SPDR® Dorsey Wright® Fixed Income Allocation ETF

DWFI

Key Features

  • The SPDR® Dorsey Wright® Fixed Income Allocation ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Dorsey Wright Fixed Income Allocation Index (the "Index")
  • Seeks to provide fixed income exposure that takes advantage of Dorsey, Wright® & Associates' (DWA) rules-based, signal-driven and momentum-focused technical index methodology
  • Seeks to capture the strongest fixed income trends based on price momentum, while mitigating the weakest, to complement a diversified core bond exposure

Fund Information

As of 12/09/2019
Ticker Symbol DWFI
Primary Benchmark Dorsey Wright Fixed Income Allocation Index
Secondary Benchmark Bloomberg Barclays U.S. Aggregate Bond Index
CUSIP 78468R713
Options Available No
Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

0.60%
Inception Date 06/01/2016
Investment Manager SSGA Funds Management, Inc.
Management Team Global Equity Beta Solutions
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Monthly
Exchange Nasdaq Global Market

Fund Documents

Fund Performance

MONTH END As of 11/30/2019 QUARTER END As of 09/30/2019
1 Month0.01%-0.90%
QTD-0.12%1.45%
YTD8.63%8.76%
1 Year7.74%4.51%
3 Year3.14%1.35%
5 YearN/AN/A
10 YearN/AN/A
Inception
2.05%2.19%
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Fund Characteristics

As of 12/05/2019
Number of Holdings 4

Fund Market Price

As of 12/05/2019
Bid/Ask $23.40
Closing Price $23.40
Day High $23.41
Day Low $23.35
Exchange Volume (shares) 4,606
Premium/Discount

Premium/Discount to NAV

Shows the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds calculated as ((4PM Bid/Ask – Closing NAV)  /  Closing NAV * 100)

0.02%

Yields

As of 12/05/2019
30 Day SEC Yield

30 Day SEC Yield

(Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price.

3.31%
Fund Dividend Yield

Fund Dividend Yield

The sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

3.71%

Fund Net Asset Value

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

As of 12/05/2019
NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$23.39
Shares Outstanding 5.08 M
Total Net Assets $118.71 M

Index Characteristics

As of 12/05/2019
Number of Holdings 4

Fund Net Cash Amount

As of 12/05/2019
Net Cash Amount $109,269.30

Purchase Information

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions apply.

Performance Chart

Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
06/01/2016
Month End
NAV 11/30/2019 0.01% -0.12% 8.63% 7.74% 3.14% N/A N/A 2.05%
Market Value 11/30/2019 0.07% -0.05% 8.69% 7.84% 3.03% N/A N/A 2.07%
Return after Taxes on Distributions 11/30/2019 -0.09% -0.32% 7.25% 6.00% 1.45% N/A N/A 0.50%
Return after Taxes on Distributions and Sale of Fund Shares 11/30/2019 0.00% -0.07% 5.09% 4.57% 1.73% N/A N/A 0.95%
Dorsey Wright Fixed Income Allocation Index
Primary Index
11/30/2019 0.06% -0.03% 8.76% 7.81% 2.86% N/A N/A 2.06%
Bloomberg Barclays U.S. Aggregate Bond Index
Secondary Index
11/30/2019 -0.05% 0.25% 8.79% 10.79% 4.10% 3.08% 3.59% 3.25%
Quarter End
NAV 09/30/2019 -0.90% 1.45% 8.76% 4.51% 1.35% N/A N/A 2.19%
Market Value 09/30/2019 -0.88% 1.45% 8.74% 4.53% 1.28% N/A N/A 2.19%
Return after Taxes on Distributions 09/30/2019 -1.02% 1.06% 7.59% 2.71% -0.31% N/A N/A 0.63%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 -0.54% 0.85% 5.17% 2.66% 0.37% N/A N/A 1.05%
Dorsey Wright Fixed Income Allocation Index
Primary Index
09/30/2019 -0.90% 1.46% 8.79% 4.41% 1.25% N/A N/A 2.18%
Bloomberg Barclays U.S. Aggregate Bond Index
Secondary Index
09/30/2019 -0.53% 2.27% 8.52% 10.30% 2.92% 3.38% 3.75% 3.34%
Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
06/01/2016
Month End
NAV 11/30/2019 0.01% -0.12% 8.63% 7.74% 3.14% N/A N/A 2.05%
Market Value 11/30/2019 0.07% -0.05% 8.69% 7.84% 3.03% N/A N/A 2.07%
Return after Taxes on Distributions 11/30/2019 -0.09% -0.32% 7.25% 6.00% 1.45% N/A N/A 0.50%
Return after Taxes on Distributions and Sale of Fund Shares 11/30/2019 0.00% -0.07% 5.09% 4.57% 1.73% N/A N/A 0.95%
Dorsey Wright Fixed Income Allocation Index
Primary Index
11/30/2019 0.06% -0.03% 8.76% 7.81% 2.86% N/A N/A 2.06%
Bloomberg Barclays U.S. Aggregate Bond Index
Secondary Index
11/30/2019 -0.05% 0.25% 8.79% 10.79% 4.10% 3.08% 3.59% 3.25%
Quarter End
NAV 09/30/2019 -0.90% 1.45% 8.76% 4.51% 1.35% N/A N/A 2.19%
Market Value 09/30/2019 -0.88% 1.45% 8.74% 4.53% 1.28% N/A N/A 2.19%
Return after Taxes on Distributions 09/30/2019 -1.02% 1.06% 7.59% 2.71% -0.31% N/A N/A 0.63%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 -0.54% 0.85% 5.17% 2.66% 0.37% N/A N/A 1.05%
Dorsey Wright Fixed Income Allocation Index
Primary Index
09/30/2019 -0.90% 1.46% 8.79% 4.41% 1.25% N/A N/A 2.18%
Bloomberg Barclays U.S. Aggregate Bond Index
Secondary Index
09/30/2019 -0.53% 2.27% 8.52% 10.30% 2.92% 3.38% 3.75% 3.34%
Swipe to view all columns
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Gross Expense Ratio: 0.60%

Performance Graphs

Month End as of 11/30/2019

Fund Inception Date: 06/01/2016

Inception Date of Primary Index: 02/22/2016

Inception Date of Secondary Index: 01/01/1976

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Quarter End as of 09/30/2019

Fund Inception Date: 06/01/2016

Inception Date of Primary Index: 02/22/2016

Inception Date of Secondary Index: 01/01/1976

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Fund Top Holdings

Subject to change.

Subject to change.

As of 12/05/2019
Name Weight Shares Held
SPDR Portfolio Long Term Corporate Bond ETF 25.40 % 998,968
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF 24.96 % 583,619
SPDR Portfolio Intermediate Term Corporate Bond ETF 24.89 % 835,878
SPDR Bloomberg Barclays High Yield Bond ETF 24.76 % 271,194

Index Top Holdings

As of 12/05/2019
Name Weight
SPDR Portfolio Long Term Corporate Bond ETF 25.39 %
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF 24.96 %
SPDR Portfolio Intermediate Term Corporate Bond ETF 24.89 %
SPDR Bloomberg Barclays High Yield Bond ETF 24.76 %

Fund Asset Allocation

As of 12/05/2019
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Index Asset Allocation

As of 12/05/2019
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In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.

Unless otherwise noted all information contained herein is that of the SPDR® Dorsey Wright® Fixed Income Allocation ETF.

The Fund is not sponsored or sold by Dorsey, Wright & Associates, LLC (collectively with its parent companies and affiliates, “Dorsey Wright”). Dorsey Wright makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of trading in the Fund.

Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.  Dorsey Wright and State Street are not affiliated.

Global Equity Beta Solutions

Co-Head, Global Equity Beta Solutions Michael J. Feehily Senior Managing Director Show BioHide Bio

Mike is a Senior Managing Director and the Head of Global Equity Beta Solutions in the Americas. He is also a member of the Senior Leadership Team and is a voting member on the firm's Trade Management Oversight Committee and the North America Product Committee.

Mike rejoined SSGA in 2010 after spending four years in State Street Global Markets where he helped to build the Global Exposure Solutions business. This group created and managed portfolios that were designed to meet the short-term market exposure needs of our institutional clients. Prior to this Mike had been Head of the US Passive Equity Team within SSGA, which he originally joined in 1997. He began his career at State Street within the Global Services division in 1992.

Mike received a Bachelor of Science Degree from Babson College in Finance, Investments, and Economics. He received an MBA in Finance from Bentley College and also earned the Chartered Financial Analyst designation. He is a member of the CFA Institute and the Boston Security Analysts Society. Mike is also a former member of the Russell Index Client Advisory Board.

Deputy Head of GEBS - Americas Karl A. Schneider Managing Director Show BioHide Bio

Karl Schneider, CAIA, is a Managing Director of SSGA and Deputy Head of Global Equity Beta Solutions (GEBS) in the Americas. He also serves as a senior portfolio manager for a number of the group's passive equity portfolios. Previously within GEBS, he served as a portfolio manager and product specialist for US equity strategies and synthetic beta strategies, including commodities, buy/write, and hedge fund replication. He is also a member of the S&P Dow Jones US Equities Index Advisory Panel.

Prior to joining the GEBS team, Mr. Schneider worked as a portfolio manager in SSGA's Currency Management Group, managing both active currency selection and traditional passive hedging overlay portfolios. He joined SSGA in 1997.

Mr. Schneider holds a BS in Finance and Investments from Babson College and also an MS in Finance from Boston College. He has earned the Chartered Alternative Investment Analyst designation and is a member of the CAIA Association.

Senior Portfolio Manager Ray Donofrio Vice President Show BioHide Bio

Raymond Donofrio is a Vice President within SSGA and a Senior Portfolio Manager in the Global Equity Beta Solutions Group. Ray is currently responsible for managing various equity index funds, with both domestic and international strategies.

Prior to his current role, Ray was an Analyst for SSGA's Strategy and Research group within the Global ETF Group. He began his career as an associate within the Investment Operations team at SSGA. He supported the Portfolio Managers of the Global Equity Beta Solutions team, mainly focusing on international strategies.

Ray received his bachelor of science degree in financial services from Bryant University, and his MBA with a concentration in Finance from Boston University's Questrom School of Business.

After Tax Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

Dorsey Wright Fixed Income Allocation Index

The Dorsey Wright Fixed Income Allocation Index is owned and developed by Dorsey, Wright & Associates (the "Index Provider") and is constructed pursuant to the Index Provider's proprietary methodology. The selection universe for the Index (the "SelectionUniverse") includes U.S.-listed fixed income ETFs advised by SSGA FM or its affiliates that are designed to target exposure to fixed income securities, including U.S. and non-U.S. developed and emerging market bonds, treasury bonds, corporate bonds, high yield bonds, inflation-protected bonds, floating rate notes, first lien senior secured floating rate bank loans, U.S nonconvertible preferred stock and other preferred securities, U.S. municipal bonds and U.S. convertible securities.

Bloomberg Barclays U.S. Aggregate Bond Index

The Bloomberg Barclays U.S. Aggregate Bond Index (the "Index") is designed to measure the performance of the U.S. dollar denominated investment grade bond market, which includes investment grade (must be Baa3/BBB- or higher using the middle rating of Moody's Investors Service, Inc., Standard & Poor's Financial Services, LLC, and Fitch Inc.) government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and other asset backed securities that are publicly for sale in the United States. The securities in the Index must have at least 1 year remaining to maturity and must have $300 million or more of outstanding face value. Asset backed securities must have a minimum deal size of $500 million and a minimum tranche size of $25 million. For commercial mortgage backed securities, the original aggregate transaction must have a minimum deal size of $500 million, and a minimum tranche size of $25 million; the aggregate outstanding transaction sizes must be at least $300 million to remain in the Index. In addition, the securities must be U.S. dollar denominated, fixed rate, non-convertible, and taxable. The Index is market capitalization weighted.

Important Risk Information

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund.

Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates raise, bond prices usually fall), issuer default risk, issuer credit risk, liquidity risk and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

Investment risk of the fund is subject to the risks of the underlying investments, which may include actively managed funds. Market fluctuations may alter the asset allocation of the underlying index which will result in a different risk profile from time to time.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Momentum Risk: The Fund employs a "momentum" style of investing that emphasizes investing in securities that have had higher recent price performance compared to other securities. This style of investing is subject to the risk that these securities may be more volatile than a broad cross-section of securities or that the returns on securities that have previously exhibited price momentum are less than returns on other styles of investing or the overall stock market. Momentum can turn quickly and cause significant variation from other types of investments.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Passively managed funds hold a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Glossary

Premium Discount to NAV

As of 12/05/2019
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Dorsey Wright® Fixed Income Allocation ETF DWFI $23.39 $23.40 $23.40 0.02%
Download Fund Data

x axis: # of days y axis: # Premium/Discount percentage

The above information is provided to show the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Centralized Systematic Valuation Aggregated Cash Flow (ACF) File

This information provided is calculated by Bloomberg Finance L.P., a third party not affiliated with SSGA. Neither SSGA nor its affiliates assume any liability for or guarantee the timeliness, accuracy and completeness of the information provided. The information provided is as of the date indicated and is subject to change.

This analysis or any portion thereof may not be revised or changed in any way, reprinted, sold or redistributed without the written consent of SSGA.

This cash flow table and the data contained herein (together, "Content") is provided for informational purposes only, on an "as is" basis. No source of Content, or any of its affiliates (each a "Source"), makes any warranty, express or implied, that the Content is accurate, complete or error-free, and it should not be relied upon as such. No Source guarantees the timeliness, reliability, performance, continued availability, or currency of the Content or any results obtained therefrom. No Source shall be liable for any damages, including without limitation, any special, punitive, indirect, incidental or consequential damages, or any lost profits, arising from the use of or reliance on the Content, even if advised of the possibility of such damages. Nothing in the Content shall constitute or be construed as an offering of financial instruments by any Source, or as investment advice or recommendations by such entities of an investment strategy or whether or not to "buy", "sell" or "hold" an investment.

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