State Street Tax-Sensitive Strategic Asset Allocation ETF Portfolios

Key Facts

Diversified, global asset allocation
Consistent long-term approach with lower turnover and portfolio efficiency
Captures the potential tax advantages of municipal bonds

Objective

Seeks to provide optimal capital efficiency over a long-term horizon. The more conservative model portfolios are designed to generate current income, with some consideration given to growth of capital. The more aggressive portfolios are predominantly focused on growth of capital. In all instances, the model portfolios are constructed, based on risk tolerance, to achieve market exposure across both equity and fixed income markets.

Inception Date

December 31, 2019

Evaluation Frequency

Annually

Current holdings can be found in the Target Allocations file under Quick Links.

Quick Links

Holdings Performance Portfolio Statistics

Portfolio Allocations as of Dec 31 2025

Conservative (%) 20/80

Ticker/Fund Name	Conservative (%) 20/80	Moderate Conservative (%) 40/60	Moderate (%) 60/40	Moderate Growth (%) 75/25	Growth (%) 90/10
Equity	15.5	34.5	53.5	68.5	82.5
SPLG SPDR® Portfolio S&P 500® ETF	7.5	17.5	27.0	32.5	39.0
SPDW SPDR® Portfolio Developed World ex-US ETF	4.0	7.5	13.0	17.0	20.5
SPEM SPDR® Portfolio Emerging Markets ETF	2.0	4.5	6.5	8.5	10.5
SPSM State Street® SPDR® Portfolio S&P 600™ Small Cap ETF	1.0	1.5	2.5	3.8	4.5
SPMD State Street® SPDR® Portfolio S&P 400™ Mid Cap ETF	1.0	1.5	2.5	3.8	4.5
GWX SPDR® S&P® International Small Cap ETF	0.0	2.0	2.0	3.0	3.5
Fixed Income	78.5	59.5	40.5	25.5	10.5
TFI State Street® SPDR® Nuveen ICE Municipal Bond ETF	47.0	39.5	27.5	14.5	5.0
SPSB State Street® SPDR® Portfolio Short Term Corporate Bond ETF	7.0	2.0	0.0	0.0	0.0
TIPX State Street® SPDR® Bloomberg 1-10 Year TIPS ETF	6.0	4.5	2.0	0.0	0.0
SPTS State Street® SPDR® Portfolio Short Term Treasury ETF	5.0	3.0	0.0	0.0	0.0
EMHC State Street® SPDR® Bloomberg Emerging Markets USD Bond ETF	4.5	3.5	3.0	2.0	0.0
SRLN State Street® Blackstone Senior Loan ETF	4.5	3.5	2.5	2.0	0.0
EBND SPDR® Bloomberg Emerging Markets Local Bond ETF	2.5	2.0	1.5	1.0	0.0
SPHY State Street® SPDR® Portfolio High Yield Bond ETF	2.0	1.5	1.0	1.0	0.0
SPTL State Street® SPDR® Portfolio Long Term Treasury ETF	0.0	0.0	3.0	5.0	5.5
Real Assets	4.0	4.0	4.0	4.0	5.0
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	2.0	2.0	2.0	2.0	2.0
RWO SPDR® Dow Jones® Global Real Estate ETF	2.0	2.0	2.0	2.0	3.0
Cash	2.0	2.0	2.0	2.0	2.0
Weighted Average Expense Ratio	0.19	0.17	0.14	0.10	0.07

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.

Hypothetical Model Portfolio Performance as of Dec 31 2025

	1 Month	3 Month	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception	Inception Date
Conservative	0.30%	1.73%	8.03%	8.03%	6.63%	2.77%	-	3.74%	Dec 31 2019
Conservative Benchmark Conservative Benchmark MSCI AC World IMI Index: 20% Bloomberg Municipal Managed Money 1-25 Years Index: 78% Bloomberg 1-3 Month US Treasury Bill Index: 2%	0.34%	2.02%	7.79%	7.79%	6.73%	2.51%	-	3.48%	Dec 31 2019
Moderate Conservative	0.44%	2.06%	11.27%	11.27%	9.43%	4.70%	-	5.70%	Dec 31 2019
Moderate Conservative Benchmark Moderate Conservative Benchmark MSCI AC World IMI Index: 40% Bloomberg Municipal Managed Money 1-25 Years Index: 58% Bloomberg 1-3 Month US Treasury Bill Index: 2%	0.51%	2.32%	11.24%	11.24%	9.95%	4.60%	-	5.59%	Dec 31 2019
Moderate	0.54%	2.39%	14.52%	14.52%	12.25%	6.43%	-	7.48%	Dec 31 2019
Moderate Benchmark Moderate Benchmark MSCI AC World IMI Index: 60% Bloomberg Municipal Managed Money 1-25 Years Index: 38% Bloomberg 1-3 Month US Treasury Bill Index: 2%	0.69%	2.61%	14.76%	14.76%	13.24%	6.68%	-	7.67%	Dec 31 2019
Moderate Growth	0.65%	2.61%	17.18%	17.18%	14.38%	7.86%	-	8.83%	Dec 31 2019
Moderate Growth Benchmark Moderate Growth Benchmark MSCI AC World IMI Index: 75% Bloomberg Municipal Managed Money 1-25 Years Index: 23% Bloomberg 1-3 Month US Treasury Bill Index: 2%	0.82%	2.84%	17.46%	17.46%	15.75%	8.24%	-	9.20%	Dec 31 2019
Growth	0.71%	2.78%	19.50%	19.50%	16.42%	9.30%	-	10.15%	Dec 31 2019
Growth Benchmark Growth Benchmark MSCI AC World IMI Index: 90% Bloomberg Municipal Managed Money 1-25 Years Index: 8% Bloomberg 1-3 Month US Treasury Bill Index: 2%	0.95%	3.06%	20.21%	20.21%	18.29%	9.79%	-	10.70%	Dec 31 2019

Source: State Street Investment Management.

Performance returns for periods of less than one year are not annualized.

Important Performance Reporting Information: The performance data quoted represents past performance. Past performance does not guarantee future results. The model portfolio strategy returns presented are those of model paper portfolios attributable to each strategy and reflect the contemporaneous investment strategy decisions made by SSGA's investment professionals for each performance period presented. The returns do not reflect the results of the actual trading of any account or group of accounts and are thereby hypothetical in nature. All returns greater than one year are annualized. The returns reflect the reinvestment of dividends and interest. Strategy returns are shown net of hypothetical trading fees based on a trade commission rate of 0.0025 cents per share. The impact of ETF fees is reflected in the returns for all periods presented. SSGA does not charge any separate model portfolio strategist fees in association with the strategies and therefore no such fee is reflected in the returns presented. SSGA does not manage the accounts of retail investors pursuant to the strategies and the strategies are only available to retail investors through third party firms that offer account management and other services to retail investors. The actual performance results of an investor utilizing a third party advisor for account management would be lower as a result of the imposition of management fees and custodial fees by third party firms. Additionally, actual trading fees may be greater than those based on the hypothetical commission rate described above. You should consult with your advisor to learn more about the fees that will be applied to a particular account or type of account. The performance of accounts managed by a third party advisor that receives access to the strategies may differ from the performance shown for a variety of reasons, including but not limited to: the fees assessed by the advisor and other third parties; the advisor's decision to exercise its discretion to implement a given strategy in a way that differs from the provided by SSGA; the timing of the advisor's implementation of strategy updates; investor imposed investment restrictions; and the timing and nature of investor initiated cash flow activity in the account. For all of the reasons described above, actual performance may differ substantially from the hypothetical results. Hypothetical results have inherent limitations because they do not reflect actual trading by SSGA during the period described and may not reflect the impact that material economic and market factors might have had on SSGA's decision-making if it was actually managing clients' money pursuant to the strategies. There is no guarantee that any of the investment strategies will be successful and investors should be aware that they can lose money investing assets in accordance with the strategies. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect capital gains and losses, income, and the reinvestment of dividends.

Hypothetical Growth of $10K as of Dec 31 2025

Source: State Street Investment Management. Inception date: December 31, 2019.

Performance returns for periods of less than one year are not annualized.

Calendar Year Returns as of Dec 31 2025

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Conservative	-	-	-	-	-	8.73%	4.44%	-9.46%	8.17%	3.77%	8.03%
Conservative Benchmark Conservative Benchmark MSCI AC World IMI Index: 20% Bloomberg Municipal Managed Money 1-25 Years Index: 78% Bloomberg 1-3 Month US Treasury Bill Index: 2%	-	-	-	-	-	8.45%	4.14%	-10.58%	9.36%	3.15%	7.79%
Moderate Conservative	-	-	-	-	-	10.85%	8.32%	-11.38%	10.94%	6.17%	11.27%
Moderate Conservative Benchmark Moderate Conservative Benchmark MSCI AC World IMI Index: 40% Bloomberg Municipal Managed Money 1-25 Years Index: 58% Bloomberg 1-3 Month US Treasury Bill Index: 2%	-	-	-	-	-	10.72%	7.56%	-12.42%	12.34%	6.37%	11.24%
Moderate	-	-	-	-	-	12.92%	11.97%	-13.77%	13.81%	8.51%	14.52%
Moderate Benchmark Moderate Benchmark MSCI AC World IMI Index: 60% Bloomberg Municipal Managed Money 1-25 Years Index: 38% Bloomberg 1-3 Month US Treasury Bill Index: 2%	-	-	-	-	-	12.77%	11.05%	-14.31%	15.37%	9.67%	14.76%
Moderate Growth	-	-	-	-	-	13.84%	14.69%	-14.94%	15.73%	10.36%	17.18%
Moderate Growth Benchmark Moderate Growth Benchmark MSCI AC World IMI Index: 75% Bloomberg Municipal Managed Money 1-25 Years Index: 23% Bloomberg 1-3 Month US Treasury Bill Index: 2%	-	-	-	-	-	14.15%	13.70%	-15.76%	17.67%	12.20%	17.46%
Growth	-	-	-	-	-	14.53%	17.88%	-16.16%	17.65%	12.25%	19.50%
Growth Benchmark Growth Benchmark MSCI AC World IMI Index: 90% Bloomberg Municipal Managed Money 1-25 Years Index: 8% Bloomberg 1-3 Month US Treasury Bill Index: 2%	-	-	-	-	-	15.39%	16.39%	-17.22%	20.00%	14.76%	20.21%

Source: State Street Investment Management. Inception date: December 31, 2019.

Calendar year returns will be partial for the year the fund was incepted.

Performance returns for periods of less than one year are not annualized.

Portfolio Statistics as of Dec 31 2025

	Yield Yield The income produced by an investment, typically calculated as the interest received annually divided by the price of the investment. Yield comes from interest-bearing securities, such as bonds and dividend-paying stocks.	Normalized Duration (Yrs.) Normalized Duration Duration measures the sensitivity of the price of a bond or a fixed income portfolio to changes in interest rates or interest-rate expectations. Normalized duration is the portfolio-level duration of each holding multiplied by its portfolio weight. Holdings with zero duration, such as equities and cash, for example, contribute zero to normalized duration, thereby reducing a portfolio's normal duration when included alongside fixed income assets.	Sharpe Ratio (3 Yr.) Sharpe Ratio A measure for calculating risk-adjusted returns that has become the industry standard for such calculations. It was developed by Nobel laureate William F. Sharpe. The Sharpe ratio is the average return earned in excess of the risk-free rate per unit of volatility or total risk. The higher the Sharpe ratio the better.	Standard Deviation (3 Yr.) Standard Deviation A statistical measure of volatility that quantifies the historical dispersion of a security, fund or index around an average. Investors use standard deviation to measure expected risk or volatility, and a higher standard deviation means the security has tended to show higher volatility or price swings in the past. As an example, for a normally distributed return series, about two-thirds of the time returns will be within 1 standard deviation of the average return.
Conservative	3.71%	5.37	0.28	5.79%
Moderate Conservative	3.25%	5.71	0.62	7.10%
Moderate	2.84%	6.77	0.83	8.71%
Moderate Growth	2.60%	7.79	0.96	9.73%
Growth	2.20%	10.38	1.06	10.70%

Source: FactSet.

More model portfolios

Active Asset Allocation

Capitalizing on short-and long-term mispricing in global markets while seeking to outperform benchmarks

Explore Now
Quarterly Asset Allocation

Focusing on outperforming benchmarks over a full market cycle

Explore Now
Enhanced Strategic Asset Allocation

Providing a long-term approach to global diversification and exposure to active ETFs

Explore Now
Active Multi-Asset Income

Tactically targeting high levels of income with a diversified, multi-asset approach

Explore Now

Explore all model portfolios

Get more information

Get in touch

Contact the State Street Models Team for more information or call a State Street representative at 866-787-2257.

Reach out

Read more

Visit our Insights page to access our latest thinking.

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.

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.

The municipal market is volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Interest rate increases can cause the price of a debt security to decrease. A portion of the dividends you receive may be subject to federal, state, or local income tax or may be subject to the federal alternative minimum tax.

Investing in high yield fixed income securities, otherwise known as "junk bonds," is considered speculative and involves greater risk of loss of principal and interest than investing in investment grade fixed income securities. These lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.

Issuers of convertible securities may not be as financially strong as those issuing securities with higher credit ratings and may be more vulnerable to changes in the economy. Other risks associated with convertible bond investments include: Call risk which is the risk that bond issuers may repay securities with higher coupon or interest rates before the security's maturity date; liquidity risk which is the risk that certain types of investments may not be possible to sell the investment at any particular time or at an acceptable price; and investments in derivatives, which can be more sensitive to sudden fluctuations in interest rates or market prices, potential illiquidity of the markets, as well as potential loss of principal.

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).

Foreign (non-US) securities may be subject to greater political, economic, environmental, credit and information risks. Foreign securities may be subject to higher volatility than US securities, due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.

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.

Equity securities may fluctuate in value and can decline significantly in response to the activities of individual companies and general market and economic conditions.

All asset allocation scenarios are for hypothetical purposes only and are not intended to represent a specific asset allocation strategy or recommend a particular allocation. Each investor's situation is unique and asset allocation decisions should be based on an investor's risk tolerance, time horizon and financial situation.

The strategy does not pursue any practices designed to cause the realization of losses in accounts invested pursuant to the strategy for the purpose of offsetting capital gains tax liabilities realized elsewhere in such accounts, a practice commonly referred to as "tax loss harvesting".