ETF Evaluator: State Street® Blackstone High Income ETF () Follow This ETF

State Street® Blackstone High Income ETF Overview

State Street® Blackstone High Income ETF (HYBL) is an actively managed Taxable Bond High Yield Bond exchange-traded fund (ETF). State Street Investment Management launched the ETF in 2022.

The investment seeks to provide risk-adjusted total return and high current income. Under normal circumstances, the Sub-Adviser will invest the fund's assets primarily in U.S. dollar denominated high yield debt securities. High yield debt securities include high yield corporate bonds, senior loans and debt tranches of U.S. collateralized loan obligations (“CLOs”). The fund will invest in CLOs to gain indirect exposure to senior loans. It may invest in debt securities of any maturity. The fund may invest up to 100% of its net assets in either high yield corporate bonds or senior loans. It is non-diversified.

About State Street® Blackstone High Income ETF (HYBL)

There are 4 members of the management team with an average tenure of 4.45 years: Daniel McMullen (2022), Paul Harrison (2022), Adam Dwinells (2022) and Bonnie Brookshaw (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 3 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100%, Morningstar LSTA US LL TR USD index with a weighting of 50% and ICE BofA US HY Constnd TR USD index with a weighting of 50%. State Street® Blackstone High Income ETF has 632 securities in its portfolio. The top 10 holdings constitute 11.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

State Street® Blackstone High Income ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. State Street® Blackstone High Income ETF has 18.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.4% (77.9% domestic bond, 18.5% foreign bond and 0.0% convertible bond). State Street® Blackstone High Income ETF has 3.6% of the portfolio in cash.

Assets Under Management

The fund has $571 million in total assets, which is below the $1 billion average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

HYBL Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The State Street® Blackstone High Income ETF expense ratio is above average compared to funds in the High Yield Bond category. State Street® Blackstone High Income ETF has an expense ratio of 0.70%, which is 75% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. State Street® Blackstone High Income ETF has a portfolio turnover rate of 192%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the High Yield Bond category.

Recently, in the month of July 2026, State Street® Blackstone High Income ETF returned 0.5%, which earned it a grade of A, as the High Yield Bond category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

State Street® Blackstone High Income ETF has a trailing yield of 7.07%, which is above the 6.77% category average. The fund normally distributes its income monthly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

State Street® Blackstone High Income ETF Grades

Year to date, the ETF has returned 1.8%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 5.1% over the past year (grade of C) and 8.1% over the past three years (grade of B).

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