RJVI vs SPBO

RJVICRJ Eagle Vertical Income ETF

SPBOAState Street SPDR Portfolio Corporate Bond ETF

In short

RJVI Most investment-grade corporate bond funds buy the bond and stop there. RJVI roams the whole capital stack, holding a company's bonds, preferred shares or common stock, wherever the income case looks strongest.

SPBO The whole investment-grade corporate bond market in one ticker for three basis points. Most rivals sell you a maturity slice; SPBO owns the lot, and it undercuts other funds tracking the very same Bloomberg index.

Stated mandate

RJVI The fund seeks current income, with long-term capital appreciation as a secondary objective. It uses a capital-structure-agnostic approach, primarily investing in investment-grade corporate bonds while opportunistically investing in preferred stock or common stock when they offer greater risk-adjusted income potential.

SPBO The fund seeks investment results that generally correspond, before fees and expenses, to the price and yield performance of the Bloomberg U.S. Corporate Bond Index.

Why people hold it

• RJVI Capital-structure-agnostic by design: mostly investment-grade corporate bonds, with room to move into preferred or common stock when those offer better risk-adjusted income.
• The mandate is specific for an active fund: current income first, long-term appreciation second, and the portfolio lines up closely with what the prospectus describes.
• One decision instead of three: the bond, preferred and common-stock income mix is the manager's call rather than something you assemble from separate funds.

• SPBO 0.03% a year against a category median of 0.19%. In bond land, where the yield does the heavy lifting, that fee gap is not a rounding error.
• Thousands of corporate bonds across the full maturity range, so you hold the broad IG corporate market instead of one duration bucket.ssga.com
• Same index, very different tolls: KORP charges 0.29%, JLQD 0.35%, JHCB 0.53%. SPBO sits at the cheap end of that list.
• Running since 2011, pays monthly, and tracks its benchmark about as closely as anything in the investment-grade corporate group.

Worth knowing

• RJVI At 0.51%, it costs well above index rivals in the same aisle like VCIT (0.03%) and IGIB (0.04%). The flexibility is what the extra buys.
• It launched in October 2025, so there's a short history and no full credit cycle to judge the approach against.
• This is a young, small fund rather than one of the category's heavily traded giants, which can show up as wider bid/ask spreads.

• SPBO Full maturity range means long-dated paper is in the mix, so the price moves more when rates move than short-maturity peers like IGSB or SPIB.
• Corporate credit only. No Treasuries or mortgages to lean on, so the fund rides the health of corporate borrowers as well as the rate cycle.ssga.com
• Investment grade by design, US issuers only. No high-yield or emerging-market bonds in the basket.

Full RJVI profile⁠

Full SPBO profile⁠