Half Bonds, Half Loans: The Blend Inside State Street Blackstone SBHI (ASX:SBHI)

Sonal Goyal

28 October 2026 12:31 PM AEDT

Half Bonds, Half Loans: The Blend Inside State Street Blackstone SBHI (ASX:SBHI)

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key Highlights

State Street Blackstone High Income (AUD Hedged) Active ETF (ASX:SBHI) aims to outperform a composite of 50% high yield bonds and 50% high yield senior loans.
The portfolio is held through State Street Blackstone High Income ETF, which represents 99.05% of assets.
The fund has a management fee of 0.70%.

As of 27 October, State Street Blackstone High Income (AUD Hedged) Active ETF (ASX:SBHI) targets a 50/50 composite of high yield bonds and high yield senior loans through a US-listed underlying fund. It was admitted on 7 August 2026 and charges 0.70%.

Key Fact	Detail
Fund	State Street Blackstone High Income (AUD Hedged) Active ETF
ASX code	SBHI
Issuer	State Street
Category	Non Investment Grade Debt
Benchmark	Morningstar LSTA US LL TR Hdg AUD
ISIN	AU0000477721
Admitted to the ASX	7 August 2026
Fund size	Not disclosed
Management fee	0.70%
Holdings	A single underlying fund
Latest distribution	Interim, $0.284 per unit (ex-date 8 Oct 2026; payment 23 Oct 2026)

A Composite Objective

The fund seeks to beat a composite benchmark made up equally of high yield bonds and high yield senior loans, with less volatility than the general bond and loan markets over full market cycles. It reaches its exposure through shares in the State Street Blackstone High Income ETF (HYBL), which makes up 99.05% of the portfolio. The ASX lists the Morningstar LSTA US LL TR Hdg AUD index as its benchmark.

Allocation and Issuers

Bonds are 96.18% of the portfolio, cash 3.79% and stocks 0.03%. Look-through issuers are mostly American (80.04%), with the Cayman Islands at 9.82%, Canada at 2.74%, the United Kingdom at 2.49%, Japan at 1.43% and Australia at 1.33%. The category description notes that average credit quality is below investment grade.

Distribution Schedule

The most recent distribution on record is an interim distribution of $0.284 per unit, with an ex-date of 8 October 2026, a record date of 9 October 2026 and payment on 23 October 2026.

Recent Filings

On the filings front, a distribution dates announcement on 1 October 2026, an estimated distribution announcement on 7 October, a final distribution announcement on 8 October and distribution reinvestment prices on 14 October 2026.

Category Context

State Street Blackstone High Income (AUD Hedged) Active ETF is classified as Non Investment Grade Debt. Funds in this category invest in Australian and/or global credit securities and typically focus on active credit selection to deliver higher returns than government bonds. The average credit quality is below investment grade, and holdings can include emerging-market debt, junk bonds, structured credit and unrated issues.

Benchmark and Listing History

The fund is benchmarked to the Morningstar LSTA US LL TR Hdg AUD index. The fund is relatively new, having been admitted to the ASX on 7 August 2026. It is issued by State Street under ISIN AU0000477721. The management fee is 0.70%.

Reading the Distribution Dates

The ex-date is the first day on which units trade without the right to the next distribution. The record date is when entitlements are determined from the register, and the payment date is when the distribution is paid to eligible holders.

Closing Notes

SBHI blends two kinds of high yield debt in a single AUD hedged fund. The latest distribution was an interim payment of $0.284 per unit on 23 October 2026.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.