State Street Multi-Asset Real Return ETF Portfolio

Key Facts

Seeks to achieve real return consisting of capital appreciation and current income by investing in securities with inflation-hedging potential and broad diversification
Employs a tactical asset allocation approach that combines quantitative and qualitative analysis
Typically rebalanced monthly, but rebalancing may occur more or less frequently depending on market conditions

Objective

Seeks to achieve real return by investing in securities with inflation-hedging potential. Asset allocation decisions are based on a proprietary model, which incorporates macroeconomic, financial, and market data to arrive at a projected return forecast for each asset class. These projections are used to determine the weightings of each asset class.

Inception Date

April 9, 2024

Rebalance Frequency

12-15 times per year

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Holdings

Portfolio Allocations as of Dec 31 2025

Ticker/Fund Name	Allocation (%)
Equity	59.0
GII SPDR® S&P® Global Infrastructure ETF	25.0
GNR SPDR® S&P Global Natural Resources ETF	24.0
XME State Street® SPDR® S&P® Metals & Mining ETF	4.4
XLE State Street® Energy Select Sector SPDR® ETF	4.4
MOO VanEck Agribusiness ETF	1.2
Fixed Income	9.6
TIPX State Street® SPDR® Bloomberg 1-10 Year TIPS ETF	6.6
WIP SPDR® FTSE International Government Inflation-Protected Bond ETF	2.9
Real Assets	29.4
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	24.3
RWR State Street® SPDR® Dow Jones® REIT ETF	3.4
RWX SPDR® Dow Jones® International Real Estate ETF	1.7
Cash	2.0
Weighted Average Expense Ratio	0.33

Source: State Street Investment Management. The allocations in the charts above reflect portfolio weights for equity, fixed income, real assets, alternatives and cash asset classes across the spectrum of risk-based model portfolios. Allocations are as of the date indicated, are subject to change, and should not be relied upon as current thereafter. Equity asset classes include, but are not limited to, domestic equity and international equity. Fixed income asset classes include, but are not limited to, investment grade bonds, high yield bonds, convertible bonds, emerging market debt, inflation-protected bonds and Treasuries.

Important Disclosure: The model portfolios primarily utilize ETFs that make payments to SSGA Funds Management, Inc. or its affiliates (collectively "SSGA") for advisory or other services, which presents a conflict of interest for SSGA. Income earned by SSGA would be lower, and the returns generated by implementing one or more model portfolios might be higher, if the model portfolios were to be constructed using ETFs or other investments that do not pay fees to SSGA.

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Disclosure

Asset allocation is a method of diversification which positions assets among major investment categories. While asset allocation may help reduce the investment risk, it does not ensure a profit or guarantee against a loss.

There are risks associated with investing in Real Assets and the Real Assets sector, including real estate, precious metals and natural resources. Investments can be significantly affected by events relating to these industries.

Diversification does not ensure a profit or guarantee against loss.

Actively managed model portfolios do not seek to replicate the performance of a specified index. An actively managed model portfolio may underperform its benchmark. An investment in the model portfolio is not appropriate for all investors and is not intended to be a complete investment program. Investing in the model portfolio 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.

Carefully consider the funds within the model portfolios' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the funds' prospectuses, and if available, the summary prospectuses which may be obtained by visiting respective fund family websites. Read the prospectus carefully before investing.

Investing in REITs involves certain distinct risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of credit extended. REITs are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs, especially mortgage REITs, are also subject to interest rate risk (i.e., as interest rates rise, the value of the REIT may decline).

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.