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Monday, August 24, 2026The Morning Brief →Sign in
ULSTSPDR

SPDR SSgA Ultra Short Term Bond ETF

$40.37-0.01% today
404152-WK

The Adviser invests, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings for investment purposes) in a portfolio of U.S. dollar-denominated investment-grade fixed income securities. The fund may also invest in exchange traded products ("ETPs"). It is non-diversified.

Price & daily flows
40.440.340.340.37DAILY NET FLOWJul 24Aug 4Aug 12Aug 21

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 1M SHOWN · NET −$5M OVER THIS RANGE

The desk’s read

Money is leaving — −$5M walked out over the past month, about 1.0% of the fund's asset base, while the price has returned -0.4% so far this year. At 0.20% a year it is not the cheapest way in — LQD runs the same ground at 0.14%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$522Massets under management
0.20%expense ratio · $20 per $10,000 a year
−$5Mnet flow, trailing month
68Kavg daily volume, 30 days
155holdings · US-domiciled
2013listed October 8, 2013 · beta 0.01
The book at a glance
12.4%9.6%9.0%4.8%3.5%3.3%2.7%1.9%1.5%1.5%1.4%1.3%1.2%1.2%1.2%1.1%1.0%1.0%1.0%1.0%1.0%0.9%0.9%0.9%0.9%0.8%0.8%0.8%0.7%

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1US TREASURY N/B 02/27 4.12512.41%
2TREASURY BILL 09/26 0.000009.57%
3SSI US GOV MONEY MARKET CLASS8.96%
4TREASURY BILL 09/26 0.000004.78%
5US TREASURY N/B 08/27 3.6253.48%
6US T-NOTE 4% 06/30/283.31%
7ATHENE GLOBAL FUNDING MTN 144A2.72%
8TORONTO DOMINION BANK SR UNSECURED 12/26 4.5681.90%
9ATHENE GLOBAL FUNDING SR SECURED 144A 05/28 4.831.53%
10TRUIST BANK1.52%
11MICROSOFT CORP SR UNSECURED 09/26 3.41.39%
12CHEVRON PHILLIPS CHEMICAL COMPANY 144A1.27%
13FORTRESS CREDIT REALTY INCOME FCRIT 2026 FL1 A 144A1.25%
14CHARLES SCHWAB CORP SR UNSECURED 08/26 5.8751.17%
15MORGAN STANLEY SR UNSECURED 04/28 VAR1.16%

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Sector weights
Other100%
Cash & Others99.99%
Corporate66.29%
Securitized13.04%
Government12.6%
Mutual fund8.04%
Miscellaneous0.94%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Country weights
United States100%
Other100%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week+0.1%
1 month+0.0%
3 months-0.1%
6 months-0.5%
YTD-0.4%
1 year-0.7%
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week−$1M
1 month−$5M
3 months−$27M
YTD−$98M
1 year−$86M

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
SepOctNovDecJanFebMarAprMayJunJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
1%realized volatility, 30 days (annualized)
1%realized volatility, 1 year
-1.1%deepest fall from a peak, 1 year
-0.9%where it sits vs. that peak today

The top holding is 12.4% of the book; the top ten carry 50%. Spread across 250+ names, it behaves like roughly 24 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

The case against ULST

Due diligence cuts both ways. These funds sit on the same shelf and beat ULST on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
STIP iShares 0-5 Year TIPS Bond ETF0.03%$16B+$288M-17bp on fee · 31× the assets · +$288M in over the monthHead-to-head
MBB iShares MBS ETF0.04%$39B+$26M-16bp on fee · 75× the assets · +$26M in over the monthHead-to-head
IJH iShares Core S&P Mid-Cap ETF0.05%$128.4B+$547M-15bp on fee · 246× the assets · +$547M in over the monthHead-to-head
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF0.04%$23.4B+$520M-16bp on fee · 45× the assets · +$520M in over the monthHead-to-head
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF0.04%$18.7B+$312M-16bp on fee · 36× the assets · +$312M in over the monthHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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