State Street Global Advisors Reduces Fees on Two Fixed Income SPDR® Portfolio ETFs™

BOSTON--(BUSINESS WIRE)--State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), today announced expense ratio reductions for the SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and SPDR Portfolio High Yield Bond ETF (SPHY).

“We are always reviewing our low-cost suite of SPDR Portfolio ETFs for opportunities to reduce the total cost of ownership for investors,” said Noel Archard, global head of SPDR Product at State Street Global Advisors. “Designed to help clients build a strong, low cost core, SPDR Portfolio ETFs have attracted more than $65 billion of asset flows since debuting less than four years ago¹, which is a testament to the suite’s compelling value.”

With today’s expense ratio reductions, SPMB and SPHY are the lowest cost mortgage-backed and high yield bond ETF offerings, respectively.²

Effective March 24, 2021, the expense ratios of the two funds will be lowered as follows:

Fund Name	Ticker	Previous Net Expense Ratio	New Net Expense Ratio
SPDR Portfolio Mortgage Backed Bond ETF	SPMB	0.06%	0.04%^3
SPDR Portfolio High Yield Bond ETF	SPHY	0.15%	0.10%

Source: State Street Global Advisors, as of 03/24/2021.

Launched in 2017, the SPDR Portfolio ETF suite is designed to provide investors greater choice in low-cost ETFs. The suite includes 22 SPDR ETFs spanning US equity, international equity and fixed income asset classes to help investors build a diversified core portfolio of stocks and bonds with ETFs priced as low as three basis points. Widely embraced by investors, SPDR Portfolio ETFs have more than $92 billion of assets.¹

For more information on SPDR Portfolio ETFs, visit www.ssga.com/low-cost-etfs.

¹ Source: Bloomberg Finance L.P. as of March 12, 2021.

² Source: Bloomberg Finance L.P. as of March 24, 2021.

³ The gross expense ratio for SPMB is 0.06%. The gross expense ratio is the fund’s total annual operating expenses ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund’s most recent prospectus. SSGA Funds Management, Inc. (the “Adviser”) has contractually agreed to waive a portion of its management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) until October 31, 2021. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. 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 the waiver and/or reimbursement may be cancelled or modified at any time after October 31, 2021. This waiver and/or reimbursement may not be terminated prior to October 31, 2021 except with the approval of the Fund’s Board of Trustees.

About SPDR Exchange Traded Funds

SPDR ETFs are a comprehensive family spanning an array of international and domestic asset classes. SPDR ETFs are sponsored by affiliates of State Street Global Advisors. The funds provide investors with the flexibility to select investments that are aligned to their investment strategy. For more information, visit www.ssga.com/etfs.

About State Street Global Advisors

For four decades, State Street Global Advisors has served the world’s governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of active and index strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become the world’s third-largest asset manager with US $3.47 trillion* under our care.

*This figure is presented as of December 31, 2020 and includes approximately $75.17 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

Important Risk Information

The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon.

The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA’s express written consent.

Investing involves risk, including the risk of loss of principal.

This communication is not intended to be an investment recommendation or investment advice and should not be relied upon as such.

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.

Investments in mortgage securities are subject to prepayment risk, which can limit the potential for gain during a declining interest rate environment and increase the potential for loss in a rising interest rate environment. The mortgage industry can also be significantly affected by regulatory changes, interest rate movements, home mortgage demand, refinancing activity, and residential delinquency trends.

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.

Standard & Poor’s, S&P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (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 third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, State Street Global Advisors, One Iron Street, Boston, MA 02210.

Before investing, consider the fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 866.787.2257 or visit ssga.com.com. Read it carefully.

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All Rights Reserved.

3484629.1.1.AM.RTL Exp. Date: 03/31/2022

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