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Home   »   ETFs : SPDR® SSGA Ultra Short Term Bond ETF (ULST)
ULST

SPDR® SSGA Ultra Short Term Bond ETF

Fund Objective

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.

Ordinary brokerage commissions may apply.

Fund Information

As of 03/05/2015
Ticker SymbolULST
Primary BenchmarkBarclays US Treasury Bellwether 3 Month
CUSIP78467V707
Short Selling AllowedYes
Options AvailableNo
Gross Expense Ratio

The gross expense ratio is 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 Date10/09/2013
Investment ManagerSSgA Funds Management, Inc.
Management TeamUltra Short Bond Management Team
DistributorState Street Global Markets, LLC
Distribution FrequencyMonthly
ExchangeNYSE ARCA EXCHANGE

Fund Characteristics

As of 03/03/2015
Average Coupon

 Average Coupon

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

1.06%
Average Credit Quality

Average Credit Quality

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.

A1
Average Maturity in Years1.47
Average Price$100.23
Average Spread47.0
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.

0.54%
Convexity-0.11%
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.

1.13%
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.

0.25 years
Number of Holdings72
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.

0.54%

Yields

As of 03/03/2015
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.

0.38%
Fund 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.

0.33%

Index Characteristics

As of 03/03/2015
Average Coupon

 Average Coupon

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

0.00%
Average Credit Quality

Average Credit Quality

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.

AAA
Average Maturity in Years0.23
Average Price$100.00
Average Spread-7.4
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.

0.02%
Convexity0.00%
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.

0.00%
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.

0.23 years
Number of Holdings1
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.

N/A
Tracking ErrorN/A
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.

0.02%

Fund Documents

Fund Market Price

As of 03/03/2015
Bid/Ask$40.04
Closing Price$40.06
Day High$40.06
Day Low$40.00
Exchange Volume (shares)1,861
Premium/Discount-0.02%
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 03/03/2015
Price$40.05
Shares Outstanding400,000
Total Net Assets$16.02 M
Most Recent NAV / NAV History XLS

Fund Net Cash Amount

As of 03/03/2015
Net Cash Amount-$5,168.28

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 Graphs

Month End as of 01/31/2015

Fund Inception Date: 10/09/2013

Index Inception Date: 01/01/1981

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Quarter End as of 12/31/2014

Fund Inception Date: 10/09/2013

Index Inception Date: 01/01/1981

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; SSGA Ultra Short Term Bond ETF" bmarkName="Barclays US Treasury Bellwether 3 Month"><funds><field>1 Month</field><fund>-0.05</fund><index>-0.00</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>-0.07</fund><index>0.00</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>0.28</fund><index>0.05</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>0.28</fund><index>0.05</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund></fund><index>0.09</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>0.11</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>1.59</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>0.37</fund><index>0.06</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings

Subject to change.

As of 03/03/2015
NameWeightMarket ValueISIN
NISSAN AUTO LEASE TRUST .333 09/15/20163.54%566,687.81US65477NAC02
FORD CREDIT AUTO LEASE TRUST 1.1 12/15/20153.24%519,924.73US34529XAB47
DIAGEO FINANCE BV 5.3 10/28/20153.17%508,602.79US25244SAC52
HARLEY-DAVIDSON FINL SER 1.15 09/15/20152.51%403,145.89US41283LAC90
TOYOTA MOTOR CREDIT CORP .4571 05/16/20172.49%399,596.83US89236TBG94
JOHN DEERE OWNER TRUST .54 07/17/20172.49%399,482.80US477877AB07
BANK OF AMERICA NA .6761 05/08/20172.49%399,265.76US06050TLX80
SANTANDER DRIVE AUTO RECEIVABL .82 02/15/20182.37%380,353.86US80281CAD74
TORONTO-DOMINION BANK .4946 05/02/20172.37%380,047.38US89114QAR92
DAIMLER FINANCE NA LLC 1.25 01/11/20162.20%352,107.29US233851AT12
Download All Holdings XLS

Fund Sector Allocation

As of 03/03/2015
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>03/03/2015</asOfDate><code>FUND_SECTOR_ALLOCATION</code><attributes><attribute><rawValue>39.269412</rawValue><value>39.27%</value><label>Corporate - Industrial</label><order>1</order></attribute><attribute><rawValue>28.910288</rawValue><value>28.91%</value><label>Corporate - Finance</label><order>2</order></attribute><attribute><rawValue>24.286458</rawValue><value>24.29%</value><label>Asset Backed Securities</label><order>3</order></attribute><attribute><rawValue>5.190988</rawValue><value>5.19%</value><label>Non Corporates</label><order>4</order></attribute><attribute><rawValue>2.084496</rawValue><value>2.08%</value><label>Treasury</label><order>5</order></attribute><attribute><rawValue>0.258359</rawValue><value>0.26%</value><label>Cash</label><order>6</order></attribute></attributes></component>

Index Sector Allocation

As of 03/03/2015
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>03/03/2015</asOfDate><code>BMARK_SECTOR_ALLOCTAION</code><attributes><attribute><rawValue>100.0</rawValue><value>100.00%</value><label>Treasury</label><order>1</order></attribute></attributes></component>

Fund Quality Breakdown

As of 03/03/2015
Aaa26.63%
Aa22.04%
A50.03%
Not Rated1.30%

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 03/03/2015
Aaa100.00%

Fund Maturity Ladder

As of 03/03/2015
0 - 1 Year41.03%
1 - 2 Years25.37%
2 - 3 Years25.75%
3 - 5 Years7.85%

Index Maturity Ladder

As of 03/03/2015
0 - 1 Year100.00%

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.

Unless otherwise noted all information contained herein is that of the SPDR SSgA Ultra Short Term Bond ETF.

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.

Ultra Short Bond Management Team

Senior Portfolio Manager Thomas Connelley Vice President Show Bio

Tom is a Vice President of State Street Global Advisors and a Senior Portfolio Manager in the Cash Group. He is responsible for total rate of return Short Duration strategies such as Ultra Short Term Fixed Income and 1-3 year multi-sector funds that help clients bridge the gap between traditional cash portfolios and longer dated fixed income solutions. Prior to his current role, Tom was a Senior Portfolio Manager for the US Cash Management Group where he managed a variety of cash portfolios and securities lending cash collateral pools.

Prior to joining SSGA in 2003, Tom was a Portfolio Manager at Standish Mellon Asset Management, where he was responsible for a variety of short- and intermediate-term fixed income mandates.

Tom received a BS in Management, with a concentration in Finance, from Bryant University. He has earned the Chartered Financial Analyst designation and is a member of the Boston Security Analysts Society.

Senior Portfolio Manager Matt Pappas Vice President Show Bio

Matthew is a Vice President of State Street Global Advisors where he is a Senior Portfolio Manager within Global Fixed Income, Cash and Currency (FICC). Matt is a member of the Global Rates and Sector Strategy group and manages various global investment grade multi sector strategies designed to meet or exceed client specific objectives incorporating global interest rates, Corporate debt, US TIPS and Agency MBS.

Prior to his current role, Matt was a research analyst in the Credit Research group supporting the Securities Lending and Cash desk. This role included both quantitative and qualitative credit analysis on corporate and short-term structured products. Matt originally joined SSGA as an Investment Operations associate before transitioning to the Research group in 2002. Matt has been a member of the Fixed Income area since joining SSGA in 1999.

Matt earned his MBA with a concentration in Finance from Bryant University. He obtained his Bachelor degree in Accounting from the University of Massachusetts, Dartmouth.

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 US Treasury Bellwether 3 Month

The Barclays US Treasury Bellwether 3 month 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. The three month bellwether index follows Barclays Capital's index monthly rebalancing conventions.

© 2015 State Street Corporation. All Rights Reserved.

© 2015 State Street Corporation. All Rights Reserved.

© 2015 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.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns.

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 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.

Actively managed ETFs do not seek to replicate the performance of a specified index.

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.

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 investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations, all of which may be magnified in emerging markets.

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 03/03/2015
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® SSGA Ultra Short Term Bond ETF ULST $40.05 $40.06 $40.04 -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.