A strong management team and sound investment process underpin SPDR® Portfolio Long Term Treasury ETF's Morningstar Medalist Rating of Silver. The portfolio maintains a sizable cost advantage over competitors, priced within the lowest fee quintile among peers.  

 The strategy’s management team earns an Above Average People Pillar rating. The strategy's sensible investment philosophy earns an Above Average Process Pillar rating.  The strategy's parent organization earns the firm an Above Average Parent Pillar rating. People Pillar and Parent Pillar ratings for this strategy are indirectly assigned by a Morningstar analyst rather than algorithmically derived. Please see the notes following each pillar section for more details. The details of assigning methods can be found in each pillar section.

Analyst Rating

SPDR® Portfolio Long Term Treasury ETF earns an Above Average Process Pillar rating. Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category benchmark on a risk-adjusted basis over the long term. The most important driver of the rating is that this fund tracks an index. Historical data, like Morningstar's Active/Passive Barometer, finds that passively managed funds have generally outperformed their active counterparts, especially over longer time horizons. Strong risk-adjusted performance also strengthens the process. This can be seen in the fund's five-year alpha calculated relative to the category index, which suggests that the process was successful over that period. 

The investment strategy as stated in the fund's prospectus is: 

The investment seeks to provide investment results that correspond generally to the price and yield performance of the Bloomberg Long U.S. Treasury Index.  The fund generally invests substantially all, but at least 80%, and of its total assets in the securities comprising the index and in securities that the adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the index. The index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of 10 years or more.  

 This strategy has a modest 3.4% 12-month yield, lower than its average peers' 4.0%. It also has a 4.5% 30-day SEC yield (a measure similar to yield-to-maturity). A lower yield tends to indicate lower credit risk. But that isn't always the case. Over the past 12 months, the average yield of the fund has been lower than the average yield of its Morningstar Category peers. The portfolio has a lower average surveyed credit quality of AA, compared with the typical peers' AAA and it holds no non-investment-grade assets, similar to its average peer. Strategies with more credit risk may have a higher return, but they are riskier. In terms of long-term interest-rate risk, this strategy is on par with peers. The longer a strategy's duration, the more sensitive it is to shifts in interest rates. This fund, with a 15.5-year duration, is expected to gain 15.5% of its net asset value if interest rates drop by 1 percentage point, and vice versa.

Above Average

Process

SPDR® Portfolio Long Term Treasury ETF benefits considerably from its fixed income team, earning it an Above Average People Pillar rating. There are two managers listed on the fund: Cynthia Moy, Joanna Madden. The team is well equipped, with an average of 12 years of portfolio management experience. Together, they manage a total of three strategies, with a Silver asset-weighted average Morningstar Medalist Rating, demonstrating their potential to deliver positive alpha relative to the category median in aggregate.  

 Note: This People Pillar rating is indirectly assigned by an analyst. Morningstar analysts evaluate the People Pillar for passive products at the brand level and may also differentiate by asset class. There is at least one other passive strategy at the firm that is covered by a Morningstar analyst, so the People Pillar rating of the fund is inherited from the rating that the Morningstar analyst assigned to investment vehicles under the same brand name.

People

State Street Global Advisors is under new leadership but continues to move along the positive trajectory established by former leaders. SSGA maintains its Above Average Parent Pillar rating.
Cyrus Taraporevala, who oversaw much of SSGA’s recent transformation, retired from the CEO position in December 2022 and passed the baton to his successor, Yie-Hsin Hung. She inherited a business that’s become more disciplined with its fund lineup. Fees have come down, while product development remains focused on fixed-income and sustainability funds, and many of SSGA’s launches have echoed that intention.
The seeds that SSGA planted over the past several years have been bearing fruit. It built out a low-cost series of portfolio building-block ETFs in the U.S. bearing the “SPDR Portfolio” branding. SSGA launched these later than its industry rivals, so they aren’t as large. But they’re competitive, with solid management and low fees, which helped them consistently take in new money over the past several years.
SSGA continued to overhaul its ETF business in Europe with most of its recent fixed-income and sustainability fund launches. Many of these funds track indexes and charge relatively low fees. With operations in the U.S. and Europe standing on a firm foundation, SSGA will put more focus on its Asia-Pacific business—the smallest regional segment of its business.

Parent

SPDR Portfolio Long Term Treasury ETF

SPTL tracks a market-value-weighted index of debt issued by the US Treasury. Remaining maturity must be 10 years or more.

SPDR Bloomberg 1-3 Month T-Bill ETF

Vanguard Extended Duration Treasury ETF

BlackRock Enhanced Government Fund

iShares U.S. Fixed Income Balanced Risk Factor ETF

Goldman Sachs TreasuryAccess 0-1 Year ETF

iShares U.S. Treasury Bond ETF

iShares 25+ Year Treasury STRIPS Bond ETF

Invesco Ultra Short Duration ETF

iShares 7-10 Year Treasury Bond ETF

iShares 3-7 Year Treasury Bond ETF

First Trust Long Duration Opportunities ETF

ProShares UltraShort 7-10 Year Treasury

Schwab Short-Term US Treasury ETF

Schwab Long-Term US Treasury ETF

Schwab Intermediate-Term US Treasury ETF

iShares Short Treasury Bond ETF

iShares 1-3 Year Treasury Bond ETF

SPDR Portfolio Short Term Treasury ETF

Proshares Short 20+ Year Treasury

ProShares UltraShort 20+ Year Treasury

ProShares Short 7-10 Year Treasury

iShares 10-20 Year Treasury Bond ETF

iShares 20+ Year Treasury Bond ETF

Direxion Daily 20+ Year Treasury Bull 3X Shares

It generally takes a few years for changes in Federal Reserve rates to fully impact bond fund dividends. Bond funds are still benefitting from prior rate hikes. Perhaps by enough to cancel out any future rate cuts. By my estimations, and under current Fed guidance, most bond funds would only start to see declining dividends in 2025, at the earliest.

Estimating The Impact Of Lower Rates On Bond Fund Dividends

Vanguard Long-Term Treasury ETF

BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF

The article discusses the merits of investing in long-term bonds in 2024 and recommends alternatives to the iShares 20 Plus Year Treasury Bond ETF. The SPDR Portfolio Long Term Treasury ETF is compared to other long-term treasury bond ETFs, highlighting its lower credit rating compared to Vanguard's VGLT.

Comparing Long-Term Treasury ETFs: TLT, VGLT, SPTL, SCHQ, XTWY

Baxter

Boston Properties

Fidelity National Information

AT&T

V.F.

Walgreens

Warner Bros Discovery Inc

If you own long-term Treasurys, you'd be hard-pressed to find a worse investment the S&P 500. But it's possible.

Only 7 Stocks Burn Investors Worse Than Long-Term Treasurys

It's time to face the facts: The crash in long-term Treasuries is reaching epic proportions.

Crash In Long-Term Treasury Bonds Is Now An Epic Meltdown

Last week's spike in Treasury yields has further dragged on the SPDR Portfolio Long Term Treasury ETF's performance. With the higher yields coming on the heels of a rating downgrade and an accelerated issuance outlook, the move seems justified. As appealing as SPTL's higher yields might seem, the prospect of more cheapening pressure means investors might be better off sitting this one out.

SPTL: Beware The Long-End Of The Treasury Curve

iShares Core U.S. Aggregate Bond ETF

Vanguard Total Bond Market ETF

iShares JP Morgan USD Emerging Markets Bond ETF

Vanguard Tax-Exempt Bond Index ETF

Equity ETFs were back in vogue in July gathering $43 billion of net inflows, yet fixed income remains highly important to advisors. The typically safer asset class added $17 billion of its own.

Chart of the Week: Making Changes With Fixed Income ETFs

iShares Core MSCI Emerging Markets ETF

iShares Core S&P 500 ETF

SPDR Portfolio Developed World ex-US ETF

SPDR Portfolio Emerging Markets ETF

SPDR Portfolio Europe ETF

SPDR Portfolio High Yield Bond ETF

SPDR Portfolio S&P 500 ETF

SPDR Portfolio Mid Cap ETF

SPDR Portfolio Small Cap ETF

SPDR Portfolio Intermediate Term Treasury ETF

SPDR S&P 500 ETF Trust

iShares Broad USD High Yield Corporate Bond ETF

Vanguard S&P 500 ETF

Vanguard FTSE Emerging Markets ETF

Today, State Street Global Advisors cut the fees on 10 of its already-rock-bottom-priced “Portfolio” ETFs representing core asset classes. Most notably, the $19.7 billion SPDR Portfolio S&P 500 ETF (SPLG) saw its expense ratio decreased by one-third.

State Street Slashes Fees on Portfolio Suite ETFs

Pacer US Cash Cows 100 ETF

JPMorgan Equity Premium Income ETF

There's no reason right now to make a bet on the market that's very speculative, says Philip Blancato, president and CEO of Ladenburg Thalmann Asset Management.

3 Best ETFs For A Sideways Market: Avoid The 'Equity Trap'

The UK 10-year Gilt's mid-yield rose 45 basis points over the month to finish at 4.17%, after closing as high as 4.36% on May 25. In the euro area, most 10-year government bond yields saw relatively muted movements during the month, with only those for Greece bucking the trend with a drop of 43 basis points to 3.64%.

Tradeweb Government Bond Update - May 2023

Record Short Position In Treasuries - Are Hedge Funds Betting On The U.S. Default?.

Record Short Position In Treasuries - Are Hedge Funds Betting On The U.S. Default?

PIMCO 25+ Year Zero Coupon US Treasury Index ETF

The economic data indicates a mild recession is likely to begin within two to four months. While the actual economic contraction is likely to be mild, the stock market is likely to be disappointed by a Fed that isn't going to cut anytime soon.

6 High-Yield ETFs For Up To 60% Gains In The Coming Recession

Astoria Portfolio Advisors CEO shares the most common questions his firm is getting as global financial institutions are facing pressure.

What Keeps Financial Advisors Up at Night?

The demise of Silicon Valley Bank is looking to become the silver lining for longer-term treasury investors. To make my case, I utilize two treasury ETFs in the form of SPDR's SPTL and iShares' TLT.

SPTL And TLT ETFs: Recalibrating Rate Bets On Longer-Term Treasuries

JPMorgan BetaBuilders Europe ETF

Invesco QQQ

Money market funds (+$55.0 billion) were the only group to log inflows for the third week straight. The 10-two Treasury yield spread remained negative (-0.89), marking the lowest level since the 1980s.

U.S. Weekly FundFlows Insight Report: Money Market Funds Attract $55.0 Billion, A Top 20 All-Time Weekly Total

Focusing on the closing prices, I believe we're in an A-B-C correction from the peak at ~109 on December 7. The daily RSI in TLT is heading towards an extreme oversold level of 30.

Peak Bond Yields To Signal Peak DXY And Bottom In Metals And Miners (Technical Analysis)

Invesco DB Agriculture Fund

Dimensional International Core Equity Market ETF

SPDR Gold Trust

Schwab U.S. Small-Cap ETF

Vanguard Real Estate ETF

A recent MarketWatch article discussed a simple portfolio from Leuthold & Co. Chief Investment Officer Doug Ramsey that delivered for investors over the past 50 years. The All Asset No Authority (AANA) portfolio provided investors with returns that were on par with the S&P 500, but with significantly less risk, by investing equal amounts in seven different asset classes: U.S. large-cap stocks, U.S. small-cap stocks, U.S. 10-year Treasury notes, U.S. real estate investment trusts, international stocks, commodities and gold.

The 7 ETFs to Buy for the Perfect Portfolio

Inflation is falling but remains above US short-term interest rates. The SPTL long-term bond fund has had an excellent start to the year.

SPTL: Bear Market Bond Rally Will Soon Turn Over

Invesco BulletShares 2024 Corporate Bond ETF

Invesco BulletShares 2024 Municipal Bond ETF

iShares Select Dividend ETF

VanEck Vectors Agribusiness ETF

SPDR S&P Dividend ETF

SPDR Portfolio S&P 500 High Dividend ETF

iShares Edge MSCI Min Vol USA ETF

Invesco S&P MidCap Quality ETF

BondBloxx Bloomberg One Year Target Duration US Treasury ETF

The consensus is that a recession is coming, there will be a profits recession, and the Fed will cut rates in the second half of the year.  We doubt all three will materialize.

Special Report: Astoria's 10 ETFs for 2023

2022 has been the year with no safety in US Treasuries, with painful and persistent declines. With the BofA 10+ Year US Treasury Index already down 7% this month, September will be the eighth month this year that long-term US Treasuries have had a negative total return.

One-Way Bonds

Federal Reserve is widely expected to lift its target interest rate by 75 basis points by Sep. 21. Question is whether the bond market has priced in the change.

10-Year Treasury Yield 'Fair Value' Estimate: September 20, 2022

Treasury bond exchange traded funds are gaining momentum on signs of more muted inflation ahead and lingering recession risks fueling a return to traditional safety bets. Among the better performing non-leveraged ETFs of Monday, the Vanguard Extended Duration Treasury ETF (EDV) rose 2.7%, the SPDR Portfolio Long Term Treasury ETF (SPTL) increased 1.

Treasury Bond ETFs Strengthen on Lower Inflation Outlook, Growth Risks

Xtrackers MSCI Europe Hedged Equity ETF

Xtrackers MSCI Eurozone Hedged Equity ETF

WisdomTree Europe SmallCap Dividend Fund

WisdomTree Europe Quality Dividend Growth Fund

ProShares MSCI Europe Dividend Growers ETF

iShares MSCI Europe Financials ETF

WisdomTree Europe Hedged SmallCap Equity Fund

iShares MSCI Eurozone ETF

First Trust STOXX European Select Dividend Index Fund

First Trust Europe AlphaDEX Fund

First Trust Eurozone AlphaDEX ETF

SPDR EURO STOXX 50 ETF

UBS AG FI Enhanced Europe 50 ETN

Franklin FTSE Europe ETF

Franklin FTSE Europe Hedged ETF

First Trust IPOX Europe Equity Opportunities ETF

Goldman Sachs ActiveBeta Europe Equity ETF

WisdomTree Europe Hedged Equity Fund

iShares Currency Hedged MSCI Eurozone ETF

iShares Core MSCI Europe ETF

iShares MSCI Europe Small-Cap ETF

iShares Europe ETF

ALPS O'Shares Europe Quality Dividend ETF Shares

Invesco 1-30 Laddered Treasury ETF

Pacer Trendpilot European Index ETF

First Trust RiverFront Dynamic Europe ETF

Vanguard FTSE Europe ETF

Europe is facing the risk of an energy shock-driven recession and periphery stress. That's why we think the ECB will stop hiking earlier than the Fed.

ECB May Limit Hikes As Recession Nears

Treasury bonds and related exchange traded funds were among the better performing areas of the markets on Monday as traders turned to safe-haven U.S. government debt. On Monday, the Vanguard Extended Duration Treasury ETF (EDV) rose 2.0%, the SPDR Portfolio Long Term Treasury ETF (SPTL) increased 1.5%, the PIMCO 25+ Year Zero Coupon US Treasury [.

Treasury Bond ETFs Rise as Traders Brace for Inflation Data Later This Week

Treasury bonds and related exchange traded funds are strengthening as investors turn to the relative safety of government debt in face of growing recession fears. On Tuesday, the Vanguard Extended Duration Treasury ETF (EDV) rose 1.8%, the SPDR Portfolio Long Term Treasury ETF (SPTL) increased 1.3%, the PIMCO 25+ Year Zero Coupon US Treasury Index [.

Treasuries ETFs Gain Momentum on Recession Risks

Treasury bonds and related exchange traded funds strengthened Wednesday with yields pulling back as investors turned to the traditional safe-haven play. Among the better performing non-leveraged ETFs of Wednesday, the Vanguard Extended Duration Treasury ETF (NYSEARCA: EDV) rose  2.7%, the SPDR Portfolio Long Term Treasury ETF (NYSEArca: SPTL) increased 1.9%, and iShares 20+ Year Treasury Bond ETF [.

Treasury Bond ETFs Begin to Shine as a Safety Play

News for SPDR Portfolio Long Term Treasury ETF ETF (SPTL)