SPDR® DoubleLine® Total Return Tactical ETF TOTL

Important Risk Disclosure

NAV

NAV

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

$49.32

as of Nov 25 2020

Base Currency

USD

Assets Under Management

$3,245.13 M

as of Nov 25 2020

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%


Key Features

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

About this Benchmark

About this Benchmark

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.


Fund Information as of Nov 25 2020

Fund Information as of Nov 25 2020
Benchmark Inception Date Options Available 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.

Net Expense Ratio

SSGA Funds Management, Inc. (“SSGA FM” or “Adviser”) has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses, until October 31, 2021, 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, 2021, 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, 2021 except with the approval of the SSGA Active Trust’s Board of Trustees.

Base Currency Sub-advisor
Bloomberg Barclays U.S. Aggregate Bond Index Feb 23 2015 No 0.65% 0.55% USD DoubleLine Capital LP
Benchmark Bloomberg Barclays U.S. Aggregate Bond Index
Inception Date Feb 23 2015
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 a portion of its management fee and/or reimburse certain expenses, until October 31, 2021, 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, 2021, 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, 2021 except with the approval of the SSGA Active Trust’s Board of Trustees.

0.55%
Base Currency USD
Sub-advisor DoubleLine Capital LP
Investment Manager Distributor Distribution Frequency
SSGA Funds Management, Inc. State Street Global Advisors Funds Distributors, LLC Monthly
Investment Manager SSGA Funds Management, Inc.
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Monthly

Listing Information as of Nov 25 2020

Listing Information as of Nov 25 2020
Exchange Listing Date Trading Currency Ticker CUSIP ISIN
NYSE ARCA EXCHANGE Feb 24 2015 USD TOTL 78467V848 US78467V8485
Exchange NYSE ARCA EXCHANGE
Listing Date Feb 24 2015
Trading Currency USD
Ticker TOTL
CUSIP 78467V848
ISIN US78467V8485

Fund Characteristics as of Nov 25 2020

Fund Characteristics as of Nov 25 2020
Number of Holdings Average Coupon

Average Coupon

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

Average Maturity in Years

Average Maturity

The market value-weighted average maturity of the bonds and loans in a portfolio, where maturity is defined as the stated final for bullet maturity bonds and loans.

Average Price 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.

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.

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.

1,121 2.81% 4.89 $101.70 1.63% 3.28% 3.43 years
Number of Holdings 1,121
Average Coupon

Average Coupon

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

2.81%
Average Maturity in Years

Average Maturity

The market value-weighted average maturity of the bonds and loans in a portfolio, where maturity is defined as the stated final for bullet maturity bonds and loans.

4.89
Average Price $101.70
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.

1.63%
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.

3.28%
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.

3.43 years
Option Adjusted Spread 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.

108.42 1.70%
Option Adjusted Spread 108.42
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.

1.70%

Index Characteristics as of Nov 25 2020

Index Characteristics as of Nov 25 2020
Number of Holdings Average Coupon Average Maturity in Years Average Price Average Yield To Worst Convexity Current Yield
11,971 2.94% 8.20 $111.04 1.18% 0.36% 2.59%
Number of Holdings 11,971
Average Coupon 2.94%
Average Maturity in Years 8.20
Average Price $111.04
Average Yield To Worst 1.18%
Convexity 0.36%
Current Yield 2.59%
Option Adjusted Duration Option Adjusted Spread Yield to Maturity
6.16 years 48.71 1.20%
Option Adjusted Duration 6.16 years
Option Adjusted Spread 48.71
Yield to Maturity 1.20%

Yields as of Nov 25 2020

Yields as of Nov 25 2020
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.

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.

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.

1.91% 1.81% 2.87%
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.

1.91%
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.

1.81%
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.

2.87%

Fund Market Price as of Nov 25 2020

Fund Market Price as of Nov 25 2020
Bid/Ask

Bid/Ask Mid Point

(Also known as Mid Price) The price between the best price of the sellers for a trading unit of a given security and the best price of the buyer of a trading unit of a given security.

Closing Price

Closing Price

Market Price of last reported trade on the exchange.

Day High Day Low Exchange Volume (Shares)

Exchange Volume (shares)

Represents the volume of shares traded on the ETF's primary exchange throughout the previous business day.

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)

30-Day Median Bid/Ask Spread

The median bid-ask spread is calculated by identifying national best bid and national best offer ("NBBO") for each Fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and posted on each business day.

$49.36 $49.35 $49.38 $49.35 16,478 0.10% 0.04%
Bid/Ask

Bid/Ask Mid Point

(Also known as Mid Price) The price between the best price of the sellers for a trading unit of a given security and the best price of the buyer of a trading unit of a given security.

$49.36
Closing Price

Closing Price

Market Price of last reported trade on the exchange.

$49.35
Day High $49.38
Day Low $49.35
Exchange Volume (Shares)

Exchange Volume (shares)

Represents the volume of shares traded on the ETF's primary exchange throughout the previous business day.

16,478
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)

0.10%
30-Day Median Bid/Ask Spread

The median bid-ask spread is calculated by identifying national best bid and national best offer ("NBBO") for each Fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and posted on each business day.

0.04%

Premium Discount to NAV Graph and Summary

The line graph and table below show historical information about the differences between the daily closing price for shares of the fund (as determined by the fund’s listing exchange) and the fund’s net asset value over certain periods. The vertical axis of the line graph shows the premium/discount expressed as a percentage of NAV. The horizontal axis indicates the date at which the premium/discount occurred. The table shows the number of trading days in which the fund traded at a premium or at a discount to NAV.

x axis: Dates
y axis: Premium or Discount (bps)

Number of Days Summary

Calendar Year 2019 First Quarter of 2020 Second Quarter of 2020 Third Quarter of 2020
Days Traded at Premium
Number of days the ETF closing price was above the NAV.
213 36 56 58
Days Traded at Discount
Number of days the ETF closing price was below the NAV.
39 26 7 6
Days Traded at Premium
Number of days the ETF closing price was above the NAV.
Calendar Year 2019 213
First Quarter of 2020 36
Second Quarter of 2020 56
Third Quarter of 2020 58
Days Traded at Discount
Number of days the ETF closing price was below the NAV.
Calendar Year 2019 39
First Quarter of 2020 26
Second Quarter of 2020 7
Third Quarter of 2020 6
Fund Data

Because ETFs trade like stocks at current market prices, shareholders may pay more than a fund’s NAV when purchasing fund shares and may receive less than a fund’s NAV when selling fund shares.

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.


Fund Net Cash Amount as of Nov 25 2020

Fund Net Cash Amount as of Nov 25 2020
Net Cash Amount
$79,762,396.78
Net Cash Amount $79,762,396.78

Fund Net Asset Value as of Nov 25 2020

Fund Net Asset Value as of Nov 25 2020
NAV

NAV

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

Shares Outstanding Assets Under Management
$49.32 65.80 M $3,245.13 M
NAV

NAV

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

$49.32
Shares Outstanding 65.80 M
Assets Under Management $3,245.13 M
Most Recent NAV / NAV History

Fund Performance

Fund Performance

  • Fund Inception Date: Feb 23 2015

as of Oct 31 2020

as of Sep 30 2020

As Of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Feb 23 2015
Fund Before Tax
NAV Oct 31 2020 -0.40% -0.40% 2.78% 2.86% 3.35% 3.11% - 2.83%
Market Value Oct 31 2020 -0.10% -0.10% 2.60% 3.11% 3.33% 3.12% - 2.86%
Bloomberg Barclays U.S. Aggregate Bond Index Oct 31 2020 -0.45% -0.45% 6.32% 6.19% 5.06% 4.08% 3.55% 3.64%
Fund After Tax
Return after Taxes on Distributions Oct 31 2020 -0.49% -0.49% 1.90% 1.64% 2.01% 1.76% - 1.50%
Return after Taxes on Distributions and Sale of Fund Shares Oct 31 2020 -0.24% -0.24% 1.64% 1.68% 1.98% 1.78% - 1.57%
Bloomberg Barclays U.S. Aggregate Bond Index Oct 31 2020 -0.45% -0.45% 6.32% 6.19% 5.06% 4.08% 3.55% 3.64%
As Of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Feb 23 2015
Fund Before Tax
NAV Sep 30 2020 0.19% 0.71% 3.20% 3.58% 3.49% 3.22% - 2.95%
Market Value Sep 30 2020 -0.20% 0.32% 2.70% 3.18% 3.32% 3.15% - 2.92%
Bloomberg Barclays U.S. Aggregate Bond Index Sep 30 2020 -0.05% 0.62% 6.79% 6.98% 5.24% 4.18% 3.64% 3.78%
Fund After Tax
Return after Taxes on Distributions Sep 30 2020 0.10% 0.44% 2.40% 2.33% 2.14% 1.86% - 1.61%
Return after Taxes on Distributions and Sale of Fund Shares Sep 30 2020 0.11% 0.42% 1.89% 2.10% 2.08% 1.85% - 1.65%
Bloomberg Barclays U.S. Aggregate Bond Index Sep 30 2020 -0.05% 0.62% 6.79% 6.98% 5.24% 4.18% 3.64% 3.78%

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.

Performance returns for periods of less than one year are not annualized.  Performance is shown net of fees.

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%


Top Holdings

Subject to change.

Top Holdings

Subject to change.

Fund Top Holdingsas of Nov 25 2020
Index Top Holdingsas of Nov 25 2020

Fund Top Holdings as of Nov 25 2020

Name Market Value ISIN Weight
US TREASURY N/B 1.5 08/31/2021 106,721,813.09 US912828YC87 3.28%
US TREASURY N/B 1.5 02/15/2030 91,186,875.00 US912828Z948 2.81%
US TREASURY N/B 2.125 02/29/2024 85,140,445.11 US912828W481 2.62%
US TREASURY N/B 2.125 07/31/2024 84,926,806.74 US9128282N91 2.61%
US TREASURY N/B 2.25 11/15/2025 84,377,781.25 US912828M565 2.60%
TREASURY BILL 0 04/29/2021 84,170,954.37 US9127964Z94 2.59%
US TREASURY N/B 1.625 05/15/2026 77,510,355.65 US912828R366 2.39%
US TREASURY N/B 0.5 06/30/2027 58,217,726.42 US912828ZV59 1.79%
FREDDIE MAC 2 09/01/2050 50,960,444.91 US3132DV7B53 1.57%
TREASURY BILL 0 12/03/2020 49,999,798.50 US912796TU31 1.54%
Download All Holdings: Daily

Index Top Holdings as of Nov 25 2020

Name Weight
Fannie Mae Pool 2.5 02/25/2050 1.27%
Freddie Mac 2.5 03/25/2050 0.86%
Ginnie Mae II Pool 2.5 02/20/2050 0.83%
Fannie Mae Pool 2 04/25/2050 0.73%
Fannie Mae Pool 3 07/25/2049 0.63%
Freddie Mac 2 06/25/2050 0.60%
Fannie Mae or Freddie Mac 3 01/25/2046 0.55%
Ginnie Mae II Pool 3 01/20/2050 0.53%
Freddie Mac 3 08/25/2049 0.51%
Ginnie Mae II Pool 3 03/20/2046 0.46%

Sector Allocation

Sector Allocation
Fund Sector Breakdownas of Nov 25 2020
Index Sector Breakdownas of Nov 25 2020

Fund Sector Breakdown as of Nov 25 2020

Sector Weight
Mortgage Backed Securities 44.24%
Treasury 25.73%
Commercial Mortgage Backed Securities 10.20%
Investment Grade Corporate 6.31%
Emerging Markets 5.01%
High Yield Corporate 4.75%
Bank Loans 3.16%
Asset Backed Securities 0.60%
Other 0.00%

Index Sector Breakdown as of Nov 25 2020

Sector Weight
Treasury 36.71%
Mortgage Backed Securities 26.97%
Corporate - Industrial 16.94%
Corporate - Finance 8.33%
Corporate - Utility 2.27%
CMBS 2.19%
Agency 1.58%
Non Corporates - Supranationals 1.47%
Non Corporates - Sovereigns 1.15%
Non Corporates - Foreign Local Govt 1.05%
Non Corporates - Foreign Agency 1.01%
Asset Backed Securities 0.35%
Other 0.00%

Quality Breakdown

Quality Breakdown
Fund Quality Breakdownas of Nov 25 2020
Index Quality Breakdownas of Nov 25 2020

Fund Quality Breakdown as of Nov 25 2020

Name Weight
NR 9.49%
Aaa 66.61%
Aa1 0.59%
Aa2 0.45%
Aa3 0.51%
A1 0.47%
A2 1.70%
A3 1.37%
Baa1 1.72%
Baa2 2.47%
Baa3 2.63%
Ba1 0.56%
Ba2 1.33%
Ba3 1.94%
B1 1.15%
B2 2.22%
B3 1.66%
Caa1 0.57%
Caa2 0.69%
Caa3 0.34%
Ca3 1.28%
C3 0.26%
Other 0.00%

Index Quality Breakdown as of Nov 25 2020

Name Weight
Aaa 69.66%
Aa 3.46%
A 12.16%
Baa 14.71%

Maturity Ladder

Maturity Ladder
Fund Maturity Ladderas of Nov 25 2020
Index Maturity Ladderas of Nov 25 2020

Fund Maturity Ladder as of Nov 25 2020

Name Weight
0 - 1 Year 14.04%
1 - 2 Years 6.59%
2 - 3 Years 14.18%
3 - 5 Years 30.99%
5 - 7 Years 16.09%
7 - 10 Years 13.65%
10 - 15 Years 1.89%
15 - 20 Years 0.46%
20 - 30 Years 1.81%
> 30 Years 0.30%
Other 0.00%

Index Maturity Ladder as of Nov 25 2020

Name Weight
1 - 2 Years 11.33%
2 - 3 Years 12.22%
3 - 5 Years 33.58%
5 - 7 Years 13.03%
7 - 10 Years 9.84%
10 - 15 Years 1.62%
15 - 20 Years 3.87%
20 - 30 Years 13.49%
> 30 Years 1.04%

Region Weights

Region Weights
Fund Region Weightsas of Nov 25 2020

Fund Region Weights as of Nov 25 2020

Region Weight
Region Weight
North America 93.77%
South America 1.36%
Southeast Asia 1.04%
Caribbean 0.79%
Central America 0.78%
East Asia 0.78%
Middle East 0.48%
South Asia 0.44%
Western Europe 0.42%
Oceania 0.15%

Geographical Breakdown

Geographical Breakdown

Purchase Information

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 may apply.


Fund Footnotes

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.

Holdings and sectors shown are as of the date indicated and are subject to change. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future.

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.  

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.