# State Street SPDR Portfolio High Yield Bond ETF (SPHY): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/sphy for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: SPDR · Asset class: Fixed Income - Strategy: Options Income · Inception: 2012-06-18 SPDR Series Trust - SPDR Portfolio High Yield Bond ETF is an exchange traded fund launched by State Street Global Advisors, Inc. The fund is managed by SSGA Funds Management, Inc. It invests in the fixed income markets of the United States. The fund invests in U.S. dollar denominated below investment grade corporate debt securities rated by Moody's, Fitch, or S&P. It invests in securities with at least 18 months remaining to final maturity. It seeks to track the performance of the ICE BofA US High Yield Index, by using representative sampling technique. SPDR Series Trust - SPDR Portfolio Hi... ## Key Facts | Metric | Value | |---|---| | Price | $22.49 | | Expense Ratio | 0.05% | | Assets Under Management | $11.68B | | NAV | $22.44 | | Holdings Count | 1945 | | Distribution Yield (TTM) | 7.41% | | Annual Distribution (TTM) | $1.67 /share | | Distribution Frequency | Monthly | | 52-Week Range | $22.32 – $23.95 | | Beta | 0.64 | ## Latest Distribution - Amount: $0.1388 /share - Ex-date: 2026-10-01 - Pay date: 2026-10-06 ## Frequently Asked Questions ### What does SPHY invest in? SPDR Series Trust - SPDR Portfolio High Yield Bond ETF is an exchange traded fund launched by State Street Global Advisors, Inc. The fund is managed by SSGA Funds Management, Inc. It invests in the fixed income markets of the United States. The fund invests in U.S. dollar denominated below investment grade corporate debt securities rated by Moody's, Fitch, or S&P. It invests in securities with at least 18 months remaining to final maturity. It seeks to track the performance of the ICE BofA US High Yield Index, by using representative sampling technique. SPDR Series Trust - SPDR Portfolio High Yield Bond ETF was formed on June 18, 2012 and is domiciled in the United States. ### What is the expense ratio of SPHY? State Street SPDR Portfolio High Yield Bond ETF (SPHY) charges an expense ratio of 0.05%. This is the annual fee deducted from fund assets to cover management and operations. ### What is SPHY's distribution yield? SPHY's trailing-twelve-month yield is 7.41%, calculated from the sum of distributions over the past year divided by the current price. ### How does SPHY's covered-call strategy work? SPHY sells call options against the stocks (or index) it holds, collecting premium income that gets passed through to shareholders as distributions. The strategy generates above-market income in flat or rising markets but caps upside. When the underlying rallies past the strike, the gains above the strike go to the option buyer, not the fund. ### What is the duration of SPHY? Effective duration measures SPHY's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. SPHY's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of SPHY? SPHY's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds. ### Does SPHY pay a distribution? Yes, State Street SPDR Portfolio High Yield Bond ETF (SPHY) distributes distributions to shareholders. The trailing-twelve-month yield is 7.41%. Full distribution history is on this page. ### How often does SPHY pay distributions? State Street SPDR Portfolio High Yield Bond ETF pays distributions Monthly. Each ex-dividend date, record date, and payment date is listed in the distribution history table on this page. ### When is SPHY's next ex-distribution date? The most recently announced ex-distribution date for SPHY was 2026-10-01. The next ex-date typically follows Monthly; once announced it appears at the top of the distribution history table on this page. ### Is SPHY's distribution sustainable? Covered-call ETFs like SPHY fund their distributions from option premium income. Sustainability depends on (1) whether option premiums stay high enough to cover the announced rate, and (2) whether NAV holds up over time. The NAV Erosion section on this page contrasts total return with price change since inception. If distributions consistently exceed total return, the fund is paying out capital rather than income. ### How much will SPHY's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.05% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does SPHY charge its expense ratio? The expense ratio is deducted in tiny daily slices from SPHY's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does SPHY cost more than a fund like VOO? SPHY is an options-income fund (current expense ratio 0.05%). Covered-call and 0DTE strategies require active option-writing, daily rebalancing, and dedicated risk management. They cost more than passive equity funds. The Cost Verdict card compares SPHY against the options-income cohort, not VOO. ### Are SPHY's distributions taxed at ordinary income or qualified-dividend rates? SPHY's option-premium distributions are typically classified as ordinary income (NOT the qualified-dividend rate), so they're taxed at your marginal federal rate plus state. For a 24% bracket investor that's roughly 2x the 15% long-term capital gains rate most dividend investors are used to. The Fee Compounding Forecast card above lets you layer in this tax drag alongside the fund fee. Consult a tax advisor. This is not tax advice. ### Are there cheaper alternatives to SPHY? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as SPHY (0.05%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/sphy - Distribution history: https://www.dividenddata.com/funds/sphy/dividend - Holdings & diversification: https://www.dividenddata.com/funds/sphy/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/sphy/expenses - Peer comparison: https://www.dividenddata.com/funds/sphy/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.