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 cheapest fee quintile among peers.  

 The strategy’s management team earns an Above Average People Pillar rating. The strategy's effective investment approach earns an Above Average Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained an underweight position in securitized debt and has an overweight in debt with 20- to 30-year maturities compared with category peers. 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 main driver of the rating is that this fund tracks an index. Historical data, such as Morningstar's Active/Passive Barometer, finds that passively managed funds have generally outperformed their active counterparts, especially over longer time horizons. Impressive 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's 12-month yield is 3.5%, lower than its average peers' 4.0%. Plus, its 30-day SEC yield (a standardized, point-in-time estimate of the fund’s future income return) sits at 4.5%. Typically, a lower yield comes with the benefit of less 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's average surveyed credit quality is on par with peers, with both the fund and the average being rated AA. 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 15.4-year duration, is expected to gain 15.4% 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's strong fixed income team drives the strategy's 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.

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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 [.

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The Treasuries market was pummeled after a spike in inflation dragged on real returns and a hawkish Federal Reserve hiked interest rates. The selling may have been overdone and investors could begin to pick up a bargain in Treasury bond exchange traded funds.

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During periods of rising interest rates, investors have generally tilted toward the short end of the bond duration curve to reduce interest rate risk. Looking at fund flows into long-term and short-term bonds over the last four-week period, however, unfolds an unusual story, suggesting that investors believe the Fed will act less aggressively than it [.

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Schwab Short-Term US Treasury ETF

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Schwab Intermediate-Term US Treasury ETF

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Vanguard Intermediate-Term Treasury ETF

Vanguard Long-Term Treasury ETF

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While there is upward pressure on market rates in 2022, it's not coming from higher net supply. In fact, lower net supply can help to richen government bonds. On top of that, we should see flatter curves over the whole of 2022. We also anticipate some upward pressure on USD Libor.

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According to Eurostat data, Euro area annual inflation was expected to reach 4.9% in November, up from 4.1% in the previous month and above market expectations of 4.5%. On November 2, the Bank of England's Monetary Policy Committee voted by a majority of 7-2 to keep interest rates at 0.1% and the total stock of asset purchases at GBP 895 billion.

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Global X China Energy ETF

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Global X China Industrials

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Global X China Consumer ETF

Global X MSCI China Real Estate ETF

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Global X MSCI China Utilities ETF

Global X China Financials ETF

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The deficit spending that supported the economy in 2020 is showing up in hot inflation numbers in 2021. While I think the inflation numbers will get better in 2022, I do not believe they will get back to pre-pandemic levels because of owners' equivalent rents and wage gains in the CPI.

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At the November FOMC meeting, the Fed officially announced that it would begin tapering its bond purchase program, starting in mid-November. When the Fed began tapering its QE3 program over the course of 2014, the coupon supply from the U.S. Treasury was stable, leading to an increase in net supply takedown from the private market.

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The mid-yield on Greece's 10-year bond surged by 47 basis points to end the month at 1.32%, the highest closing point since June 2020. The IHS Markit Italy Manufacturing PMI increased to 61.1 in October from 59.7 in September, the 16th straight month of improvement and the third highest reading on record.

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Exchange-traded funds with exposure to bonds rallied Tuesday, on track for their best performance in two weeks, as a flare-up in tensions between the U.S. and China dampened risk appetite.

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