Allison Bonds Mazza, Head of Intermediary Distribution for State Street Global Advisors, joined Julie Cooling, Founder and CEO of RIA Channel, to talk about their new actively managed SPDR fixed income ETFs.
State Street Global Advisors is the fourth largest asset manager in the world, with $4.7 trillion in AUM, including over $600 billion in fixed-income assets.1 The MyIncome SPDR® Active Bond Ladder ETFs are the first actively managed corporate and municipal target maturity ETFs. These ETFs are managed by the same fixed-income team that oversees funds for some of the world’s largest institutional investors.
The suite of MyIncome ETFs can help investors build more reliable income streams while simplifying the cumbersome process of building a bond ladder. The ETFs combine the benefits of holding bonds to maturity with the diversification of a fund. Active management makes sense in fixed income, as the bond market is three times larger than the equity market.2 Active management can add value through security selection, cash management, and credit research.
Passively managed target maturity ETFs may experience substantial cash drag, especially in the year of maturity. Actively managed funds can manage the cash drag and seek higher income for the entire fund life. Passively managed products track an index that doesn’t evolve with changes in the market environment. However, actively managed funds can create a more balanced portfolio even when an index is concentrated in certain sectors.
WEBCAST – A Cross-Asset Playbook to Help Solve Today’s Portfolio Puzzle
Today’s markets are anything but predictable. With uncertainty around rates, sticky inflation, and the impact of tariffs – where should investors turn? Join experts from State Street Global Advisors and DoubleLine Capital for a timely discussion on:
- Rate uncertainty and inflation and their impact on market expectations
- Anticipated effects from tariffs and new trade policy on portfolios
- Multi-asset opportunities across stocks, bonds, commodities and alternatives to help balance risks
Accepted for 1 CFP® / IWI / CFA CE Credit
Resources:
MyIncome SPDR® Active Bond Ladder ETFs
Footnotes
1 State Street Global Advisors, as of September 30, 2024.
2 Bloomberg Finance, L.P., as of June 28, 2024. Global Bonds: Bloomberg Multiverse Total Return Index, 33,889 securities. Global Stocks: MSCI ACWI IMI, 8,847 securities. US Stocks: S&P Total Market Index, 4,067 securities.
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Passive management and the creation/redemption process can help minimize capital gains distributions.
Diversification does not ensure a profit or guarantee against loss.
ETFs trade like stocks, are subject to investment risk and will fluctuate in market value. The investment return and principal value of an investment will fluctuate in value, so that when shares are sold or redeemed, they may be worth more or less than when they were purchased. Although shares may be bought or sold on an exchange through any brokerage account, shares are not individually redeemable from the fund. Investors may acquire shares and tender them for redemption through the fund in large aggregations known as “creation units.” Please see the fund’s prospectus for more details.
Frequent trading of ETFs could significantly increase commissions and other costs such that they may offset any savings from low fees or costs.
In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETFs may be bought and sold on the exchange through any brokerage account, ETFs 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.
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.
In the Fund’s target maturity year, proceeds from bonds maturing prior to the Fund’s liquidation date may be reinvested in cash and cash equivalents. The Funds are designed to terminate on or about December 15 in their final target year of maturity at which point the Funds will distribute remaining net assets to shareholders pursuant to a plan of liquidation. The Funds do not seek to distribute any predetermined amount at maturity.
The fund is actively managed. The adviser’s judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, commodity or investment strategy may prove to be incorrect, and may cause the fund to incur losses. There can be no assurance that the adviser’s investment techniques and decisions will produce the desired results.
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Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect 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.
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Expiration 2/28/2026