SPDR® DoubleLine® Total Return Tactical ETF Strives to Deliver
Better Risk-Adjusted Returns with Less Interest-Rate Risk than
Broad Bond Market
State Street Global Advisors (SSGA), the asset management
business of State Street Corporation (NYSE:STT), announced that the
SPDR DoubleLine Total Return Tactical ETF (Symbol: TOTL) began
trading today on the NYSE Arca. Developed by SSGA and DoubleLine
Capital, TOTL is the first actively managed ETF to offer investors
access to DoubleLine’s investment research process. This core fixed
income strategy seeks to maximize total return over a full market
cycle by actively investing across global fixed income sectors.
“We are very excited about the partnership with DoubleLine and
the launch of TOTL. We view this as a unique offering that pairs
SPDR’s experience as an ETF pioneer with DoubleLine’s
well-established investment talent,” said James Ross, executive
vice president and global head of SPDR Exchange Traded Funds at
State Street Global Advisors. “TOTL is an option for investors who
are focused on strengthening their core bond exposure through an
actively managed, multi-sector strategy.”
The ETF will be managed by Jeffrey Gundlach, chief executive
officer and chief investment officer of DoubleLine Capital, Philip
Barach, DoubleLine president, and Jeffrey Sherman, portfolio
manager and participant on the firm’s Fixed Income Asset Allocation
Committee.
“DoubleLine is pleased to partner with SSGA, the pioneer of
exchange traded funds,” Mr. Gundlach said. “DoubleLine was founded
on the idea of striving to deliver better risk-adjusted returns
across our different investment strategies. In TOTL, we will strive
to maintain the fund's portfolio investments with a shorter
duration than the Barclays US Aggregate Bond Index while seeking to
generate a healthy yield. That combination is key to meeting the
fund’s total return objective within a discipline of strong risk
management.”
DoubleLine will actively manage TOTL through a top-down
macroeconomic process, allocating capital among different fixed
income sectors, with bottom-up security selection.
Select Characteristics of SPDR DoubleLine Total Return Tactical
ETF (TOTL):
- Portfolio managers Gundlach, Barach and
Sherman draw on decades of experience investing in fixed income.
DoubleLine’s Fixed Income Asset Allocation Committee members have
worked together for an average of 16 years and have more than 22
years average industry experience. DoubleLine oversees $64 billion
in assets under management.1
- TOTL combines traditional fixed income
investment sectors of the Barclays US Aggregate Bond Index and
fixed income asset classes outside the index with the goal of
maximizing total return over a full market cycle through active
sector allocation and security selection.
- DoubleLine will strive to maintain
TOTL's portfolio investments with a shorter duration than that of
the Barclays US Aggregate Bond Index. Duration is a measure of the
sensitivity of the price of a fixed income investment to a change
in interest rates expressed as a number of years.
- TOTL has a net expense ratio of 0.55%2
and a gross expense ratio of 0.65%.3
- The ETF structure offers transparency,
intraday trading liquidity and no investment minimums..
Click here for more information on the SPDR DoubleLine Total
Return Tactical ETF.
About DoubleLine Capital
DoubleLine Capital LP, a registered investment adviser, serves
as sub-advisor to the Fund. DoubleLine's headquarters is in Los
Angeles, CA. Its offices can be reached by telephone at (213)
633-8200 or by e-mail at info@doubleline.com. Media can reach
DoubleLine by e-mail at media@doubleline.com. DoubleLine® is a
registered trademark of DoubleLine Capital LP.
About SPDR Exchange Traded Funds
SPDR ETFs are a comprehensive family spanning an array of
international and domestic asset classes. SPDR ETFs are managed by
SSgA Funds Management, Inc., a registered investment adviser and
wholly owned subsidiary of State Street Bank and Trust Company. The
funds provide investors with the flexibility to select investments
that are precisely aligned to their investment strategy. Recognized
as an industry pioneer, State Street created the first US listed
ETF in 1993 (SPDR S&P 500® – Ticker SPY) and has remained on
the forefront of responsible innovation, as evidenced by the
introduction of many ground-breaking products, including
first-to-market launches with gold, international real estate,
international fixed income, and sector ETFs. For more information,
visit www.spdrs.com.
About State Street Global Advisors
For nearly four decades, State Street Global Advisors has been
committed to helping our clients, and the millions who rely on
them, achieve financial security. We partner with many of the
world’s largest, most sophisticated investors and financial
intermediaries to help them reach their goals through a rigorous,
research-driven investment process spanning both indexing and
active disciplines. With trillions* in assets, our scale and global
reach offer clients unrivaled access to markets, geographies and
asset classes, and allow us to deliver thoughtful insights and
innovative solutions.
State Street Global Advisors is the investment management arm of
State Street Corporation.
*Assets under management were $2.45 trillion as of December 31,
2014. This AUM total includes the assets of the SPDR Gold Trust
(approx. $30.2 billion as of December 31, 2014), for which State
Street Global Markets, LLC, an affiliate of State Street Global
Advisors, serves as the marketing agent. Please note that AUM
totals are unaudited.
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.
Frequent trading of ETFs could significantly increase
commissions and other costs such that they may offset any savings
from low fees or costs.
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.
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.
Increase in real interest rates can cause the price of
inflation-protected debt securities to decrease. Interest payments
on inflation-protected debt securities can be unpredictable.
Investments in asset backed and mortgage backed securities are
subject to prepayment risk which can limit the potential for gain
during a declining interest rate environment and increases the
potential for loss in a rising interest rate environment.
Government bonds and corporate bonds generally have more
moderate short-term price fluctuations than stocks, but provide
lower potential long-term returns.
Foreign investments involve greater risks than U.S. investments,
including political and economic risks and the risk of currency
fluctuations, all of which may be magnified in emerging
markets.
Actively managed funds do not seek to replicate the performance
of a specified index. An actively managed fund may underperform its
benchmark. An investment in the fund is not appropriate for all
investors and is not intended to be a complete investment program.
Investing in the fund 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.
Non-diversified funds that focus on a relatively small number of
issuers tend to be more volatile than diversified funds and the
market as a whole.
"SPDR" is a product of S&P Dow Jones Indices LLC (“SPDJI”),
and has been licensed for use by State Street Corporation. Standard
& Poor’s® and S&P® are registered trademarks of Standard
& Poor’s Financial Services LLC (“S&P”); Dow Jones® is a
registered trademark of Dow Jones Trademark Holdings LLC (“Dow
Jones”); SPDR is a trademark of the SPDJI; and these trademarks
have been licensed for use by SPDJI and sublicensed for certain
purposes by State Street Corporation. State Street Corporation's
financial products are not sponsored, endorsed, sold or promoted by
SPDJI, Dow Jones, S&P, their respective affiliates and none of
such parties make any representation regarding the advisability of
investing in such product(s) nor do they have any liability for any
errors, omissions, or interruptions of SPDR.
DoubleLine is a registered trademark of DoubleLine Capital
LP.
Distributor: State Street Global Markets, LLC, member FINRA,
SIPC, a 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. State Street Global Markets,
LLC is the distributor for all registered products on behalf of the
advisor. The advisor, SSgA Funds Management, Inc., has retained
DoubleLine Capital LP as the sub-advisor.
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 or visit www.spdrs.com. Read it
carefully.
Not FDIC Insured * No Bank Guarantee * May Lose Value
CORP-1308
1 As of December 31, 20142 SSGA Funds Management, Inc. (“SSGA
FM” or “Adviser”) has contractually agreed to waive its advisory
fee and/or reimburse certain expenses, until October 31, 2016, so
that the net annual fund operating expenses of the Fund will be
limited to 0.55% of the Fund’s average daily net assets before
application of any extraordinary expenses or acquired fund fees and
expenses. 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, 2016, the waiver and/ or
reimbursement may be cancelled or modified at any time. This waiver
and/or reimbursement may not be terminated during the relevant
period except with the approval of the Fund’s Board of Trustees.3
The gross expense ratio is 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.
State Street CorporationBrendan Paul, +1
617-662-2903www.statestreet.com@StateStreetorRiver
CommunicationsTroy Mayclim, + 1 914-686-5599
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