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SPDR MarketAxess Investment Grade 400 Corporate Bond ETF

ETF
LQIG
Payout Change
Pending
Price as of:
$93.6278 -0.28 -0.3%
primary theme
N/A
LQIG (ETF)

SPDR MarketAxess Investment Grade 400 Corporate Bond ETF

Payout Change
Pending
Price as of:
$93.6278 -0.28 -0.3%
primary theme
N/A
LQIG (ETF)

SPDR MarketAxess Investment Grade 400 Corporate Bond ETF

Payout Change
Pending
Price as of:
$93.6278 -0.28 -0.3%
primary theme
N/A

Name

As of 12/31/2024

Price

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

SPDR MarketAxess Investment Grade 400 Corporate Bond ETF

LQIG | ETF

$93.63

$48.2 M

5.32%

$5.00

0.09%

Vitals

YTD Return

0.0%

1 yr return

1.5%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$48.2 M

Holdings in Top 10

7.8%

52 WEEK LOW AND HIGH

$93.9
$92.22
$99.55

Expenses

OPERATING FEES

Expense Ratio 0.09%

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 12/31/2024

Price

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

SPDR MarketAxess Investment Grade 400 Corporate Bond ETF

LQIG | ETF

$93.63

$48.2 M

5.32%

$5.00

0.09%

LQIG - Profile

Distributions

  • YTD Total Return 0.0%
  • 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
DIVIDENDS
  • Dividend Yield 5.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    SPDR MarketAxess Investment Grade 400 Corporate Bond ETF
  • Fund Family Name
    State Street Global Advisors - advised funds
  • Inception Date
    May 12, 2022
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Bradley Sullivan

Fund Description

In seeking to track the performance of the MarketAxess U.S. Investment Grade 400 Corporate Bond Index (the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Index. In addition, in seeking to track the Index, the Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes.  In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent the Index concentrates in a particular industry or group of industries. The Fund may use derivatives, including credit default swaps and credit default index swaps, to obtain investment exposure that the Adviser expects to correlate closely with the Index, or a portion of the Index, and in managing cash flows.The Index is designed to measure the performance of 400 U.S. dollar denominated investment grade corporate bonds with higher-than-average liquidity relative to the broader U.S. corporate bond market. In order to be included in the Index, a bond must have a corporate bond classification from Refinitiv. Bonds included in the Index must also, as of the Index Determination Date (defined below), (i) be rated investment grade, (ii) be issued in the U.S. by an issuer that is U.S. or non-U.S. domiciled, (iii) be U.S. dollar denominated, (iv) have $300 million or more of par amount outstanding, (v) have a remaining maturity of at least 2 years, (vi) have an issue date prior to the month of the Index Determination Date (as defined below), and (vii) have a fixed rate (which includes fixed-to-floating rate bonds, provided that such bonds are in their fixed rate term as of the Index Determination Date (as defined below)) or zero percent coupon. The Index considers investment grade securities to be rated Baa3/BBB-/BBB- or higher, using the middle rating of Moody's Investors Service, Inc., Fitch Ratings, Inc., or S&P Global Ratings. If only two of the three agencies rate the security, then the more conservative (lower) rating will be used to determine Index eligibility. If only one of the agencies rates the security, then that rating will be used. In addition, in order to be included in the Index, bonds must have both bid and offer price Composite+TM (“CP+”) valuations. CP+ is the Index Provider's (defined below) proprietary algorithmic pricing engine. CP+ analyzes industry and proprietary trading and liquidity data to provide an indication of the bid price and offer price valuations of a bond. If the CP+ pricing algorithm does not have access to enough liquidity inputs for a bond, it will not generate bid and offer price valuations and the bond will not be eligible for inclusion in the Index. Bonds are also screened based on liquidity as measured by their Relative Liquidity Score (“RLS”). RLS is the Index Provider's proprietary methodology that analyzes industry and proprietary trading data to score a bond's liquidity relative to bonds identified by the Index Provider as having similar risk and return characteristics. A bond's RLS ranges from 1 to 10, with 10 being the most liquid, and only bonds with a ten-day average RLS of 7 or higher are eligible for inclusion in the Index.Bonds that remain eligible for inclusion in the Index after applying the screens referred to above are then ranked by par value face amount from highest to lowest. For bonds with the same par value face amount, ranking is based on the following in order of priority: bonds with higher ten-day average RLS, earlier issue date, and tighter CP+ bid/offer spread. After applying such ranking, the 400 highest-ranked bonds that comply with the following limitations are selected for inclusion in the Index and weighted by market value: (1) any single issuer is limited to 4% of the weight of the Index and (2) to the extent a sector's weight in the MarketAxess U.S. Investment Grade Broad Corporate Bond Index (the “Broad Market Index”) is 5% or greater, a sector's weight in the Index is limited to 2.5% above such sector's weight in the Broad Market Index. The Index is rebalanced and reconstituted monthly after the close of business on the last business day of the month (the “Index Rebalance Date”) based on determinations made on the fourth to last business day preceding the Index Rebalance Date (the “Index Determination Date”). Securities eligible for inclusion in the Index include senior and subordinated debt, callable and puttable bonds, Rule 144A securities and Regulation S securities. As of August 31, 2024, a significant portion of the Fund comprised companies in the financial and industrial sectors, although this may change from time to time. As of July 31, 2024, there were 400 securities in the Index.The Index is sponsored by MarketAxess Technologies Inc. (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.
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LQIG - Performance

Return Ranking - Trailing

Period LQIG Return Category Return Low Category Return High Rank in Category (%)
YTD 0.0% -37.4% 3.2% N/A
1 Yr 1.5% -22.5% 163.5% N/A
3 Yr N/A* -13.4% 33.3% N/A
5 Yr N/A* -10.0% 21.5% N/A
10 Yr N/A* -4.1% 9.4% N/A

* Annualized

Return Ranking - Calendar

Period LQIG Return Category Return Low Category Return High Rank in Category (%)
2024 -3.8% -27.3% 144.0% N/A
2023 4.1% -15.7% 31.5% N/A
2022 N/A -13.0% 34.5% N/A
2021 N/A -52.0% 4.7% N/A
2020 N/A -3.1% 13.4% N/A

Total Return Ranking - Trailing

Period LQIG Return Category Return Low Category Return High Rank in Category (%)
YTD 0.0% -37.4% 2.2% N/A
1 Yr 1.5% -22.5% 163.5% N/A
3 Yr N/A* -13.4% 33.3% N/A
5 Yr N/A* -10.0% 21.5% N/A
10 Yr N/A* -4.1% 9.7% N/A

* Annualized

Total Return Ranking - Calendar

Period LQIG Return Category Return Low Category Return High Rank in Category (%)
2024 1.5% -27.3% 144.0% N/A
2023 9.5% -15.7% 31.5% N/A
2022 N/A -13.0% 34.5% N/A
2021 N/A -14.8% 4.7% N/A
2020 N/A -3.1% 13.4% N/A

LQIG - Holdings

Concentration Analysis

LQIG Category Low Category High LQIG % Rank
Net Assets 48.2 M 6.52 M 44.4 B 74.55%
Number of Holdings 407 2 9191 32.54%
Net Assets in Top 10 3.86 M -29.6 M 3.34 B 53.43%
Weighting of Top 10 7.83% 1.8% 100.0% 94.01%

Top 10 Holdings

  1. State Street Navigator Securities Lending Portfolio II 1.71%
  2. Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc 0.90%
  3. State Street Institutional US Government Money Market Fund 0.74%
  4. CVS Health Corp 0.71%
  5. T-Mobile USA Inc 0.67%
  6. Wells Fargo Co 0.65%
  7. Amgen Inc 0.63%
  8. Bank of America Corp 0.62%
  9. Goldman Sachs Group Inc/The 0.61%
  10. Pfizer Investment Enterprises Pte Ltd 0.59%

Asset Allocation

Weighting Return Low Return High LQIG % Rank
Bonds 		98.15% 15.65% 141.47% 45.37%
Cash 		2.49% -49.09% 54.19% 54.93%
Stocks 		0.00% 0.00% 5.27% 57.01%
Preferred Stocks 		0.00% 0.00% 9.18% 64.48%
Other 		0.00% -38.92% 3.98% 53.43%
Convertible Bonds 		0.00% 0.00% 78.47% 48.06%

Bond Sector Breakdown

Weighting Return Low Return High LQIG % Rank
Cash & Equivalents 		2.49% 0.00% 54.19% 65.67%
Derivative 		0.00% 0.00% 27.02% 60.30%
Securitized 		0.00% 0.00% 23.18% 78.81%
Corporate 		0.00% 41.80% 100.00% 31.04%
Municipal 		0.00% 0.00% 3.62% 72.84%
Government 		0.00% 0.00% 25.63% 57.61%

Bond Geographic Breakdown

Weighting Return Low Return High LQIG % Rank
US 		98.15% 0.00% 122.90% 44.18%
Non US 		0.00% 0.00% 47.05% 46.27%

LQIG - Expenses

Operational Fees

LQIG Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.09% 0.03% 3.62% 96.91%
Management Fee 0.09% 0.00% 1.35% 9.33%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.45% N/A

Sales Fees

LQIG Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 4.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

LQIG Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

LQIG Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 259.00% N/A

LQIG - Distributions

Dividend Yield Analysis

LQIG Category Low Category High LQIG % Rank
Dividend Yield 5.32% 0.00% 25.68% 65.97%

Dividend Distribution Analysis

LQIG Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

LQIG Category Low Category High LQIG % Rank
Net Income Ratio N/A 0.38% 7.58% N/A

Capital Gain Distribution Analysis

LQIG Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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LQIG - Fund Manager Analysis

Managers

Bradley Sullivan

Start Date

Tenure

Tenure Rank

May 11, 2022

0.05

0.1%

Bradley Sullivan, CFA, is a Vice President of SSGA and SSGA Inc and a Senior Portfolio Manager in the Fixed Income Beta Solutions Group within the Global Fixed Income, Cash and Currency Team where he manages corporate credit beta portfolios for ETFs, commingled funds and separately managed accounts. Prior to joining SSGA, Mr. Sullivan was a senior research analyst at State Street Bank and Trust where he covered the healthcare, pharmaceutical, chemicals, retail and power/utilities sectors for the corporate credit and leveraged loan portfolios.Prior to joining State Street, Mr. Sullivan was the assistant portfolio manager in the Leveraged Finance Group for MetLife Investments. The team managed more than $12 billion across leveraged loan and high yield credit portfolios on a total return mandate. Mr. Sullivan joined MetLife Investments in 2007 as a credit research analyst covering the corporate healthcare, technology, and beverage sectors within the Global Fixed Income Research Group. In 2003, Mr. Sullivan received his formal credit training in the Brown Brothers Harriman Banking Analyst Program in Boston on the Medical Technology Team. Mr. Sullivan earned his Bachelor of Science in Accounting and Finance from Tulane University and a Master of Business Administration from the Colgate Darden Graduate School of Business at the University of Virginia. Mr. Sullivan has earned the Chartered Financial Analyst (CFA) designation.

Frank Miethe

Start Date

Tenure

Tenure Rank

May 11, 2022

0.05

0.1%

Frank Miethe, CFA, is a Vice President of SSGA and a Portfolio Manager on the Passive Fixed Income Team. Mr. Miethe joined SSGA in 2010 and has been part of the Portfolio Management team since 2013. He is currently responsible for managing several funds and ETFs within the Investment Grade Credit and Government/Credit sectors. Prior to his role at SSGA, Mr. Miethe worked at State Street Corporation as a Fund Accountant and a Client Operations Associate. He received his Bachelor's Degree from Western New England University and an MBA from Suffolk University. He has earned the Chartered Financial Analyst designation and is a member of the CFA Institute and Boston Security Analysts Society.

David Marchetti

Start Date

Tenure

Tenure Rank

May 11, 2022

0.05

0.1%

David Marchetti, CFA, is an Assistant Vice President at SSGA and a Portfolio Manager in the Fixed Income Beta Solutions team. Mr. Marchetti is responsible for managing several funds within investment grade credit, specifically managing short-term and intermediate credit funds. Also, he oversees the ETF basket creation/redemption process across multiple fixed income ETF’s. Mr. Marchetti started his career at State Street Bank and has been working in the investment industry since 2009. Mr. Marchetti has a B.S. in Business Administration with a concentration in Finance from Boston University. He earned a Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute and CFA Society Boston, Inc.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 24.76 6.22 2.41

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