SPDR® Portfolio TIPS ETF
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Key Features
- The SPDR® Portfolio TIPS ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Bloomberg Barclays U.S. Government Inflation-Linked Bond Index (the "Index")
- One of the low cost core SPDR Portfolio ETFs, a suite of portfolio building blocks designed to provide broad, diversified exposure to core asset classes
- A low cost ETF that seeks to offer exposure to U.S. Treasury inflation protected securities (TIPS). TIPS are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors
- Seeks to hedge against the erosion of purchasing power due to inflation
Fund Information
| Ticker Symbol | SPIP | |
| Primary Benchmark | Bloomberg Barclays U.S. Government Inflation-Linked Bond Index | |
| CUSIP | 78464A656 | |
| Options Available | No | |
| Gross Expense Ratio | 0.12% | |
| Inception Date | 05/25/2007 | |
| Investment Manager | SSGA Funds Management, Inc. | |
| Management Team | Global Fixed Income, Cash and Currency | |
| Distributor | State Street Global Advisors Funds Distributors, LLC | |
| Distribution Frequency | Monthly | |
| Exchange | NYSE ARCA EXCHANGE |
Fund Characteristics
Yields
| 30 Day SEC Yield | 0.17% | |
| Fund Dividend Yield | 2.57% |
Index Characteristics
| Average Coupon | 0.91% | |
| Average Maturity in Years | 8.73 | |
| Average Price | $106.92 | |
| Average Yield To Worst | 1.95% | |
| Current Yield | 0.79% | |
| Number of Holdings | 41 | |
| Option Adjusted Duration | 8.12 years | |
| Option Adjusted Spread | 15.53 | |
| Yield To Maturity | 1.95% |
Fund Documents
Fund Performance
| MONTH END As of 11/30/2019 | QUARTER END As of 09/30/2019 | |
|---|---|---|
| 1 Month | 0.16% | -1.47% |
| QTD | 0.40% | 1.45% |
| YTD | 8.25% | 7.83% |
| 1 Year | 8.86% | 7.26% |
| 3 Year | 3.13% | 2.12% |
| 5 Year | 2.24% | 2.41% |
| 10 Year | 3.02% | 3.39% |
| Inception | 4.01% | 4.04% |
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
Fund Market Price
| Bid/Ask | $28.56 | |
| Closing Price | $28.57 | |
| Day High | $28.57 | |
| Day Low | $28.55 | |
| Exchange Volume (shares) | 12,835 | |
| Premium/Discount | 0.02% |
Yields
| 30 Day SEC Yield | 0.17% | |
| Fund Dividend Yield | 2.57% |
Fund Net Asset Value
| NAV | $28.55 | |
| Shares Outstanding | 60.00 M | |
| Total Net Assets | $1,713.27 M |
Index Characteristics
| Average Coupon | 0.91% | |
| Average Maturity in Years | 8.73 | |
| Average Price | $106.92 | |
| Average Yield To Worst | 1.95% | |
| Current Yield | 0.79% | |
| Number of Holdings | 41 | |
| Option Adjusted Duration | 8.12 years | |
| Option Adjusted Spread | 15.53 | |
| Yield To Maturity | 1.95% |
Fund Net Cash Amount
| Net Cash Amount | $4,320,719.60 |
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 05/23/2007 |
|
| Month End | |||||||||
| NAV | 11/30/2019 | 0.16% | 0.40% | 8.25% | 8.86% | 3.13% | 2.24% | 3.02% | 4.01% |
| Market Value | 11/30/2019 | 0.21% | 0.19% | 8.21% | 8.88% | 3.15% | 2.24% | 3.01% | 4.01% |
| Return after Taxes on Distributions | 11/30/2019 | 0.14% | 0.30% | 7.25% | 7.69% | 1.92% | 1.38% | 2.15% | 3.01% |
| Return after Taxes on Distributions and Sale of Fund Shares | 11/30/2019 | 0.09% | 0.23% | 4.87% | 5.22% | 1.85% | 1.33% | 1.98% | 2.73% |
| Bloomberg Barclays U.S. Government Inflation-Linked Bond Index | 11/30/2019 | 0.18% | 0.42% | 8.41% | 9.01% | 3.28% | 2.39% | 3.20% | 4.17% |
| Quarter End | |||||||||
| NAV | 09/30/2019 | -1.47% | 1.45% | 7.83% | 7.26% | 2.12% | 2.41% | 3.39% | 4.04% |
| Market Value | 09/30/2019 | -1.20% | 1.66% | 8.01% | 7.42% | 2.12% | 2.44% | 3.41% | 4.05% |
| Return after Taxes on Distributions | 09/30/2019 | -1.50% | 1.09% | 6.92% | 6.15% | 0.95% | 1.57% | 2.51% | 3.03% |
| Return after Taxes on Distributions and Sale of Fund Shares | 09/30/2019 | -0.87% | 0.86% | 4.62% | 4.27% | 1.10% | 1.47% | 2.27% | 2.75% |
| Bloomberg Barclays U.S. Government Inflation-Linked Bond Index | 09/30/2019 | -1.47% | 1.48% | 7.95% | 7.42% | 2.27% | 2.56% | 3.56% | 4.19% |
| Fund Before Tax Fund After Tax | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Annualized | |||||||||
| As of | 1 Month | QTD | YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception 05/23/2007 |
|
| Month End | |||||||||
| NAV | 11/30/2019 | 0.16% | 0.40% | 8.25% | 8.86% | 3.13% | 2.24% | 3.02% | 4.01% |
| Market Value | 11/30/2019 | 0.21% | 0.19% | 8.21% | 8.88% | 3.15% | 2.24% | 3.01% | 4.01% |
| Return after Taxes on Distributions | 11/30/2019 | 0.14% | 0.30% | 7.25% | 7.69% | 1.92% | 1.38% | 2.15% | 3.01% |
| Return after Taxes on Distributions and Sale of Fund Shares | 11/30/2019 | 0.09% | 0.23% | 4.87% | 5.22% | 1.85% | 1.33% | 1.98% | 2.73% |
| Bloomberg Barclays U.S. Government Inflation-Linked Bond Index | 11/30/2019 | 0.18% | 0.42% | 8.41% | 9.01% | 3.28% | 2.39% | 3.20% | 4.17% |
| Quarter End | |||||||||
| NAV | 09/30/2019 | -1.47% | 1.45% | 7.83% | 7.26% | 2.12% | 2.41% | 3.39% | 4.04% |
| Market Value | 09/30/2019 | -1.20% | 1.66% | 8.01% | 7.42% | 2.12% | 2.44% | 3.41% | 4.05% |
| Return after Taxes on Distributions | 09/30/2019 | -1.50% | 1.09% | 6.92% | 6.15% | 0.95% | 1.57% | 2.51% | 3.03% |
| Return after Taxes on Distributions and Sale of Fund Shares | 09/30/2019 | -0.87% | 0.86% | 4.62% | 4.27% | 1.10% | 1.47% | 2.27% | 2.75% |
| Bloomberg Barclays U.S. Government Inflation-Linked Bond Index | 09/30/2019 | -1.47% | 1.48% | 7.95% | 7.42% | 2.27% | 2.56% | 3.56% | 4.19% |
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: 0.12%
Performance Graphs
Month End as of 11/30/2019
Fund Inception Date: 05/23/2007
Index Inception Date: 05/23/2007
Quarter End as of 09/30/2019
Fund Inception Date: 05/23/2007
Index Inception Date: 05/23/2007
Fund Top Holdings
| Name | Weight | Market Value | ISIN |
|---|---|---|---|
| TSY INFL IX N/B 0.625 04/15/2023 | 3.48 % | 59,853,977.60 | US9128284H06 |
| TSY INFL IX N/B 0.125 04/15/2021 | 3.42 % | 58,872,997.57 | US912828Q608 |
| TSY INFL IX N/B 0.625 01/15/2026 | 3.34 % | 57,470,506.15 | US912828N712 |
| TSY INFL IX N/B 0.125 07/15/2022 | 3.24 % | 55,687,483.99 | US912828TE09 |
| TSY INFL IX N/B 0.375 07/15/2023 | 3.24 % | 55,649,897.46 | US912828VM96 |
| TSY INFL IX N/B 0.125 01/15/2023 | 3.21 % | 55,249,633.35 | US912828UH11 |
| TSY INFL IX N/B 0.375 07/15/2025 | 3.19 % | 54,908,163.38 | US912828XL95 |
| TSY INFL IX N/B 0.125 07/15/2024 | 3.14 % | 54,040,806.48 | US912828WU04 |
| TSY INFL IX N/B 0.125 01/15/2022 | 3.10 % | 53,319,663.26 | US912828SA95 |
| TSY INFL IX N/B 1.125 01/15/2021 | 3.06 % | 52,664,047.03 | US912828PP91 |
Index Top Holdings
| Name | Weight | isin |
|---|---|---|
| TSY INFL IX N/B .625 04/15/2023 | 3.38 % | US9128284H06 |
| TSY INFL IX N/B .125 04/15/2021 | 3.32 % | US912828Q608 |
| TSY INFL IX N/B .625 01/15/2026 | 3.24 % | US912828N712 |
| TSY INFL IX N/B .125 04/15/2022 | 3.20 % | US912828X398 |
| TSY INFL IX N/B .125 01/15/2022 | 3.20 % | US912828SA95 |
| TSY INFL IX N/B .625 01/15/2024 | 3.15 % | US912828B253 |
| TSY INFL IX N/B .125 07/15/2022 | 3.14 % | US912828TE09 |
| TSY INFL IX N/B .375 07/15/2023 | 3.14 % | US912828VM96 |
| TSY INFL IX N/B .125 01/15/2023 | 3.12 % | US912828UH11 |
| TSY INFL IX N/B .375 07/15/2025 | 3.10 % | US912828XL95 |
Fund Sector Allocation
Index Sector Allocation
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.
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.
| Aaa | 100.00% |
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.
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.
| Aaa | 100.00% |
Fund Maturity Ladder
| 0 - 1 Year | 0.02% |
| 1 - 2 Years | 9.14% |
| 2 - 3 Years | 9.28% |
| 3 - 5 Years | 19.50% |
| 5 - 7 Years | 17.07% |
| 7 - 10 Years | 26.40% |
| 10 - 15 Years | 0.71% |
| 20 - 30 Years | 17.87% |
Index Maturity Ladder
| 1 - 2 Years | 9.14% |
| 2 - 3 Years | 9.54% |
| 3 - 5 Years | 19.40% |
| 5 - 7 Years | 17.03% |
| 7 - 10 Years | 26.35% |
| 10 - 15 Years | 0.69% |
| 20 - 30 Years | 17.86% |
Fund Documents
Tax Documents
Reports & Schedules
Tax Documents
Education
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 Portfolio TIPS ETF.
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.
Prior to 09/23/2019, the SPDR® Portfolio TIPS ETF was known as the SPDR® Bloomberg Barclays TIPS ETF.
Prior to 09/23/2019, the ticker for SPIP was IPE.
Global Fixed Income, Cash and Currency
Cindy is a Principal at State Street Global Advisors, and a Portfolio Manager in the Fixed Income Beta Solutions group. She is responsible for managing government bond strategies. Previously, she was an analyst in the Government Solutions team, where she was responsible for credit surveillance of housing finance agency bonds. Cindy's other prior roles at State Street include work as an analyst in the Stable Value team, the Global Structured Products group, as well as the mutual funds division.
Cindy holds a BA in Quantitative Economics from Tufts University.
Jim is a Vice President of State Street Global Advisors and Senior Portfolio Manager in the Global Fixed Income, Currency and Cash Investment team. In his current role he is responsible for managing Global Treasuries, Inflation and Aggregate Bond portfolios for ETFs, commingled funds and separately managed accounts.
Prior to joining Global Fixed Income, Currency and Cash team, Jim was Head of North America Fixed Income Trading. He was responsible for a team of traders that execute all cash bonds and derivative instruments for the Active and Passive Fixed Income Groups. Prior to heading the trading desk, Jim was a Senior Portfolio Manager in the Interest Rate Strategies Group at SSGA. His primary responsibilities included the portfolio management of active government and inflation linked strategies. Other responsibilities included directing U.S. interest rate strategies globally for SSGA.
Jim has a BA in Economics from Fitchburg State College. He started his career at State Street Bank and Trust Company and has been working in the investment industry since 1993.
Orhan is a Vice President and a Senior Portfolio Manager for LDI & Multi-Sector Strategies with the Global Fixed Income, Cash & Currency (FICC) team at SSGA. Orhan is also a Senior Portfolio Manager with the Fixed Income Beta Solutions group with responsibilities for managing several fixed income funds and ETFs including Global Rates/Inflation, US Core and Credit portfolios. He is a member of the Technical Committee which oversees all SSGA's quantitative investment research.
Prior to joining SSGA in 2017, Orhan held several roles during his tenure at Columbia Threadneedle Investments. Most recently, he was a Senior Portfolio Manager and Head of LDI & Inflation Solutions with responsibilities for overall Fixed Income Strategy and Solutions for the Multi-Asset team. Orhan was a portfolio manager on a diverse line-up of mutual funds and institutional strategies including Global Rates/Inflation, Real Return and firm's flagship Global Macro & Risk Parity strategies. Previously, Orhan worked as a Senior Quantitative Strategist for the Investment Strategies Group at Bank of America/Merrill Lynch. Before that, he was a Senior Financial Engineer at Algorithmics (now part of IBM). He has also worked as a Researcher at General Electric's Global Research and has been a member of the investment community since 2005.
Orhan received his M.S. and Ph.D. degrees in Electrical and Computer Engineering from the University of Illinois at Urbana-Champaign. He is a member of the Boston Security Analysts Society and holds the Chartered Financial Analyst designation.
April currently works as a Junior Portfolio Manager on SSGA's Cash Management Team where she focuses on Rates portfolios. Previously, April worked as a Fixed Income Portfolio Specialist where she served as a subject matter expert by providing clients, prospects and consultants with time sensitive information about the investment philosophy, process, and performance of specific Global Fixed Income products.
Prior to her time at SSGA, April was a member of State Street's Professional Development Program, focusing on Data and Analytics.
April studied International Business, Finance, Marketing and Spanish at Northeastern University, graduating summa cum laude.
