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Sunday, August 23, 2026The Morning Brief →Sign in
OBNDSPDR

SPDR Loomis Sayles Opportunistic Bond ETF

$25.33-0.59% today
252652-WK

The sub-adviser will invest at least 80% of the fund's net assets, directly, or indirectly through underlying ETFs, in debt obligations. The fund may also invest in hybrid securities that combine debt and equity characteristics, such as preferred securities, convertible preferred securities and contingent convertible securities. It may invest in debt obligations of any credit quality and may invest up to 100% of its net assets in debt instruments that are rated below investment grade or are unrated but determined by the sub-adviser to be of comparable quality. The fund is non-diversified.

Price & daily flows
26.225.925.625.33DAILY NET FLOWAug 22Dec 19Apr 21Aug 21

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 1Y SHOWN

The desk’s read

Flows are quiet — the past month netted out near zero, while the price has returned -2.8% so far this year. At 0.55% a year it is not the cheapest way in — LQD runs the same ground at 0.14%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$57Massets under management
0.55%expense ratio · $55 per $10,000 a year
net flow, trailing month
11Kavg daily volume, 30 days
468holdings · US-domiciled
2021listed September 26, 2021 · beta 0.18
The book at a glance
3.8%1.6%1.5%1.3%1.2%0.8%0.8%0.7%0.7%0.6%0.6%0.6%0.6%0.6%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%0.5%

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1SPDR BLACKSTONE SENIOR LOAN ETF3.81%
2BCMM 2025-1A A1 144A 6.26054 07/17/20371.61%
3NUVEEN FLOAT RATE INC FD1.45%
4US Dollar1.26%
5INVESCO VAN KAMPEN SENIOR INCOME TRUST1.20%
6NISSAN MO 4.81% 09/17/300.78%
7ARDONAGH GROUP TLB S+300 6.8281 02/15/20310.78%
8UNICREDIT SPA 144A W/O RTS 7.296 04/02/20340.72%
9COLUMBUS MCKINNON TLB S+350 7.2322 02/03/20330.66%
10CIVITAS RESOURCES INC COMPANY GUAR 144A 06/33 9.6250.64%
11BANCO MERC NORTE USD 144A W/O RTS 8 10/24/21740.61%
12PETSMART TLB S+400 7.7244 08/18/20320.59%
13LUMMUS TLB S+250 6.2309 12/31/20290.59%
14S&S HOLDINGS TLB S+500 FL50 (31) 8.7244 10/01/20310.56%
15STONEX ESCROW ISSUER LLC 144A0.55%

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Sector weights
Other100%
Communication Services89%
Corporate58.15%
Loans15.63%
Cash9.87%
Securitized9.6%
Industrials7.45%
ETF4.57%
Healthcare3.55%
Miscellaneous2.18%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Country weights
United States100%
Other100%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week-0.7%
1 month-0.1%
3 months-1.6%
6 months-3.4%
YTD-2.8%
1 year-3.4%
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week
1 month
3 months
YTD
1 year

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

The risk read
4%realized volatility, 30 days (annualized)
4%realized volatility, 1 year
-4.2%deepest fall from a peak, 1 year
-4.2%where it sits vs. that peak today

The top holding is 3.8% of the book; the top ten carry 13%. Spread across 250+ names, it behaves like roughly 147 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

The case against OBND

Due diligence cuts both ways. These funds sit on the same shelf and beat OBND on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
STIP iShares 0-5 Year TIPS Bond ETF0.03%$16B+$288M-52bp on fee · 280× the assets · +$288M in over the monthHead-to-head
MBB iShares MBS ETF0.04%$39B+$26M-51bp on fee · 681× the assets · +$26M in over the monthHead-to-head
IJH iShares Core S&P Mid-Cap ETF0.05%$128.4B+$547M-50bp on fee · 2243× the assets · +$547M in over the monthHead-to-head
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF0.04%$23.4B+$520M-51bp on fee · 409× the assets · +$520M in over the monthHead-to-head
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF0.04%$18.7B+$312M-51bp on fee · 326× the assets · +$312M in over the monthHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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