At a glance
HYBL charges 0.7% a year, above the 0.35% average of the 7 funds most like it (the 7th cheapest of 8). It has $569.1M in assets, the 8th largest of that group; it paid 7.18% of its price in distributions over the past 12 months, monthly. Over the past year it returned +3.0% with distributions reinvested, 3rd of those 8 funds; over three years it returned +8.2% a year. Its ten largest positions make up 8.2% of the fund, out of 684 in all.
The short version
SPDR Blackstone High Income ETF (HYBL) is an actively managed State Street fund, run day to day by Blackstone, that holds junk-rated corporate bonds, floating-rate senior loans and slices of collateralized loan obligations. Its mix of fixed- and floating-rate debt sets it apart from pure high-yield bond funds, and its 12-month yield was 7.18% as of October 27, 2026. The trade-off is cost: 0.70% a year, about double the 0.35% average of similar funds.
Price history
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HYBL +3.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| HYBL official prospectus, to Dec 31, 2025 | — | +7.84% | — | — | — | +6.04% |
| HYBL price data to Oct 27, 2026 | +1.6% | +3.0% | +8.2% | — | — | +5.3% |
- Over the year to Oct 27, 2026, HYBL returned +3.0%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.8%); its best was 2023 (+11.9%).
- The deepest fall in its price history was 8.5% (Mar 2, 2022 to Sep 29, 2022), recovered by Jul 11, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +1.6% | — |
| 2025 | +7.8% | +7.84% |
| 2024 | +9.1% | +8.91% |
| 2023 | +11.9% | +12.38% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.4500 | |
| 2025 | $2.0700 | -7.2% |
| 2024 | $2.2300 | 0.0% |
| 2023 | $2.2300 |
What's inside
As of Jun 30, 2026, the fund held 684 securities; the ten largest made up 8.22% of assets, and 5.06% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| DISCOVERY GLOBAL HOLDINGS INC Loans | 1.41% | |
| HOLOGIC INC Loans | 1.09% | |
| State Street Blackstone Senior Loan ETF | 0.94% | |
| Michaels Companies, Inc. (The) Loans | 0.83% | |
| NEPTUNE BIDCO US INC Loans | 0.82% | |
| TransDigm Inc Loans | 0.70% | |
| Finastra USA Inc Loans | 0.67% | |
| Cotiviti Corporation Loans | 0.60% | |
| ELECTRONIC ARTS INC Loans | 0.58% | |
| Apex Group Treasury LLC Loans | 0.57% | |
| PROAMPAC PG BORROWER LLC Loans | 0.55% | |
| Allied Universal Holdco LLC Loans | 0.55% | |
| Focus Financial Partners LLC Loans | 0.54% | |
| Gainwell Acquisition Corp Loans | 0.53% | |
| NGL ENRGY OP/FIN CORP Bonds and notes | 0.52% |
By country
United States 79.65%Cayman Islands 9.26%United Kingdom 1.17%Canada 1.06%XX 1.03%By issuer
Companies 91.76%Other 2.28%Other registered funds 0.94%The bonds mature in 5.6 years on average (weighted by size), with an average coupon of 7%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $22.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.97%, +0.56%, -0.14%.
How it works
HYBL is actively managed and does not track an index. Its sub-adviser, Blackstone Liquid Credit Strategies LLC, buys mainly US dollar junk debt (rated BB+ or lower). That covers corporate bonds, senior loans (floating-rate company loans that usually get repaid before bonds) and slices of collateralized loan obligations (CLOs), which are pools of such loans, capped at 15% of net assets at purchase. It aims to beat a 50/50 blend of the ICE BofA US High Yield Constrained Index and Morningstar LSTA US Leveraged Loan Index, with less volatility over full market cycles.
Blackstone first splits money between bonds and loans; either can reach 100% of net assets. For bonds, a proprietary model uses balance-sheet data, stock and options prices, and a database of past defaults to spot mispriced issues. Loans and CLOs are picked one by one using fundamental credit research. The loans' rates reset so often that their average interest-rate duration, a gauge of rate sensitivity, is expected to stay under 90 days.
Trading is heavy: portfolio turnover, the share of holdings replaced in a year, was 172% per the prospectus filed October 27, 2026. As of June 30, 2026, it held 684 securities: 45% loans, 41% bonds and 10% CLOs. The top 10 totaled 8%, led by term loans to Discovery Global Holdings and Hologic.
What it really costs
- HYBL charges 0.7% a year, versus an average of 0.35% for the similar funds below (7th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $72 in the first year and $871 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| HYBL | $72 | $224 | $390 | $871 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
HYBL pays monthly from a high-yield mix of bonds and loans, but its credit risk and short history make it a poor fit for the core or defensive role.
HYBL could add a monthly income stream. Its 12-month yield was 7.18% as of October 27, 2026, which works out to $1.97 per share. The fund launched in February 2022, so it has no record from the 2008 or 2020 crashes, and it started after the 2022 bear market began. Its deepest drop was 8.5%, from March to September 2022, and it was back to its earlier peak by July 11, 2023. Every full calendar year has been positive, with 2025's 7.8% the weakest. That short, mostly calm record may understate the risk. Junk debt can fall sharply in a recession, which is exactly when a retiree might need to sell. Cost is a steady drag. In the SEC's standard example, $10,000 invested would pay $871 in costs over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors who want monthly payouts (a 7.18% 12-month yield as of October 27, 2026) and accept junk-level credit risk.
- Those who want one fund holding high-yield bonds, floating-rate loans and CLOs, with Blackstone setting the mix instead of an index.
- Investors who want less interest-rate sensitivity: about 45% sat in senior loans, whose rates reset every 90 days or less on average.
Look elsewhere if
- Cost-conscious investors: the 0.70% expense ratio ranked 7th of 8 among similar funds. SPHY charges 0.05% and USHY 0.08%.
- Anyone who wants a long track record. HYBL launched in February 2022 and has not been through a crash like 2008 or 2020.
- People who need stable money for near-term spending. Junk bonds and loans carry real default risk and can fall sharply in recessions.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| HYBL this fund | 5.6 yrs | 0.7% | $569.1M | +3.0% | +8.2% |
| HYG iShares iBoxx $ High Yield Corporate Bond E… | 5.4 yrs | 0.49% | $16.19B | +0.9% | +7.4% |
| USHY iShares Broad USD High Yield Corporate Bond… | 5.4 yrs | 0.08% | $28.59B | +1.2% | +7.7% |
| JNK SPDR Bloomberg High Yield Bond ETF | 5.8 yrs | 0.4% | $7.35B | +1.6% | +8.7% |
| SPHY SPDR Portfolio High Yield Bond ETF | 5.4 yrs | 0.05% | $11.33B | +1.8% | +8.9% |
| SRLN SPDR Blackstone Senior Loan ETF | 5.2 yrs | 0.7% | $5.21B | +3.7% | +7.0% |
| BKLN Invesco Senior Loan ETF | 4.8 yrs | 0.65% | $6.74B | +3.9% | +6.9% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 4.6 yrs | 0.05% | $3.56B | +1.6% | +8.7% |
Questions investors ask
Does HYBL pay monthly dividends?
Yes. HYBL pays distributions every month. Over the 12 months to October 27, 2026, it paid $1.97 per share, a yield of 7.18%. The payouts come from interest on junk bonds, senior loans and CLOs. Payments can change from month to month. The loan part of the fund pays floating rates, so income from those holdings tends to fall when interest rates drop and rise when rates go up.
Is HYBL good for retirement income?
HYBL may suit retirees who want monthly income and can accept credit risk. Its 12-month yield was 7.18% as of October 27, 2026. Its deepest drop was 8.5%, in 2022, and every full calendar year from 2023 through 2025 was positive. But the fund only launched in February 2022 and has not been through a recession. It also costs 0.70% a year. Junk debt can fall hard just when a retiree may need to sell.
What's the difference between HYBL and HYG?
HYG is an iShares index fund of high-yield corporate bonds that charges 0.49%. HYBL is actively managed by Blackstone, charges 0.70% and also holds senior loans and CLOs. Loans made up about 45% of HYBL as of June 30, 2026. Over one year, HYBL returned 3.0% to October 27, 2026, against 1.6% for HYG. Over three years, HYBL averaged 8.2% a year and HYG 8.5%. HYG is far larger, at $16.2 billion versus HYBL's $569 million.
How much does HYBL cost?
HYBL's expense ratio is 0.70%, according to the prospectus filed October 27, 2026. Similar funds average 0.35%, and HYBL ranks 7th of 8 on cost. In the SEC's standard example, $10,000 invested with a 5% yearly return would pay $72 in costs after one year, $390 after five years and $871 after ten. SPDR Blackstone Senior Loan ETF (SRLN), from the same sub-adviser, also charges 0.70%. Index funds like SPHY charge as little as 0.05%.
Is HYBL risky?
HYBL is less volatile than stocks but still carries real risk. It invests in junk-rated debt, where borrowers are more likely to default, and in CLOs, which can be hard to value and sell. Its deepest drop was 8.5%, from March to September 2022, and it took until July 2023 to recover. Over three years to October 27, 2026, its volatility was 3.5%. The fund has never been tested by a full recession.