HYBL: Would Go For More Duration And Lower Credit Exposure

2025-08-27 10:45:14 ET

The SPDR® Blackstone High Income ETF ( HYBL ) is an actively managed fixed income fund that is trying to beat the Bloomberg US Aggregate Bond Index as a benchmark. It seems to be doing so rather successfully, though the outperformance is really marginal net of fees, which are not low at 0.7% . On a go-forward basis, we'd opt for passive fixed income funds, maybe on the longer duration side, and maybe with less credit risk. We think that changes in credit spreads could start offsetting the performance of credit-exposed ETFs, with credit spreads currently at historically low levels. There are also fees to save in moving to passively managed funds. It's been a good performance, but we'd rather see longer duration and less credit risk from here....

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