Overview
Investment-grade corporate bonds maturing in one to ten years — the yield sweet spot of the credit curve at a 0.04% fee.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| BAC | Bank of America bonds | 2.4% |
| JPM | JPMorgan Chase bonds | 2.3% |
| MS | Morgan Stanley bonds | 1.9% |
| WFC | Wells Fargo bonds | 1.7% |
| GS | Goldman Sachs bonds | 1.6% |
| C | Citigroup bonds | 1.4% |
| T | AT&T bonds | 1.3% |
| CMCSA | Comcast bonds | 1.1% |
| ABBV | AbbVie bonds | 1.1% |
| PFE | Pfizer bonds | 1.0% |
Fund Details
Investment Thesis
Intermediate corporates are where credit pays best per unit of pain: most of the yield of long bonds with a fraction of the duration risk, from investment-grade borrowers with low default rates. SPIB packages 4,500 of them for four basis points and pays monthly. It is the workhorse income holding — never spectacular, compounding a 4.5%+ yield while Treasuries handle the crisis insurance elsewhere in the portfolio.
Who It's For
Income builders who want corporate yield without long-bond volatility or junk-bond credit risk. Slots between a Treasury fund and a high-yield fund as the sensible middle of a bond ladder.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $31.66 | -- |
| 2017 | $32.29 | +2.0% |
| 2018 | $31.65 | -2.0% |
| 2019 | $34.18 | +8.0% |
| 2020 | $36.06 | +5.5% |
| 2021 | $35.52 | -1.5% |
| 2022 | $31.61 | -11.0% |
| 2023 | $32.72 | +3.5% |
| 2024 | $33.04 | +1.0% |
| 2025 | $34.20 | +3.5% |
| Year | Yield |
|---|---|
| 2016 | 2.90% |
| 2017 | 2.80% |
| 2018 | 3.30% |
| 2019 | 3.00% |
| 2020 | 2.40% |
| 2021 | 2.10% |
| 2022 | 3.50% |
| 2023 | 4.40% |
| 2024 | 4.60% |
| 2025 | 4.60% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $4B | -- |
| 2017 | $5B | +25.0% |
| 2018 | $5.5B | +10.0% |
| 2019 | $6B | +9.1% |
| 2020 | $7B | +16.7% |
| 2021 | $7.5B | +7.1% |
| 2022 | $7B | -6.7% |
| 2023 | $8B | +14.3% |
| 2024 | $9.5B | +18.8% |
| 2025 | $11B | +15.8% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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