SPHY - Overpriced Junk: SPDR Portfolio High Yield Bond ETF

2024-02-19 12:37:53 ET

Summary

• The SPDR Portfolio High Yield Bond ETF is a large and highly diversified high yield ETF.
• The Fund's performance has been modest since inception and is diminished materially by taxes and inflation.
• Investors are not adequately compensated for the risks associated with the Fund.

Introduction

The SPDR® Portfolio High Yield Bond ETF ( SPHY ) (the "Fund") is a large (more than $3.5 billion in assets), highly diversified, high yield exchange-traded fund (" ETF "). I have a negative view of this Fund and do not believe investors are rightly compensated for the risk....

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