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SPDR DoubleLine Emerging Markets Fixed Income ETF

Active ETF
EMTL
Payout Change
Pending
Price as of:
$41.59 -0.13 -0.31%
primary theme
Emerging Markets Bond
EMTL (ETF)

SPDR DoubleLine Emerging Markets Fixed Income ETF

Payout Change
Pending
Price as of:
$41.59 -0.13 -0.31%
primary theme
Emerging Markets Bond
EMTL (ETF)

SPDR DoubleLine Emerging Markets Fixed Income ETF

Payout Change
Pending
Price as of:
$41.59 -0.13 -0.31%
primary theme
Emerging Markets Bond

Name

As of 04/16/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

SPDR DoubleLine Emerging Markets Fixed Income ETF

EMTL | Active ETF

$41.59

$81.9 M

5.48%

$2.28

0.65%

Vitals

YTD Return

0.5%

1 yr return

7.1%

3 Yr Avg Return

-1.6%

5 Yr Avg Return

0.8%

Net Assets

$81.9 M

Holdings in Top 10

22.3%

52 WEEK LOW AND HIGH

$41.7
$39.22
$42.28

Expenses

OPERATING FEES

Expense Ratio 0.65%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 77.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 04/16/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

SPDR DoubleLine Emerging Markets Fixed Income ETF

EMTL | Active ETF

$41.59

$81.9 M

5.48%

$2.28

0.65%

EMTL - Profile

Distributions

  • YTD Total Return 0.5%
  • 3 Yr Annualized Total Return -1.6%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.95%
DIVIDENDS
  • Dividend Yield 5.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    SPDR DoubleLine Emerging Markets Fixed Income ETF
  • Fund Family Name
    State Street Global Advisors - advised funds
  • Inception Date
    Apr 13, 2016
  • Shares Outstanding
    1850000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Su Koo

Fund Description

Under normal circumstances, DoubleLine Capital LP (the “Sub-Adviser” or “DoubleLine”) will invest at least 80% of the Fund's net assets (plus the amount of borrowings for investment purposes) in emerging market fixed income securities. The Fund will provide shareholders with at least 60 days' notice prior to any change in this 80% investment policy. Fixed income securities are defined as fixed income securities issued or guaranteed by foreign corporations or foreign governments, including securities issued or guaranteed by companies (including hybrid securities), financial institutions, or government entities in emerging market countries; corporate or government bonds; sovereign debt; structured securities; foreign currency transactions; certain derivatives; preferred securities; zero coupon bonds; credit-linked notes; pass through notes; bank loans; and perpetual maturity bonds. Fixed income securities may have fixed or variable interest rates and any maturity. The Fund may also invest in exchange-traded foreign equity securities and depositary receipts. The Fund will generally invest in securities and/or instruments from at least five emerging market countries, with no more than 20% allocated to a single country. An “emerging market country” is a country that, at the time the Fund invests in the related security or instrument, is classified as an emerging or developing economy by any supranational organization such as the World Bank or the United Nations, or related entities, or is considered an emerging market country for purposes of constructing a major emerging market securities index. A security or instrument is considered to be from an emerging market country if the issuer or guarantor of the security or instrument is either domiciled in an emerging market country or derives a majority of its cash flow or revenue from an emerging market country. Certain fixed income securities held by the Fund may not be registered under the Securities Act of 1933, as amended (“1933 Act”), including securities that are typically purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. These securities are expected to be liquid.
The Fund may invest in fixed income securities of any credit quality, but seeks to invest no more than 20%, at the time of investment, in fixed income securities that are unrated, rated BB+ or lower by S&P Global Ratings or Ba1 or lower by Moody's Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization. Corporate bonds and certain other fixed income securities rated below investment-grade, or such instruments that are unrated and are determined by the Sub-Adviser to be of comparable quality, are high yield, high risk bonds, commonly known as “junk” bonds. The Fund may invest in hybrid securities relating to emerging market countries. A hybrid security may be created by combining an income-producing debt security and the right to receive payment based on the change in the price of an equity security.
The Fund may conduct foreign currency transactions on a spot (i.e., cash) or forward basis (i.e., by entering into forward contracts to purchase or sell foreign currencies). The Fund may also invest in the following derivatives: foreign currency futures; credit default swaps; and options, swaps, futures, and forward contracts on securities. These practices may be used to hedge the Fund's portfolio (e.g., to hedge against currency fluctuations), as well as for investment purposes (e.g., to gain exposure to certain issuers or emerging markets); however, such practices sometimes may reduce returns or increase volatility. All such derivatives will be exchange traded or centrally cleared.
In allocating investments among various emerging market countries, the Sub-Adviser attempts to analyze internal political, market and economic factors. These factors may include public finances, monetary policy, external accounts, financial markets, foreign investment regulations, stability of exchange rate policy, and labor conditions.
In managing the Fund's investments, under normal market conditions, the Sub-Adviser intends to seek to construct an investment portfolio with a weighted average effective duration of no less than two years and no more than eight years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security's price to changes in interest rates. Effective duration is a measure of the Fund's portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage pre-payment rates. The effective duration of the Fund's investment portfolio may vary materially from its target, from time to time, and there is no assurance that the effective duration of the Fund's investment portfolio will not exceed its target. The Fund may invest without limit in investments denominated in any currency, but expects to invest a portion of its assets in investments denominated in the U.S. dollar. Securities held by the Fund may be sold at any time. By way of example, sales may occur when the Sub-Adviser perceives deterioration in the credit fundamentals of the issuer, when the Sub-Adviser believes there are negative macro geo-political considerations that may affect the issuer, when the Sub-Adviser determines to take advantage of a better investment opportunity, or the individual security has reached the Sub-Adviser's sell target.
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EMTL - Performance

Return Ranking - Trailing

Period EMTL Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -6.7% 8.5% 31.13%
1 Yr 7.1% -7.5% 19.8% 49.01%
3 Yr -1.6%* -14.2% 4.1% 34.36%
5 Yr 0.8%* -9.1% 6.1% 37.50%
10 Yr N/A* -5.8% 4.8% 8.88%

* Annualized

Return Ranking - Calendar

Period EMTL Return Category Return Low Category Return High Rank in Category (%)
2023 4.3% -10.6% 17.8% 60.93%
2022 -17.7% -29.1% -2.4% 43.15%
2021 -4.6% -24.0% 2.7% 12.63%
2020 0.0% -14.0% 9.7% 66.30%
2019 7.6% -6.4% 13.0% 63.60%

Total Return Ranking - Trailing

Period EMTL Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -6.7% 8.5% 31.13%
1 Yr 7.1% -7.5% 19.8% 49.01%
3 Yr -1.6%* -14.2% 4.1% 34.36%
5 Yr 0.8%* -9.1% 6.1% 37.50%
10 Yr N/A* -5.8% 4.8% N/A

* Annualized

Total Return Ranking - Calendar

Period EMTL Return Category Return Low Category Return High Rank in Category (%)
2023 9.6% -0.6% 20.0% 79.80%
2022 -14.3% -27.6% -1.7% 56.51%
2021 0.6% -18.5% 7.4% 7.72%
2020 3.5% -7.8% 18.0% 72.46%
2019 12.0% -3.0% 23.0% 71.69%

EMTL - Holdings

Concentration Analysis

EMTL Category Low Category High EMTL % Rank
Net Assets 81.9 M 565 K 14.4 B 65.02%
Number of Holdings 131 4 1833 83.83%
Net Assets in Top 10 18.9 M -134 M 1.25 B 64.69%
Weighting of Top 10 22.34% 5.1% 101.4% 37.00%

Top 10 Holdings

  1. State Street Institutional US Government Money Market Fund 3.96%
  2. Minejesa Capital BV 2.47%
  3. Chile Electricity PEC SpA 2.34%
  4. Banco Internacional del Peru SAA Interbank 2.15%
  5. BBVA Bancomer SA/Texas 2.07%
  6. Mexico Generadora de Energia S de rl 2.02%
  7. Galaxy Pipeline Assets Bidco Ltd 2.01%
  8. Guara Norte Sarl 1.86%
  9. JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc 1.77%
  10. DBS Group Holdings Ltd 1.70%

Asset Allocation

Weighting Return Low Return High EMTL % Rank
Bonds 		94.78% 0.91% 99.54% 42.24%
Cash 		5.22% 0.00% 21.93% 45.87%
Convertible Bonds 		4.43% 0.00% 8.47% 1.00%
Stocks 		0.00% -0.01% 93.55% 57.43%
Preferred Stocks 		0.00% 0.00% 1.28% 38.28%
Other 		0.00% -9.56% 88.17% 69.31%

Bond Sector Breakdown

Weighting Return Low Return High EMTL % Rank
Corporate 		61.64% 0.00% 93.26% 14.67%
Government 		36.08% 0.00% 99.79% 81.33%
Cash & Equivalents 		3.97% 0.00% 23.23% 36.63%
Derivative 		0.00% -1.03% 7.35% 60.07%
Securitized 		0.00% 0.00% 2.41% 41.33%
Municipal 		0.00% 0.00% 0.00% 33.00%

Bond Geographic Breakdown

Weighting Return Low Return High EMTL % Rank
US 		94.78% -42.31% 99.01% 18.15%
Non US 		0.00% 0.00% 132.49% 89.77%

EMTL - Expenses

Operational Fees

EMTL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.65% 0.02% 35.56% 89.74%
Management Fee 0.65% 0.00% 1.10% 32.34%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.65% N/A

Sales Fees

EMTL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.75% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

EMTL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

EMTL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 77.00% 0.00% 218.00% 68.06%

EMTL - Distributions

Dividend Yield Analysis

EMTL Category Low Category High EMTL % Rank
Dividend Yield 5.48% 0.00% 22.27% 66.01%

Dividend Distribution Analysis

EMTL Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

EMTL Category Low Category High EMTL % Rank
Net Income Ratio 2.95% -2.28% 8.00% 91.55%

Capital Gain Distribution Analysis

EMTL Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

EMTL - Fund Manager Analysis

Managers

Su Koo

Start Date

Tenure

Tenure Rank

Apr 13, 2016

6.13

6.1%

Ms. Koo joined DoubleLine in 2009 as Portfolio Manager and Senior Credit Analyst. As part of her research responsibilities, she specializes in the analysis of corporate credits in the sectors of oil & gas, utilities, metals & mining, conglomerates, technology, transportation, and real estate. Prior to DoubleLine, she was a Senior Vice President associated with TCW since 1998. In addition to credit analysis, she was involved in marketing and since 2006 performed increasing portfolio management duties. Previously, Ms. Koo was an Assistant Treasurer at Société Générale involved in Corporate Finance. Prior to that, she was an Assistant Vice President with Bank of America in the Financial Institution Group. Ms. Koo holds a BS in Business Administration from the University of Houston and an MBA in Finance from the University of Southern California.

Mark Christensen

Start Date

Tenure

Tenure Rank

Apr 13, 2016

6.13

6.1%

Mr. Christensen joined DoubleLine Capital LP in 2009 as a Portfolio Manager, Co-Portfolio Manager, Senior Credit Analyst and Head of Emerging Markets Corporate Research. As part of his research responsibilities, he covers corporate credits in the following sectors: telecommunications, media, aerospace, banking, pulp & paper, chemical, petroleum refining, infrastructure, gaming and retail. Prior to DoubleLine, he was a Managing Director associated with TCW since 1991, where he had been involved in building and managing TCW emerging markets fixed income business, including trading, marketing, and credit research, and portfolio management. Mr. Christensen graduated from Brigham Young University with a BS in Business Management with an emphasis in International Finance.

Luz Padilla

Start Date

Tenure

Tenure Rank

Apr 13, 2016

6.13

6.1%

Ms. Padilla joined DoubleLine in 2009 as the Director of the Emerging Markets Group and is the lead Portfolio Manager. Prior to DoubleLine, she was a Managing Director at TCW. She began working at TCW in 1994, where she had served in a number of roles of increasing responsibility with the group, including Credit Analyst, Director of Research, Co-Portfolio Manager since December 2001, and lead Portfolio Manager since October 2006. She was involved in all aspects of building and managing TCW's Emerging Markets Fixed Income business including credit, securitization, trading and marketing. Ms. Padilla attended University of California at Berkeley as a fellow of the Robert A. Toigo Foundation and graduated with an MBA in 1994. Ms. Padilla received her BA in Economics in 1989 from Stanford University in Palo Alto, California.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 23.87 6.38 6.11

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