly liquid, high-yield U.S. dollar-denominated corporate bonds.

JNK ETF.com Insight

JNK is a hugely popular, extremely liquid, high-yield corporate bond fund that also has one of the lowest round-trip cost in the segment. The fund’s 700-holding portfolio is themay find the all-in cost higher than advertised second-broadest in the segment, and its YTM is one of the highest in the segment. The fund’s higher yield comes at a cost, however, as JNK has more long-term interest-rate risk than our benchmark due to heavy allocation to the belly of the yield curve. One note of caution: JNK has been sloppy in its tracking over the past two years, so investors may find the all-in cost higher than advertised. (Insight updated 06/30/2014)

1 Year

Performance [as of 09/26/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

JNK
-2.77% -2.61% 2.66% 6.29% 9.32% 9.27% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

JNK Top 10 Countries

JNK Top 10 Sectors

JNK Top 10 Holdings

JNK Summary Data

SSgA

A company that produces and manages ETFs.

11/28/07

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.40%

The net total annual fee a fund holder pays to the issuer.

$8.77 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$219.08 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.02%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

JNK Portfolio Data

4.2

Price sensitivity in percentage to a 100 basis point parallel shift (up or down) in interest rates.

6.6 Years

The weighted average of remaining time until maturity for all securities in the portfolio.

5.72%

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

10/01/14

The date on which a security's price excludes an upcoming dividend.

713

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

JNK Index Data

Barclays High Yield
Very Liquid Index

This is the benchmark an ETF is desigend to track or replicate.

Market Value

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Value

A set of rules that the underlying index provider follows to select its constituent securities.

Barclays US Corporate
High Yield Index

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to JNK

HYG, PHB, ANGL

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

JNK Commentary & News

25 September 2014
The Best Robo Advisor … For You | ETF.com
Elisabeth Kashner
25 September 2014
Daily ETF Flows | ETF.com
19 September 2014
Search | ETF.com

JNK ETF.com Efficiency Insight

JNK suffers in Efficiency due to sloppy tracking. The fund heavily optimizes its portfolio, and it shows. On a rolling 1-year basis over the past two years, JNK has lagged its index by more than its stated expense ratio, and twice its fee at times. That type of tracking volatility threatens to eat into returns over time, so while JNK may not be a threat to close, its headline fee understates its true holding cost. (Insight updated 06/30/2014)

Total Return - 06/30/2014

Performance [as of 06/30/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

JNK
0.95% 2.56% 5.38% 12.10% 8.38% 12.48% --

JNK (NAV)
0.90% 2.53% 5.49% 11.72% 8.60% 13.01% --

Barclays High Yield Very Liquid Index
0.91% 2.54% 5.57% 12.03% 9.51% 14.34% 9.26%

Barclays US Corporate High Yield Index
0.84% 2.51% 5.46% 11.73% 9.48% 13.98% 9.05%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

JNK Portfolio Management

0.40%

The net total annual fee a fund holder pays to the issuer.

-0.72%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.25%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.99%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

JNK Tax exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

--

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

N/A

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

JNK Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

No

An indicator of whether or not a fund actively lends its portfolio holdings.

100% / 0%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

JNK ETF.com Tradability Insight

JNK is extremely easy to trade, with over $100M trading in the market on a daily basis at very narrow spreads. Institutions should be able to access JNK fairly, as liquidity providers are very active in making the market despite an illiquid underlying market. (Insight updated 06/30/2014)

Average Spread

Premium/Discount

Volume

JNK ETF.com/ Block LiquidityAs of 09/29/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of JNK. JNK is rated a 5 out of 5.

JNK Tradability

5,373,045

It is the daily number of shares traded, averaged over the past 45 trading days.

$219.08 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

4,750,905

Median number of shares traded over the past 45 trading days.

$196.09 M

Median dollar value of shares traded over the past 45 trading days.

0.02%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.01

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

0.17%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

0.49% / -0.42%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

250,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

19.00

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.01%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

111,543

The total number of net outstanding options contracts for an ETF.

$39.95

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

JNK ETF.com Fit Insight

JNK’s biggest departure from the market has to do with maturity composition. The fund overweights the belly (5-10 years) of the yield curve, resulting in a higher weighted average maturity, effective duration, and YTM. JNK makes small but non-meaningful sector and credit bets, resulting in the same credit rating as our benchmark. (Insight updated 06/30/2014)

JNK Sector/Industry Breakdown

JNK Segment Benchmark
81.69% 85.10%
11.15% 8.18%
7.00% 6.57%
0.04% 0.00%

JNK Top 5 Countries

81.06% 79.28%
4.23% 5.27%
4.20% 4.95%
1.87% 2.42%
1.30% 1.80%

JNK Top 5 Currencies

100.00% 100.00%
100.00% 100.00%

JNK Performance Statistics

0.99

The degree to which the fund and its segment benchmark move up and down in unison.

1.20

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

-1.97%

The excess return of fund relative to ETF.com segment benchmark on a risk adjusted basis. Only reported if statistically significant.

1.22

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.21

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.02%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

JNK Holdings Statistics

JNK Segment Benchmark
6.51 6.61

The weighted average of remaining time until maturity for all securities in the portfolio.

4.07 4.22

A measure of interest rate risk. Estimates change in value to the portfolio based on a 1% parallel shift in the yield curve.

0.20 0.16

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 2 year interest rates holding other rates constant.

1.00 0.81

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 10 year interest rates holding other rates constant.

5.68% 5.72%

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

3.98 4.14

Price sensitivity in percentage to a 100 basis point change (widening or narrowing) of spread relative to Treasury spot curve.

Low Low

The Herfindahl Index number – a metric of portfolio concentration where higher numbers mean higher concentration of holdings.

2,141 713

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

B B

Market–value–weighted average credit quality of the portfolio.

JNK Maturity Distribution

1.03% 0.73%

Percent of the portfolio's exposure to securities with 0 - 1 years until maturity.

8.02% 2.09%

Percent of the portfolio's exposure to securities with 1 - 3 years until maturity.

24.75% 19.42%

Percent of the portfolio's exposure to securities with 3 - 5 years until maturity.

33.20% 40.99%

Percent of the portfolio's exposure to securities with 5 - 7 years until maturity.

27.90% 34.92%

Percent of the portfolio's exposure to securities with 7 - 10 years until maturity

5.10% 1.85%

Percent of the portfolio's exposure to securities with 10+ years until maturity.

JNK Credit Breakdown

0.02% 0.00%

Percent of portfolio's exposure to AAA rated bonds (Investment Grade).

0.00% 0.00%

Percent of portfolio's exposure to AA rated bonds (Investment Grade).

0.00% 0.00%

Percent of portfolio's exposure to A rated bonds (Investment Grade).

1.43% 0.30%

Percent of portfolio's exposure to BBB rated bonds (Investment Grade).

38.04% 38.10%

Percent of portfolio's exposure to BB rated bonds (High Yield).

43.38% 42.80%

Percent of portfolio's exposure to B rated bonds (High Yield).

16.30% 18.68%

Percent of portfolio's exposure to CCC rated bonds (High Yield).

0.26% 0.12%

Percent of portfolio's exposure to CC rated bonds (High Yield).

0.15% 0.00%

Percent of portfolio's exposure to C rated bonds (High Yield).