SPAB vs ZHOG

SPABAState Street SPDR Portfolio Aggregate Bond ETF

ZHOGCF/m Opportunistic Income ETF

In short

SPAB A 2007-vintage core bond fund priced at 0.03%: roughly 8,500 US investment-grade bonds in one ticket, at the same rock-bottom fee the household names charge for the same index.

ZHOG A go-anywhere active bond fund in a category ruled by index trackers. F/m's team roams U.S. fixed income for relative value, keeps duration short and average credit quality investment grade, and pays monthly. Fee: 0.43%, no waiver.

Stated mandate

SPAB The fund seeks to track the price and yield performance of the Bloomberg U.S. Aggregate Bond Index before fees and expenses, providing broad exposure to U.S.-dollar-denominated investment-grade bonds.

ZHOG The Fund seeks attractive income by identifying undervalued and opportunistic sectors and securities in U.S. fixed-income markets, while generally limiting duration and maintaining average investment-grade credit quality.

Why people hold it

• SPAB 0.03% a year against a 0.36% median for its peer group, and the same ticket price as AGG, SCHZ and BBAG on the identical index.
• Roughly 8,500 dollar-denominated investment-grade bonds in one line item, tracking the Bloomberg U.S. Aggregate Bond Index. Diversification you could not assemble bond by bond.ssga.com
• Trades actively and has tracked its index closely, putting it among the stronger implementations in the core-bond group.
• Running since 2007, now a multi-billion-dollar fund, and it pays monthly rather than quarterly.

• ZHOG Active and unconstrained: the mandate hunts undervalued sectors and securities across U.S. fixed income while generally limiting duration and keeping average credit quality investment grade.fminvest.com
• A focused book of roughly 60 positions, so the holdings list is short enough to actually read and see where the managers are leaning.
• Income is paid out monthly.
• Since January 1, 2026 it measures itself against the Bloomberg Short-Term U.S. Aggregate Index, a short-duration yardstick, while staying actively managed rather than tracking it.fminvest.com

Worth knowing

• SPAB Bond prices move opposite yields. When rates rise the index falls and the fund follows it down; a 0.03% fee cannot cushion that.
• AGG, SCHZ and BBAG hold the same declared index at the same 0.03%. Picking among them comes down to spreads and platform, not the portfolio.
• Investment grade and US dollar only by mandate: high yield and foreign-currency debt sit outside the remit.ssga.com

• ZHOG At 0.43% (gross and net, no fee waiver) it sits above the category median, and well above index anchors like AGG, BND and SCHZ at 0.03%.
• A small fund that trades lightly, so spreads and order size matter more here than with the category's giants.
• Outcomes ride on the team's calls, and that team was reshuffled effective January 1, 2026. The fund itself only launched in 2023.fminvest.com

Full SPAB profile⁠

Full ZHOG profile⁠