CPHY vs SPHY

CPHYCF/m Compoundr High Yield Bond ETF

SPHYAState Street SPDR Portfolio High Yield Bond ETF

In short

CPHY A 2025 arrival in a crowded aisle: CPHY tracks a Nasdaq-built Compoundr index of US high-yield corporate bonds for 0.35%, cheaper than the typical junk-bond ETF but priced above the category's index giants.

SPHY State Street's junk-bond workhorse: roughly 1,900 US high yield bonds in one wrapper for 0.05% a year, a fraction of what the typical high yield ETF charges, with income paid monthly.

Stated mandate

CPHY The Fund seeks to track the Nasdaq Compoundr High-Yield Corporate Bond Index before fees and expenses through a primarily high-yield-bond investment strategy.

SPHY The fund seeks to track, before fees and expenses, the price and yield performance of the ICE BofA US High Yield Index.

Why people hold it

• CPHY Costs 0.35% a year, under the 0.40% median for high-yield bond ETFs, so a bit more of the coupon stays in the fund.
• Rules-based by design: it follows the Nasdaq Compoundr High-Yield Corporate Bond Index, and the portfolio has stayed tight to that stated mandate.
• Simple plumbing: a standard 1940 Act US bond ETF. No leverage, no options overlay, no partnership tax paperwork.

• SPHY 0.05% a year against a peer-group median about eight times higher. In high yield, the fee comes straight out of coupon income, so the gap does real work.
• Holds about 1,900 bonds tracking the ICE BofA US High Yield Index, broad enough that no single issuer's trouble dominates the portfolio.ssga.com
• Live since 2012, a multi-billion-dollar fund that trades actively and has stuck tightly to its stated index rather than drifting from the mandate.
• Distributions arrive monthly, in step with how the underlying coupons come in.

Worth knowing

• CPHY The big index rivals cost far less (SCYB at 0.03%, SPHY at 0.05%), so the fee edge holds against the category's middle, not its leaders.
• Launched in August 2025, so the live record is short, and below-investment-grade bonds can fall hard when credit spreads widen.
• It trades lightly next to the category's heavyweights, which makes bid/ask spreads and order type more consequential.

• SPHY This is below-investment-grade credit. Defaults and spread moves drive the price far more than Treasury yields do, and sell-offs in this asset class can be sharp.
• Fees here are already near the floor: SCYB lists 0.03% and HYLB matches at 0.05%, so the cost edge over the strongest peers is narrow.
• Scope is US high yield corporates, full stop. No investment-grade ballast, no emerging market debt, nothing to soften a credit drawdown from inside the fund.ssga.com

Full CPHY profile⁠

Full SPHY profile⁠