The State Street Blackstone High Income ETF (HYBL) is an actively managed fund designed to deliver an attractive overall return and significant current income. It strives to achieve this with lower price fluctuations compared to broader bond and loan markets throughout various economic cycles. Its portfolio consists of higher-yielding corporate debt, senior secured loans, and portions of U.S. collateralized loan obligations (CLOs). The fund employs a dual-pronged investment strategy: a top-down asset allocation framework guides the proportion of capital dedicated to each asset class, considering broad economic trends, market dynamics, underlying financial health, and relative value opportunities; concurrently, a bottom-up approach to security selection is used to populate the portfolio, where individual holdings are chosen based on rigorous fundamental credit analysis within each asset class.