SPDR® DoubleLine® Total Return Tactical ETF

TOTL

Key Features

  • The SPDR® DoubleLine® Total Return Tactical ETF seeks to maximize total return
  • Provides actively managed core fixed income exposure benchmarked to the Bloomberg Barclays US Aggregate Bond Index
  • Combines traditional and non-traditional fixed income asset classes with the goal of maximizing total return over a full market cycle through active sector allocation and security selection
  • Seeks to outperform the benchmark, in part by exploiting mispriced areas of the bond market while also including asset classes not included in the index such as high yield bonds and emerging markets debt

Fund Information

As of 12/05/2019
Ticker Symbol TOTL
Primary Benchmark Bloomberg Barclays U.S. Aggregate Bond Index
CUSIP 78467V848
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.

0.65%
Net Expense Ratio

^ SSGA Funds Management, Inc. ("SSGA FM" or "Adviser") has contractually agreed to waive its management fee and/or reimburse certain expenses, until October 31, 2020, so that the net annual Fund operating expenses, before application of any fees and expenses not paid by the Adviser pursuant to the Investment Advisory Agreement, if any, are limited to 0.55% of the Fund's average daily net assets. The contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and after October 31, 2020, the waiver and/or reimbursement may be cancelled or modified at any time. This waiver and/or reimbursement may not be terminated prior to October 31, 2020 except with the approval of the SSGA Active Trust's Board of Trustees.

0.55%
Inception Date 02/23/2015
Investment Manager SSGA Funds Management, Inc.
Sub-advisor DoubleLine Capital LP
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Monthly
Exchange NYSE ARCA EXCHANGE

Fund Documents

Fund Performance

MONTH END As of 10/31/2019 QUARTER END As of 09/30/2019
1 Month0.29%-0.23%
QTD0.29%1.24%
YTD6.88%6.57%
1 Year8.43%7.64%
3 Year2.97%2.73%
5 YearN/AN/A
10 YearN/AN/A
Inception
2.83%2.81%
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 12/04/2019
Average Coupon

Average Coupon

The [market value] weighted average coupon of the bonds in a portfolio.

3.13%
Average Maturity in Years 5.63
Average Price $100.27
Average Yield To Worst

The lowest potential yield that can be received on a bond without the issuer actually defaulting. The YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.

2.61%
Current Yield

Current Yield

A bond's annual return based on its annual coupon payments and current price (as opposed to its original price or face). The formula for current yield is a bond's annual coupons divided by its current price. When aggregating Current Yield for a portfolio level statistic, the weighted average of the Current Yield and market value for each security is used.

3.51%
Number of Holdings 950
Option Adjusted Duration

Option Adjusted Duration

An option-adjusted measure of a bond's (or portfolio's) sensitivity to changes in interest rates calculated as the average percentage change in a bond's value (price plus accrued interest) under shifts of the Treasury curve +/- 100 bps. Incorporates the effect of embedded options for corporate bonds and changes in prepayments for mortgage-backed securities.

3.83 years
Option Adjusted Spread 68.38
Yield To Maturity

Yield to Maturity

The market weighted average rate of return anticipated on the bonds held in a portfolio if they were to be held to their maturity date.

2.77%

Fund Market Price

As of 12/04/2019
Bid/Ask $48.90
Closing Price $48.90
Day High $48.92
Day Low $48.86
Exchange Volume (shares) 7,669
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)

-0.03%

Yields

As of 12/03/2019
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.

2.75%
30 Day SEC Yield (Unsubsidized)

30 Day SEC Yield (Unsubsidized)

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 that does not account for expense ratio waivers.

2.65%
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.

3.36%

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 12/04/2019
NAV

NAV

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

$48.92
Shares Outstanding 68.05 M
Total Net Assets $3,328.81 M

Index Characteristics

As of 12/04/2019
Average Coupon 3.24%
Average Maturity in Years 8.08
Average Price $106.61
Average Yield To Worst 2.29%
Convexity 0.24%
Current Yield 3.00%
Number of Holdings 10,982
Option Adjusted Duration 5.88 years
Option Adjusted Spread 43.56
Yield To Maturity 2.30%

Fund Net Cash Amount

As of 12/04/2019
Net Cash Amount -$9,112,386.48

Purchase Information

Buying and Selling ETFs

ETFs are flexible and relatively 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.

State Street Global Markets, LLC is the distributor for all registered products on behalf of the advisor. SSgA Funds Management, Inc. has retained DoubleLine Capital LP as the sub-advisor.

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
02/23/2015
Month End
NAV 10/31/2019 0.29% 0.29% 6.88% 8.43% 2.97% N/A N/A 2.83%
Market Value 10/31/2019 -0.03% -0.03% 6.68% 8.34% 2.81% N/A N/A 2.81%
Return after Taxes on Distributions 10/31/2019 0.19% 0.19% 5.79% 6.90% 1.57% N/A N/A 1.47%
Return after Taxes on Distributions and Sale of Fund Shares 10/31/2019 0.17% 0.17% 4.06% 4.96% 1.64% N/A N/A 1.54%
Bloomberg Barclays U.S. Aggregate Bond Index 10/31/2019 0.30% 0.30% 8.85% 11.51% 3.29% 3.24% 3.73% 3.11%
Quarter End
NAV 09/30/2019 -0.23% 1.24% 6.57% 7.64% 2.73% N/A N/A 2.81%
Market Value 09/30/2019 -0.37% 1.15% 6.71% 8.08% 2.68% N/A N/A 2.87%
Return after Taxes on Distributions 09/30/2019 -0.34% 0.90% 5.59% 6.12% 1.34% N/A N/A 1.46%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 -0.14% 0.74% 3.88% 4.49% 1.46% N/A N/A 1.53%
Bloomberg Barclays U.S. Aggregate Bond Index 09/30/2019 -0.53% 2.27% 8.52% 10.30% 2.92% 3.38% 3.75% 3.10%
Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
02/23/2015
Month End
NAV 10/31/2019 0.29% 0.29% 6.88% 8.43% 2.97% N/A N/A 2.83%
Market Value 10/31/2019 -0.03% -0.03% 6.68% 8.34% 2.81% N/A N/A 2.81%
Return after Taxes on Distributions 10/31/2019 0.19% 0.19% 5.79% 6.90% 1.57% N/A N/A 1.47%
Return after Taxes on Distributions and Sale of Fund Shares 10/31/2019 0.17% 0.17% 4.06% 4.96% 1.64% N/A N/A 1.54%
Bloomberg Barclays U.S. Aggregate Bond Index 10/31/2019 0.30% 0.30% 8.85% 11.51% 3.29% 3.24% 3.73% 3.11%
Quarter End
NAV 09/30/2019 -0.23% 1.24% 6.57% 7.64% 2.73% N/A N/A 2.81%
Market Value 09/30/2019 -0.37% 1.15% 6.71% 8.08% 2.68% N/A N/A 2.87%
Return after Taxes on Distributions 09/30/2019 -0.34% 0.90% 5.59% 6.12% 1.34% N/A N/A 1.46%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 -0.14% 0.74% 3.88% 4.49% 1.46% N/A N/A 1.53%
Bloomberg Barclays U.S. Aggregate Bond Index 09/30/2019 -0.53% 2.27% 8.52% 10.30% 2.92% 3.38% 3.75% 3.10%
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: 0.65%

Net Expense Ratio: 0.55%

Performance Graphs

Month End as of 10/31/2019

Fund Inception Date: 02/23/2015

Index Inception Date: 01/01/1986

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Quarter End as of 09/30/2019

Fund Inception Date: 02/23/2015

Index Inception Date: 01/01/1986

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Fund Top Holdings

Subject to change.

As of 12/04/2019
Name Weight Market Value ISIN
US TREASURY N/B 1.625 05/15/2026 3.29 % 110,079,150.81 US912828R366
US TREASURY N/B 2.25 11/15/2025 3.27 % 109,476,054.82 US912828M565
TREASURY BILL 0 02/27/2020 3.26 % 109,013,271.00 US912796SD25
US TREASURY N/B 2.125 07/31/2024 2.89 % 96,588,530.90 US9128282N91
US TREASURY N/B 2.375 05/15/2029 2.77 % 92,702,880.53 US9128286T26
TREASURY BILL 0 01/02/2020 2.36 % 79,108,893.86 US912796RT85
US TREASURY N/B 2.125 02/29/2024 2.27 % 75,986,812.13 US912828W481
FANNIE MAE 3 10/25/2042 1.75 % 58,500,381.69 US3136AVYV56
TREASURY BILL 0 02/13/2020 1.44 % 48,157,011.71 US912796TF63
FREDDIE MAC 3 03/15/2045 1.12 % 37,359,626.65 US3137BSTE32

Index Top Holdings

As of 12/04/2019
Name Weight
Federal National Mortgage Association 3 03/01/2046 0.80 %
Government National Mortgage Association 3 04/01/2046 0.71 %
Government National Mortgage Association 3.5 04/01/2047 0.70 %
Federal National Mortgage Association 4 05/01/2048 0.65 %
Federal National Mortgage Association 3.5 04/01/2047 0.63 %
Federal Home Loan Mortgage Corporation 3 03/01/2046 0.57 %
Federal National Mortgage Association 3.5 01/01/2045 0.51 %
Federal National Mortgage Association 3 03/01/2049 0.47 %
Federal National Mortgage Association 3.5 03/01/2049 0.47 %
Federal National Mortgage Association 4 03/01/2047 0.46 %

Fund Sector Allocation

As of 12/04/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/04/2019</asOfDate><code>FUND_SECTOR_ALLOCATION</code><attributes><attribute><rawValue>44.4454</rawValue><value>44.45%</value><label>Mortgage Backed Securities</label><order>1</order></attribute><attribute><rawValue>24.696</rawValue><value>24.70%</value><label>Treasury</label><order>2</order></attribute><attribute><rawValue>10.5052</rawValue><value>10.51%</value><label>Commercial Mortgage Backed Securities</label><order>3</order></attribute><attribute><rawValue>7.8983</rawValue><value>7.90%</value><label>Emerging Markets</label><order>4</order></attribute><attribute><rawValue>5.1152</rawValue><value>5.12%</value><label>Investment Grade Corporate</label><order>5</order></attribute><attribute><rawValue>4.5809</rawValue><value>4.58%</value><label>High Yield Corporate</label><order>6</order></attribute><attribute><rawValue>2.1138</rawValue><value>2.11%</value><label>Bank Loans</label><order>7</order></attribute><attribute><rawValue>0.6448</rawValue><value>0.64%</value><label>Asset Backed Securities</label><order>8</order></attribute></attributes></component>

Index Sector Allocation

As of 12/04/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/04/2019</asOfDate><code>BMARK_SECTOR_ALLOCTAION</code><attributes><attribute><rawValue>39.677347</rawValue><value>39.68%</value><label>Treasury</label><order>1</order></attribute><attribute><rawValue>26.878986</rawValue><value>26.88%</value><label>Mortgage Backed Securities</label><order>2</order></attribute><attribute><rawValue>15.399284</rawValue><value>15.40%</value><label>Corporate - Industrial</label><order>3</order></attribute><attribute><rawValue>7.911584</rawValue><value>7.91%</value><label>Corporate - Finance</label><order>4</order></attribute><attribute><rawValue>2.051772</rawValue><value>2.05%</value><label>CMBS</label><order>5</order></attribute><attribute><rawValue>1.869951</rawValue><value>1.87%</value><label>Corporate - Utility</label><order>6</order></attribute><attribute><rawValue>1.344937</rawValue><value>1.34%</value><label>Non Corporates - Supranationals</label><order>7</order></attribute><attribute><rawValue>1.26032</rawValue><value>1.26%</value><label>Non Corporates - Foreign Agency</label><order>8</order></attribute><attribute><rawValue>1.19701</rawValue><value>1.20%</value><label>Agency</label><order>9</order></attribute><attribute><rawValue>1.011412</rawValue><value>1.01%</value><label>NON CORPORATES - Sovereigns</label><order>10</order></attribute><attribute><rawValue>0.941559</rawValue><value>0.94%</value><label>Non Corporates - Foreign Local Govt</label><order>11</order></attribute><attribute><rawValue>0.45584</rawValue><value>0.46%</value><label>Asset Backed Securities</label><order>12</order></attribute></attributes></component>

Fund Quality Breakdown

Quality Breakdown

Bloomberg Barclay's uses an evenly weighted blend of a security's Moody's, S&P, and Fitch rating rounded down to the lower rating in the case of the composite being between two ratings. In the case where a security has no rating, an issuer rating may be used to determine index classification. Bloomberg Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 12/04/2019
NR 7.90%
Aaa 67.91%
Aa1 0.62%
Aa2 0.22%
Aa3 0.47%
A1 0.34%
A2 1.58%
A3 1.31%
Baa1 1.43%
Baa2 2.85%
Baa3 2.75%
Ba1 0.80%
Ba2 1.86%
Ba3 2.61%
B1 1.14%
B2 2.34%
B3 1.06%
Caa1 0.58%
Caa2 0.79%
Caa3 0.40%
Ca3 0.76%
C3 0.27%

Index Quality Breakdown

Quality Breakdown

Bloomberg Barclay's uses an evenly weighted blend of a security's Moody's, S&P, and Fitch rating rounded down to the lower rating in the case of the composite being between two ratings. In the case where a security has no rating, an issuer rating may be used to determine index classification. Bloomberg Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 12/04/2019
Aaa 71.93%
Aa 3.40%
A 10.81%
Baa 13.86%

Fund Maturity Ladder

As of 12/04/2019
0 - 1 Year 10.05%
1 - 2 Years 3.55%
2 - 3 Years 5.61%
3 - 5 Years 32.03%
5 - 7 Years 27.56%
7 - 10 Years 15.09%
10 - 15 Years 4.26%
15 - 20 Years 0.54%
20 - 30 Years 1.12%
> 30 Years 0.20%

Index Maturity Ladder

As of 12/04/2019
0 - 1 Year 0.00%
1 - 2 Years 11.41%
2 - 3 Years 11.07%
3 - 5 Years 25.55%
5 - 7 Years 24.63%
7 - 10 Years 9.26%
10 - 15 Years 1.35%
15 - 20 Years 2.95%
20 - 30 Years 13.09%
> 30 Years 0.70%

Fund Region Weights

As of 12/04/2019
North America 90.57%
South America 2.70%
Southeast Asia 1.87%
Central America 1.58%
Caribbean 1.02%
South Asia 0.89%
East Asia 0.55%
Western Europe 0.41%
Oceania 0.28%
Middle East 0.12%

Fund Country Weights

As of 12/04/2019
United States 89.85%
Brazil 1.13%
Mexico 1.03%
India 0.89%
Chile 0.81%
Cayman Islands 0.73%
Canada 0.65%
Indonesia 0.64%
Singapore 0.48%
Panama 0.44%
Colombia 0.42%
Malaysia 0.38%
Philippines 0.35%
China 0.29%
Australia 0.28%
Dominican Republic 0.26%
Argentina 0.26%
Hong Kong 0.15%
Luxembourg 0.14%
Israel 0.12%
Japan 0.11%
Costa Rica 0.11%
Ireland 0.09%
Peru 0.08%
United Kingdom 0.07%
Bermuda 0.07%
Netherlands 0.07%
Thailand 0.03%
Jamaica 0.03%
France 0.02%
Norway 0.01%

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 herein is that of the SPDR® DoubleLine® Total Return Tactical ETF.

DoubleLine® is a registered trademark of DoubleLine Capital LP.  

BLOOMBERG®, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, and BARCLAYS®, a trademark and service mark of Barclays Bank Plc, have each been licensed for use in connection with the listing and trading of the SPDR Bloomberg Barclays ETFs.

ETF Management Team

Chief Operating Officer-Investments John Tucker Senior Managing Director Show BioHide Bio

John is a Senior Managing Director of State Street Global Advisors. As the Chief Operating Officer for Investments, John has been deeply engaged in many of the firm's IT transformation efforts. In his role, John promotes operational efficiencies and works towards implementing new technology for certain trading processes while streamlining the overall number of systems within our global platform. In addition to Trading and transforming the way the Investments team operates, John's team is responsible for portfolio oversight, model validation, and transaction cost analysis functions globally.

Previously, John was Co-Head of Index Equity Strategies in North America and responsible for overseeing the management of all equity index strategies and Exchange Traded Funds managed in North America. Prior to that, John was head of the Structured Products group in SSGA's London office, where he was responsible for the management of all index strategies in our second largest investment center.

John received a BA from Trinity College and an MS in Finance from Boston College. He has also earned the Chartered Financial Analyst designation and is a member of the Boston Security Analysts Society and the CFA Institute. He joined State Street in 1988.

Senior Portfolio Manager David Chin Vice President Show BioHide Bio

David is a Vice President and Senior Portfolio Manager in the Global Equity Beta Solutions team at State Street Global Advisors. He is responsible for managing a full range of equity index and tax-efficient products. Before joining SSGA in 1999, David worked at Frank Russell Company, OneSource Information Systems and PanAgora Asset Management. David has been working in the investment management field since 1992.

David holds a BS in Management Information Systems from the University of Massachusetts/Boston and an MBA from the University of Arizona.

Senior Portfolio Manager Dwayne Hancock Vice President Show BioHide Bio

Dwayne is a Vice President of State Street Global Advisors and a Senior Portfolio Manager in the firm's Global Equity Beta Solutions (GEBS) team. Within this group, he is currently the strategy leader for their non-US passive products. Prior to taking on this responsibility, Dwayne was the ETF product specialist for the GEBS group. He is also a member of the SSGA Valuation Committee. Dwayne currently manages a varied mix of funds spanning both regions, US, developed and emerging and fund structures which include separate accounts, commingled funds, mutual funds and ETFs. Additionally, he has played a primary role in determining trading strategies for significant benchmark changes such as the annual Russell reconstitution.

Dwayne joined SSGA in 1996 and became part of the GEBS portfolio management team in 1998. Prior to this, he worked in the firm's Passive International Equity Operations department as a Senior Analyst. He has been working in the investment management field since 1994.

Dwayne holds an MBA from Boston College and a BS in Business Administration from Framingham State College. He also earned the Chartered Financial Analyst Designation and is a member of the Boston Security Analysts Society.

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.

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.

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.

Bloomberg Barclays U.S. Aggregate Bond Index

The Bloomberg Barclays U.S. Aggregate Bond Index provides a measure of 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 Investor Service, Inc., Standard \& Poor's, and Fitch Inc.) government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and asset backed securities that are publicly for sale in the United States. The securities in the U.S. Aggregate Index must have at least 1 year remaining to maturity and must have $250 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. Certain types of securities, such as flower bonds, TINs, and state and local government series bonds are excluded from the U.S. Aggregate Index. Also excluded from the U.S. Aggregate Index are structured notes with embedded swaps or other special features, private placements, floating rate securities and Eurobonds. The U.S. Aggregate Index is market capitalization weighted and the securities in the Index are updated on the last business day of each month.

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.

Actively managed funds do not seek to replicate the performance of a specified index. An actively managed fund may underperform its benchmark. An investment in the fund is not appropriate for all investors and is not intended to be a complete investment program. Investing in the fund involves risks, including the risk that investors may receive little or no return on the investment or that investors may lose part or even all of the investment.
Investments in asset backed and mortgage backed securities are subject to prepayment risk which can limit the potential for gain during a declining interest rate environment and increases the potential for loss in a rising interest rate environment.

Government bonds and corporate bonds generally have more moderate short-term price fluctuations than stocks, but provide lower potential long-term returns.

Investing in high yield fixed income securities, otherwise known as "junk bonds", is considered speculative and involves greater risk of loss of principal and interest than investing in investment grade fixed income securities. These Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.

Increase in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

The values of debt securities may decrease as a result of many factors, including, by way of example, general market fluctuations; increases in interest rates; actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments; illiquidity in debt securities markets; and prepayments of principal, which often must be reinvested in obligations paying interest at lower rates.

Foreign (non-U.S.) Securities may be subject to greater political, economic, environmental, credit and information risks. Foreign securities may be subject to higher volatility than U.S. securities, due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.

Non-diversified funds that focus on a relatively small number of securities tend to be more volatile than diversified funds and the market as a whole.

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 12/04/2019
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® DoubleLine® Total Return Tactical ETF TOTL $48.92 $48.90 $48.90 -0.03%
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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