SPDR® SSGA Ultra Short Term Bond ETF

ULST

Key Features

  • The SPDR® SSGA Ultra Short Term Bond ETF seeks to provide current income consistent with preservation of capital and daily liquidity through short duration high quality investments
  • Actively managed by SSGA's Global Fixed Income, Cash and Currency team, a global cash management leader
  • Invests in slightly longer-term securities than traditional cash vehicles with a goal of generating a better total return

Fund Information

As of 12/09/2019
Ticker Symbol ULST
Primary Benchmark Bloomberg Barclays US Treasury Bellwether 3 Month Index
CUSIP 78467V707
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.

0.20%
Inception Date 10/09/2013
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 Documents

Fund Performance

MONTH END As of 11/30/2019 QUARTER END As of 09/30/2019
1 Month0.20%0.20%
QTD0.45%0.67%
YTD2.99%2.52%
1 Year3.07%2.83%
3 Year2.12%2.02%
5 Year1.57%1.47%
10 YearN/AN/A
Inception
1.36%1.32%
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
Average Coupon

Average Coupon

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

2.63%
Average Maturity in Years 1.25
Average Price $98.08
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.

2.25%
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.

2.62%
Number of Holdings 144
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.

0.27 years
Option Adjusted Spread 47.11
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.

2.27%

Fund Market Price

As of 12/05/2019
Bid/Ask $40.40
Closing Price $40.39
Day High $40.40
Day Low $40.39
Exchange Volume (shares) 1,414
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)

0.06%

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.

2.20%
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.

2.57%

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.

$40.37
Shares Outstanding 5.12 M
Total Net Assets $206.90 M

Index Characteristics

As of 12/05/2019
Average Coupon 0.00%
Average Maturity in Years 0.23
Average Price $99.66
Average Yield To Worst 1.51%
Current Yield 0.00%
Number of Holdings 1
Option Adjusted Duration 0.23 years
Option Adjusted Spread -2.24
Yield To Maturity 1.51%

Fund Net Cash Amount

As of 12/05/2019
Net Cash Amount $5,651,472.41

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.

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
10/09/2013
Month End
NAV 11/30/2019 0.20% 0.45% 2.99% 3.07% 2.12% 1.57% N/A 1.36%
Market Value 11/30/2019 0.18% 0.45% 2.98% 3.04% 2.10% 1.56% N/A 1.36%
Return after Taxes on Distributions 11/30/2019 0.12% 0.29% 2.07% 1.99% 1.32% 0.99% N/A 0.87%
Return after Taxes on Distributions and Sale of Fund Shares 11/30/2019 0.12% 0.27% 1.76% 1.81% 1.27% 0.95% N/A 0.82%
Bloomberg Barclays US Treasury Bellwether 3 Month Index 11/30/2019 0.12% 0.32% 2.16% 2.35% 1.65% 1.06% 0.58% 0.88%
Quarter End
NAV 09/30/2019 0.20% 0.67% 2.52% 2.83% 2.02% 1.47% N/A 1.32%
Market Value 09/30/2019 0.19% 0.70% 2.52% 2.87% 2.01% 1.47% N/A 1.33%
Return after Taxes on Distributions 09/30/2019 0.11% 0.40% 1.78% 1.77% 1.26% 0.93% N/A 0.84%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 0.12% 0.40% 1.49% 1.66% 1.21% 0.89% N/A 0.80%
Bloomberg Barclays US Treasury Bellwether 3 Month Index 09/30/2019 0.19% 0.57% 1.83% 2.41% 1.56% 1.00% 0.55% 0.85%
Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
10/09/2013
Month End
NAV 11/30/2019 0.20% 0.45% 2.99% 3.07% 2.12% 1.57% N/A 1.36%
Market Value 11/30/2019 0.18% 0.45% 2.98% 3.04% 2.10% 1.56% N/A 1.36%
Return after Taxes on Distributions 11/30/2019 0.12% 0.29% 2.07% 1.99% 1.32% 0.99% N/A 0.87%
Return after Taxes on Distributions and Sale of Fund Shares 11/30/2019 0.12% 0.27% 1.76% 1.81% 1.27% 0.95% N/A 0.82%
Bloomberg Barclays US Treasury Bellwether 3 Month Index 11/30/2019 0.12% 0.32% 2.16% 2.35% 1.65% 1.06% 0.58% 0.88%
Quarter End
NAV 09/30/2019 0.20% 0.67% 2.52% 2.83% 2.02% 1.47% N/A 1.32%
Market Value 09/30/2019 0.19% 0.70% 2.52% 2.87% 2.01% 1.47% N/A 1.33%
Return after Taxes on Distributions 09/30/2019 0.11% 0.40% 1.78% 1.77% 1.26% 0.93% N/A 0.84%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 0.12% 0.40% 1.49% 1.66% 1.21% 0.89% N/A 0.80%
Bloomberg Barclays US Treasury Bellwether 3 Month Index 09/30/2019 0.19% 0.57% 1.83% 2.41% 1.56% 1.00% 0.55% 0.85%
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: 0.20%

Performance Graphs

Month End as of 11/30/2019

Fund Inception Date: 10/09/2013

Index Inception Date: 01/01/1981

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Quarter End as of 09/30/2019

Fund Inception Date: 10/09/2013

Index Inception Date: 01/01/1981

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Fund Top Holdings

Subject to change.

As of 12/05/2019
Name Weight Market Value ISIN
TREASURY NOTE 1.625 12/31/2019 3.48 % 7,201,255.12 US912828G955
NISSAN MASTER OWNER TRUST RECEIVABLES NMOTR_17-C 2.08538 10/17/2022 2.47 % 5,113,977.37 US65474VAP67
SSI US GOV MONEY MARKET CLASS 2.38 % 4,923,011.50
EVERGREEN CREDIT CARD TRUST EVGRN_19-1 2.24538 01/17/2023 2.18 % 4,516,534.05 US30023JAY47
TRILLIUM CREDIT CARD TRUST II TCCT_18-2A 2.05275 09/26/2023 1.83 % 3,779,554.49 US89621AAG40
GMF FLOORPLAN OWNER REVOLVING TRUST GFORT_18-3 2.08538 09/15/2022 1.74 % 3,603,473.08 US361886BQ61
GENERAL MOTORS FINANCIAL CO INC 3.41438 06/30/2022 1.71 % 3,546,215.89 US37045XBX30
MASTER CREDIT CARD TRUST MCCT_19-1A 2.20163 07/21/2022 1.65 % 3,407,143.70 US576339BZ74
MASTER CREDIT CARD TRUST MCCT_19-2A 2.58525 01/23/2023 1.52 % 3,151,322.62 US576339CC70
UBS GROUP FUNDING JERSEY LTD 3.43913 02/01/2022 1.49 % 3,078,984.20 US90351DAG25

Index Top Holdings

As of 12/05/2019
Name Weight isin
TREASURY BILL 0 02/27/2020 100.00 % US912796SD25

Fund Sector Allocation

As of 12/05/2019
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Index Sector Allocation

As of 12/05/2019
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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 12/05/2019
Aaa 31.25%
Aa 6.14%
A 31.98%
Baa 27.48%
Not Rated 0.97%
Other 2.19%

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 12/05/2019
Aaa 100.00%

Fund Maturity Ladder

As of 12/05/2019
0 - 1 Year 43.26%
1 - 2 Years 34.10%
2 - 3 Years 20.97%
3 - 5 Years 1.67%

Index Maturity Ladder

As of 12/05/2019
0 - 1 Year 100.00%

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 SSGA Ultra Short Term Bond 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.

Global Fixed Income, Cash and Currency

Senior Portfolio Manager James Frederick Palmieri Managing Director Show BioHide Bio

James Palmieri is a Managing Director, Senior Portfolio Manager, and Head of Structured Credit for the Fundamental Active Fixed Income Team at State Street Global Advisors. In his role, he is the lead portfolio manager and trader for the Structured Products Group servicing all total rate of return and insurance accounts managed in Stamford, CT, and is a lead portfolio manager for the GE RSP Short Term Interest Fund and the SPDR SSGA Ultra Short Term Bond ETF. In addition to his portfolio management responsibilities, James is a member of the Fixed Income Currency and Cash Senior Leadership Team, and the Fundamental Active Core and Core Plus Fixed Income Team.

James joined SSGA in 2016 as part of the SSGA acquisition of GE Asset Management.

Prior to joining SSGA, James worked at GE Asset Management for 11 years as a Senior Portfolio Manager and Trader for all fixed income total rate of return and insurance accounts for GE, and was the lead portfolio manager for the GE RSP Short Term Interest Fund. He also managed a Structured Products Opportunity Fund. Prior to joining GE Asset Management, James worked at Constitution State Corporate Credit Union for 1 year as an investment director and CIGNA Investment Management for 5 years as a fixed income portfolio manager. He received his BS from Central Connecticut State University, has a CFA charter, and has 20 years of investment experience.

Senior Portfolio Manager John Mele Vice President Show BioHide Bio

John is a Vice President, Senior Portfolio Manager on the Fundamental Active Investment Grade Credit Team. He is responsible for the investment grade credit allocation within several actively managed fixed income strategies.

John joined SSGA in 2016 as part of the State Street Global Advisors acquisition of GE Asset Management (GEAM). He also held roles in Private Equity and Finance while with GEAM.

Prior to joining GEAM, John worked at Citigroup as a Portfolio Manager/Research Analyst in Citigroup's Private Client Group. His responsibilities included managing discretionary equity and balanced portfolios for high net worth clients. John's prior work experience also includes several years in investment management compliance and investment product development.

John holds a BS in accounting from the University of Connecticut, a Juris Doctor from Quinnipiac University and an MBA with specializations in Economics and Finance from New York University ' Stern School of Business.

Junior Portfolio Manager April Borawski Officer Show BioHide Bio

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.

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 US Treasury Bellwether 3 Month Index

The Bloomberg Barclays US Treasury Bellwether 3 Month Index is a benchmark tracking the performance and attributes of the on-the-run U.S. Treasury that reflects the most recently issued three month security.

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 ETFs do not seek to replicate the performance of a specified index. The Fund is actively managed and may underperform its benchmarks. 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.

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.

Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise, 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.

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 12/05/2019
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® SSGA Ultra Short Term Bond ETF ULST $40.37 $40.39 $40.40 0.06%
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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