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Home   »   ETFs : SPDR® Barclays TIPS ETF (IPE)
IPE

SPDR® Barclays TIPS ETF

Fund Objective

The SPDR® Barclays TIPS ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays U.S. Government Inflation-linked Bond Index.

Ordinary brokerage commissions may apply.

Fund Information

As of 04/24/2014
Ticker SymbolIPE
Primary BenchmarkBarclays U.S. Government Inflation-linked Bond Index
CUSIP78464A656
Short Selling AllowedYes
Options AvailableYes
Gross Expense Ratio0.1845%
Inception Date05/25/2007
Investment ManagerSSgA Funds Management, Inc.
Management TeamTIPS ETF Management Team
DistributorState Street Global Markets, LLC
Distribution FrequencyMonthly
ExchangeNYSE ARCA EXCHANGE

Fund Characteristics

As of 04/23/2014
Average Maturity in Years
Average Maturity

The market value-weighted average maturity of the bonds in a portfolio, where maturity is defined as Stated Final for bullet maturity bonds and the average time to receipt of all principal payments for amortizing instruments, including mortgage pass-throughs, CMOs, amortizing asset-backed securities and ARMs.

9.33
Average Price$109.58
Average Spread17.9
Average Yield To Worst
For callable and/or puttable securities, the minimum value of the yield to maturity, yield to put, and yield to call. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.
2.32%
Current Yield

 Average Current Yield

The market value weighted average current coupon of the bonds in the portfolio divided by current market price of the bonds in the portfolio.

0.99%
Dividend Yield

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

Index Dividend Yield is the weighted average of the underlyings’ indicated annual dividend divided by price, expressed as a percentage.

1.07%
Modified Adjusted Duration

Modified Adjusted Duration

An option-adjusted measure of a portfolio's sensitivity to changes in interest rates.  Calculated as the percentage change of a portfolio’s value for a 100 basis point change in yield.

7.62 years
Number of Holdings36
Real Modified Duration

Real Adjusted Duration

A measure of the percentage price change of an inflation linked security associated with a change in real interest rates.

8.39 years
Yield To Maturity

Average 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.

2.32%

30 DAY SEC YIELD

As of 04/23/2014
30 Day SEC Yield

30 Day SEC Yield (Standardized Yield) 

An annualized yield that is calculated by dividing the investment income earned by the fund less expenses over the most recent 30-day period by the current maximum offering price.

0.20%

Index Characteristics

As of 04/23/2014
Average Maturity in Years
Average Maturity

The market value-weighted average maturity of the bonds in a portfolio, where maturity is defined as Stated Final for bullet maturity bonds and the average time to receipt of all principal payments for amortizing instruments, including mortgage pass-throughs, CMOs, amortizing asset-backed securities and ARMs.

9.32
Average Price$109.59
Average Spread17.9
Average Yield To Worst
For callable and/or puttable securities, the minimum value of the yield to maturity, yield to put, and yield to call. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.
-0.04%
Current Yield

 Average Current Yield

The market value weighted average current coupon of the bonds in the portfolio divided by current market price of the bonds in the portfolio.

0.99%
Number of Holdings35
Real Modified Duration

Real Adjusted Duration

A measure of the percentage price change of an inflation linked security associated with a change in real interest rates.

8.38 years
Yield To Maturity

Average 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.

-0.04%

Fund Documents

Fund Market Price

As of 04/23/2014
Bid/Ask$56.33
Closing Price$56.35
Day High$56.36
Day Low$56.27
Exchange Volume (shares)
The Exchange Volume represents the volume of shares traded on the ETF’s primary exchange throughout the previous business day.
4,062
Premium/Discount-0.05%
Premium Discount to Nav Chart

Fund Net Asset Value

NAV

Market value of a mutual fund’s and ETF’s total assets, minus liabilities, divided by the number of shares outstanding

As of 04/23/2014
Price$56.36
Shares Outstanding10.90 M
Total Net Assets$614.34 M
Most Recent NAV / NAV History XLS

Fund Net Cash Amount

As of 04/23/2014
Net Cash Amount$2,446,199.03

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 Graphs

Month End as of 03/31/2014

Fund Inception Date: 05/25/2007

Index Inception Date: 05/23/2007

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Barclays TIPS ETF" bmarkName="Barclays U.S. Government Inflation-linked Bond Index"><funds><field>1 Month</field><fund>-0.44</fund><index>-0.45</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>2.14</fund><index>2.21</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>2.14</fund><index>2.21</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>-6.96</fund><index>-6.80</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>3.38</fund><index>3.57</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund>4.75</fund><index>4.94</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>5.26</fund><index>5.42</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 03/31/2014

Fund Inception Date: 05/25/2007

Index Inception Date: 05/23/2007

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Barclays TIPS ETF" bmarkName="Barclays U.S. Government Inflation-linked Bond Index"><funds><field>1 Month</field><fund>-0.44</fund><index>-0.45</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>2.14</fund><index>2.21</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>2.14</fund><index>2.21</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>-6.96</fund><index>-6.80</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>3.38</fund><index>3.57</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund>4.75</fund><index>4.94</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>5.26</fund><index>5.42</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings
Subject to change.

As of 04/23/2014
NameWeightMarket ValueIsin
TSY INFL IX N/B .125 04/15/20185.19%31,899,181.41US912828UX60
TSY INFL IX N/B .125 04/15/20174.72%28,976,100.78US912828SQ48
TSY INFL IX N/B .125 01/15/20224.22%25,909,673.65US912828SA95
TSY INFL IX N/B 1.125 01/15/20214.20%25,823,332.01US912828PP91
TSY INFL IX N/B .125 04/15/20164.18%25,704,739.57US912828QD52
TSY INFL IX N/B 2.375 01/15/20254.16%25,563,732.18US912810FR42
TSY INFL IX N/B .125 07/15/20224.12%25,337,329.97US912828TE09
TSY INFL IX N/B .375 07/15/20234.12%25,331,071.27US912828VM96
TSY INFL IX N/B .125 01/15/20234.06%24,948,136.34US912828UH11
TSY INFL IX N/B 3.875 04/15/20293.98%24,437,373.52US912810FH69
Download All Holdings XLS

Index Top Holdings

As of 04/23/2014
NameWeightIsin
TSY INFL IX N/B .125 04/15/20185.20%US912828UX60
TSY INFL IX N/B .125 04/15/20174.72%US912828SQ48
TSY INFL IX N/B .125 01/15/20224.22%US912828SA95
TSY INFL IX N/B 1.125 01/15/20214.21%US912828PP91
TSY INFL IX N/B .125 04/15/20164.19%US912828QD52
TSY INFL IX N/B 2.375 01/15/20254.17%US912810FR42
TSY INFL IX N/B .125 07/15/20224.13%US912828TE09
TSY INFL IX N/B .375 07/15/20234.13%US912828VM96
TSY INFL IX N/B .125 01/15/20234.06%US912828UH11
TSY INFL IX N/B 3.875 04/15/20293.98%US912810FH69

Fund Sector Allocation

As of 04/23/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/23/2014</asOfDate><attributes><attribute><rawValue>99.833392</rawValue><value>99.83%</value><label>TREASURY</label><order>1</order></attribute><attribute><rawValue>0.166608</rawValue><value>0.17%</value><label>CASH</label><order>2</order></attribute></attributes><code>FUND_SECTOR_ALLOCATION</code></component>

Index Sector Allocation

As of 04/23/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/23/2014</asOfDate><attributes><attribute><rawValue>100.0</rawValue><value>100.00%</value><label>TREASURY</label><order>1</order></attribute></attributes><code>BMARK_SECTOR_ALLOCTAION</code></component>

Fund Quality Breakdown

Quality Breakdown

Barclays uses the “middle rating” of Moody’s, S&P, and Fitch to determine a security’s index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  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 04/23/2014
Aaa100.00%

Index Quality Breakdown

Quality Breakdown

Barclays uses the “middle rating” of Moody’s, S&P, and Fitch to determine a security’s index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  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 04/23/2014
Aaa100.00%

Fund Maturity Ladder

As of 04/23/2014
0.00-1.00 Years2.45%
1.01-2.00 Years8.47%
2.01-3.00 Years9.47%
3.01-5.00 Years12.56%
5.01-7.00 Years12.09%
7.01-10.00 Years23.24%
10.01-15.00 Years20.42%
15.01-20.00 Years0.93%
20.01-30.00 Years10.37%

Index Maturity Ladder

As of 04/23/2014
1.01-2.00 Years6.63%
2.01-3.00 Years8.94%
3.01-5.00 Years17.30%
5.01-7.00 Years12.10%
7.01-10.00 Years23.27%
10.01-15.00 Years16.46%
15.01-20.00 Years4.91%
20.01-30.00 Years10.38%

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.

“Barclays” is a trademark of Barclays, the investment banking division of Barclays Bank PLC (“Barclays”) and is used by State Street Global Advisors under license. Barclays compiles, maintains and owns rights in and to the Barclays U.S. Government Inflation-linked Bond Index.  The SPDR Barclays TIPS ETF is not sponsored, endorsed, sold or promoted by Barclays.  Barclays or one of its affiliated entities may act as an Authorized Participant and/or as an initial purchaser of shares of the SPDR Barclays TIPS ETF.  Barclays makes no representation regarding the advisability of investing in the SPDR Barclays TIPS ETF or use of either the Barclays US Government Inflation-Linked All Maturities Index or any data included therein.

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 Barclays TIPS ETF.

TIPS ETF Management Team

Senior Portfolio Manager Mahesh Jayakumar Vice President Show Bio

Mahesh is a Vice President of the Fixed Income, Currency and Cash Investments team at State Street Global Advisors and has been a member of the team since 2010. In this current role as a portfolio manager in the Fixed Income Beta Solutions group, he is responsible for managing several funds and ETF's spanning diverse areas such as US Aggregate strategies, Global Treasuries/Inflation strategies, Government/Credit portfolios, Green bonds and custom or client directed mandates.

Through his membership in the Corporate Responsibility Working Group at State Street and other ESG related activities, Mahesh is active in the growth of Environmental Finance within the company. He has also held prior roles in State Street Global Markets where he spent time in the Investor Behavior Research Team (IBRT) at State Street Associates working on the research and development of quantitative market indicators.

Mahesh holds an MBA from the MIT Sloan School of Management, MS in Computer Science from Boston University and BS in Information Systems from Purdue University. He has earned the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute and Boston Security Analysts Society. He has also earned the Financial Risk Manager (FRM) designation and is a member of the Global Association of Risk Professionals (GARP).

Portfolio Manager Peter R. Breault Principal Show Bio

Peter R Breault, CFA is a Principal of SSgA and a Portfolio Manager in the firm's Fixed Income Group. He joined the Adviser in 2012.

Prior to joining State Street, Mr. Breault worked at Wellington Management Company as a Fixed Income Portfolio Analyst in their US Fixed Income Broad Sector team.

Mr. Breault graduated from the University of Massachusetts at Dartmouth with a BA degree in Finance and received his Masters in Finance from Northeastern University. He has earned the Chartered Financial Analyst designation and is a member of the CFA Institute and Boston Security Analysts Society.

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.

Barclays U.S. Government Inflation-linked Bond Index

The Barclays U.S. Government Inflation-linked Bond Index includes publicly issued, U.S. Treasury inflation protected securities that have at least 1 year remaining to maturity on index rebalancing date, with an issue size equal to or in excess of $500 million. Bonds must be capital-indexed and linked to an eligible inflation index. The securities must be denominated in U.S. dollars and pay coupon and principal in U.S. dollars. The notional coupon of a bond must be fixed or zero. Bonds must settle on or before the index rebalancing date.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

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.

Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; issuer credit risk; liquidity risk; and inflation risk.

The Fund invests by sampling the Index, holding 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.

Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a 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.

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.

Premium Discount to NAV

As of 04/23/2014
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Barclays TIPS ETF IPE $56.36 $56.35 $56.33 -0.05%
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.