SPDR® SSGA Fixed Income Sector Rotation ETF FISR

Morningstar Fund Comparison

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. Because the SPDR SSGA Active Asset Allocation ETFs are actively managed, they are therefore subject to the risk that the investments selected by SSGA may cause the ETFs to underperform relative to their benchmarks or other funds with similar investment objectives.

The values of debt securities may decrease as a result of many factors, including, by way of example, general market fluctuations; increases in interest rates; actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments; illiquidity in debt securities markets; and prepayments of principal, which often must be reinvested in obligations paying interest at lower rates.

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.

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.

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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.

The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.

Morningstar Fund Comparison

NAV

$26.21

as of Mar 30 2023

Base Currency

USD

Assets Under Management

$161.74 M

as of Mar 30 2023

Gross Expense Ratio

0.50%

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Key Features

The SPDR SSGA Fixed Income Sector Rotation ETF seeks to provide excess return by tactically allocating among income and yield-generating ETFs based on a proprietary process that combines quantitative and qualitative analysis
The fund primarily invests in ETFs that focus on one or more of the following sectors of the fixed income market: bonds issued by U.S. government or agency, treasury inflation protected securities (TIPS), corporate bonds, mortgage-backed securities, high yield bonds, international (including emerging markets) government and corporate bonds, senior loans, floating rate notes, cash equivalents, etc.
The Fund invests at least 80% of its net assets in fixed income securities through ETFs
Typically rebalanced monthly, but rebalancing may occur more or less frequently depending on market conditions

About this Benchmark

The Bloomberg U.S. Aggregate Bond Index (the "Index") is designed to measure 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 Investors Service, Inc., Standard & Poor's Financial Services, LLC, and Fitch Inc.) government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and other asset backed securities that are publicly for sale in the United States. The securities in the Index must have at least 1 year remaining to maturity and must have $300 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. The Index is market capitalization weighted.

Fund Information as of Apr 01 2023

Benchmark	Bloomberg U.S. Aggregate Bond Index
Inception Date	Apr 02 2019
Options Available	No
Gross Expense Ratio	0.50%
Base Currency	USD
Administrator	State Street Global Advisors Funds Management Inc.
Investment Manager	SSGA Funds Management, Inc.
Management Team	Investment Solutions Group (ISG)
Distributor	State Street Global Advisors Funds Distributors, LLC
Distribution Frequency	Monthly

Listing Information as of Apr 01 2023

Exchange	Listing Date	Trading Currency	Ticker	CUSIP	ISIN
NYSE ARCA EXCHANGE	Apr 03 2019	USD	FISR	78470P507	US78470P5070

Fund Characteristics as of Mar 30 2023

Number of Holdings

Yields as of Mar 30 2023

30 Day SEC Yield	2.28%
30 Day SEC Yield (Unsubsidized)	2.09%
Fund Distribution Yield	2.25%

Fund Market Price as of Mar 30 2023

Bid/Ask	$26.22
Closing Price	$26.21
Day High	$26.24
Day Low	$26.18
Exchange Volume (Shares)	2,244
Premium/Discount	0.02%
30-Day Median Bid/Ask Spread	0.11%

Premium Discount to NAV Graph and Summary

Number of Days Summary

	Calendar Year 2022
Days Traded at Premium	140
Days Traded at Discount	111

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.

Fund Net Cash Amount as of Mar 30 2023

Net Cash Amount

$252,129.63

Fund Net Asset Value as of Mar 30 2023

NAV	$26.21
Shares Outstanding	6.17 M
Assets Under Management	$161.74 M

Most Recent NAV / NAV History

Fund Performance

Fund Inception Date: Apr 02 2019

as of Feb 28 2023

	As Of	1 Month	QTD	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception Apr 02 2019
Fund Before Tax
NAV	Feb 28 2023	-3.02%	0.53%	0.53%	-11.90%	-4.70%	-	-	-1.58%
Market Value	Feb 28 2023	-3.01%	0.55%	0.55%	-11.84%	-4.70%	-	-	-1.57%
Benchmark	Feb 28 2023	-2.59%	0.41%	0.41%	-9.72%	-3.77%	0.53%	1.12%	-0.53%
Fund After Tax
Return after Taxes on Distributions	Feb 28 2023	-3.12%	0.42%	0.42%	-12.67%	-5.53%	-	-	-2.57%
Return after Taxes on Distributions and Sale of Fund Shares	Feb 28 2023	-1.79%	0.31%	0.31%	-7.03%	-3.84%	-	-	-1.56%
Benchmark	Feb 28 2023	-2.59%	0.41%	0.41%	-9.72%	-3.77%	0.53%	1.12%	-0.53%

as of Dec 31 2022

	As Of	1 Month	QTD	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception Apr 02 2019
Fund Before Tax
NAV	Dec 31 2022	-1.09%	1.25%	-15.67%	-15.67%	-4.24%	-	-	-1.78%
Market Value	Dec 31 2022	-1.19%	1.23%	-15.68%	-15.68%	-4.28%	-	-	-1.79%
Benchmark	Dec 31 2022	-0.45%	1.87%	-13.01%	-13.01%	-2.71%	0.02%	1.06%	-0.67%
Fund After Tax
Return after Taxes on Distributions	Dec 31 2022	-1.26%	0.92%	-16.38%	-16.38%	-5.08%	-	-	-2.79%
Return after Taxes on Distributions and Sale of Fund Shares	Dec 31 2022	-0.64%	0.74%	-9.26%	-9.26%	-3.49%	-	-	-1.71%
Benchmark	Dec 31 2022	-0.45%	1.87%	-13.01%	-13.01%	-2.71%	0.02%	1.06%	-0.67%

Past performance is not a reliable indicator of future performance. 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. All results are historical and assume the reinvestment of dividends and capital gains. 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.

Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income as applicable.

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: 0.50%

Top Holdings

as of Mar 30 2023

Fund Holdings as of Mar 30 2023

Name	Ticker	Shares Held	Market Value	Weight
SPDR Portfolio Intermediate Term Treasury ETF	SPTI	1,980,395	57,074,984.00	34.84%
SPDR Portfolio Mortgage Backed Bond ETF	SPMB	1,848,839	40,877,830.00	24.95%
SPDR Portfolio Long Term Treasury ETF	SPTL	714,275	21,771,102.00	13.29%
SPDR Portfolio Intermediate Term Corporate Bond ETF	SPIB	610,469	19,736,462.00	12.05%
SPDR Bloomberg International Treasury Bond ETF	BWX	441,352	10,190,818.00	6.22%
SPDR Bloomberg 1-3 Month T-Bill ETF	BIL	101,818	9,350,965.00	5.71%
SPDR Portfolio Long Term Corporate Bond ETF	SPLB	196,527	4,581,044.50	2.80%
Ssga Fds/Usa State St Inst Us Gov M Oef	85749270	255,185	255,184.88	0.16%

Download All Holdings: Daily

Index Top Holdings as of Mar 30 2023

Name	ISIN	Weight
Fannie Mae or Freddie Mac 2 03/25/2051	-	2.20%
Fannie Mae or Freddie Mac 2 03/25/2050	-	1.52%
Fannie Mae or Freddie Mac 2.5 05/25/2051	-	1.20%
Ginnie Mae II Pool 2 01/20/2051	-	0.82%
Fannie Mae or Freddie Mac 2.5 11/25/2049	-	0.77%
Ginnie Mae II Pool 2.5 03/20/2051	-	0.76%
Ginnie Mae II Pool 2.5 01/20/2050	-	0.48%
US TREASURY N/B 4.125 11/15/2032	US91282CFV81	0.42%
US TREASURY N/B 2.875 05/15/2032	US91282CEP23	0.39%
US TREASURY N/B 1.25 08/15/2031	US91282CCS89	0.38%

Sector Allocation

as of Mar 30 2023

Sector Breakdown as of Mar 30 2023

Sector	Weight
US Treasury Intermediate Maturity	34.84%
Mortgage Backed Securities	24.95%
US Treasury Long Maturity	13.29%
US Corporate Intermediate Maturity	12.05%
Unassigned	6.38%
US Treasury Bill	5.71%
US Corporate Long Maturity	2.80%

Index Sector Breakdown as of Mar 30 2023

Sector	Weight
Treasury	41.03%
Mortgage Backed Securities	27.22%
CORPORATE - INDUSTRIAL	14.20%
Corporate - Finance	8.17%
Corporate - Utility	2.06%
CMBS	1.76%
Non Corporates - Supranationals	1.33%
Agency	1.18%
Non Corporates - Sovereigns	0.98%
Non Corporates - Foreign Local Govt	0.84%
Non Corporates - Foreign Agency	0.78%
Asset Backed Securities	0.44%

Document

Fund Documents

Tax Documents

Information & Schedules

SPDR® ETF Listing pdf

Insights & Resources

Quick Reference Guide pdf

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.

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 contained herein is that of the SPDR SSGA Fixed Income Sector Rotation 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.

"Bloomberg^®" and Bloomberg U.S. Aggregate Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by State Street Global Advisors. Bloomberg is not affiliated with State Street Global Advisors, and Bloomberg does not approve, endorse, review, or recommend SPDR^® SSGA Fixed Income Sector Rotation ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to SPDR^® SSGA Fixed Income Sector Rotation ETF.

Prior to 8/24/2021, the Bloomberg U.S. Aggregate Bond Index was known as the Bloomberg Barclays U.S. Aggregate Bond Index.