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Home   »   ETFs : SPDR® Barclays 1-3 Month T-Bill ETF (BIL)
BIL

SPDR® Barclays 1-3 Month T-Bill ETF

Fund Objective

The SPDR® Barclays 1-3 Month T-Bill ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of  the Barclays 1-3 Month U.S. Treasury Bill Index.

Ordinary brokerage commissions may apply.

Fund Information

As of 04/18/2014
Ticker SymbolBIL
Primary BenchmarkBarclays 1-3 Month U.S. Treasury Bill Index
CUSIP78464A680
Short Selling AllowedYes
Options AvailableYes
Gross Expense Ratio0.1345%
Inception Date05/25/2007
Investment ManagerSSgA Funds Management, Inc.
Management TeamT-Bill ETF Management Team
DistributorState Street Global Markets, LLC
Distribution FrequencyMonthly
ExchangeNYSE ARCA EXCHANGE

Fund Characteristics

As of 04/17/2014
Average Maturity in Years
Average Maturity

The market value-weighted average maturity of the bonds in a portfolio, where maturity is defined as Stated Final for bullet maturity bonds and the average time to receipt of all principal payments for amortizing instruments, including mortgage pass-throughs, CMOs, amortizing asset-backed securities and ARMs.

0.12
Average Price$100.00
Average Spread-61.6
Average Yield To Worst
For callable and/or puttable securities, the minimum value of the yield to maturity, yield to put, and yield to call. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.
0.02%
Current Yield

 Average Current Yield

The market value weighted average current coupon of the bonds in the portfolio divided by current market price of the bonds in the portfolio.

0.00%
Dividend Yield

Fund Dividend Yield is the sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

Index Dividend Yield is the weighted average of the underlyings’ indicated annual dividend divided by price, expressed as a percentage.

0.00%
Modified Adjusted Duration

Modified Adjusted Duration

An option-adjusted measure of a portfolio's sensitivity to changes in interest rates.  Calculated as the percentage change of a portfolio’s value for a 100 basis point change in yield.

0.12 years
Number of Holdings9
Yield To Maturity

Average Yield to Maturity

The market weighted average rate of return anticipated on the bonds held in a portfolio if they were to be held to their maturity date.

0.02%

30 DAY SEC YIELD

As of 04/16/2014
30 Day SEC Yield

30 Day SEC Yield (Standardized Yield) 

An annualized yield that is calculated by dividing the investment income earned by the fund less expenses over the most recent 30-day period by the current maximum offering price.

-0.10%

Index Characteristics

As of 04/17/2014
Average Maturity in Years
Average Maturity

The market value-weighted average maturity of the bonds in a portfolio, where maturity is defined as Stated Final for bullet maturity bonds and the average time to receipt of all principal payments for amortizing instruments, including mortgage pass-throughs, CMOs, amortizing asset-backed securities and ARMs.

0.12
Average Price$100.00
Average Spread-61.6
Average Yield To Worst
For callable and/or puttable securities, the minimum value of the yield to maturity, yield to put, and yield to call. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.
0.02%
Current Yield

 Average Current Yield

The market value weighted average current coupon of the bonds in the portfolio divided by current market price of the bonds in the portfolio.

0.00%
Modified Adjusted Duration

Modified Adjusted Duration

An option-adjusted measure of a portfolio's sensitivity to changes in interest rates.  Calculated as the percentage change of a portfolio’s value for a 100 basis point change in yield.

0.12 years
Number of Holdings8
Yield To Maturity

Average Yield to Maturity

The market weighted average rate of return anticipated on the bonds held in a portfolio if they were to be held to their maturity date.

0.02%

Fund Documents

Fund Market Price

As of 04/16/2014
Bid/Ask$45.78
Closing Price$45.77
Day High$45.78
Day Low$45.77
Exchange Volume (shares)
The Exchange Volume represents the volume of shares traded on the ETF’s primary exchange throughout the previous business day.
43,178
Premium/Discount0.03%
Premium Discount to Nav Chart

Fund Net Asset Value

NAV

Market value of a mutual fund’s and ETF’s total assets, minus liabilities, divided by the number of shares outstanding

As of 04/16/2014
Price$45.77
Shares Outstanding23.00 M
Total Net Assets$1,052.69 M
Most Recent NAV / NAV History XLS

Fund Net Cash Amount

As of 04/16/2014
Net Cash Amount$181,022.95

Purchase Information

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions apply.

Performance Graphs

Month End as of 03/31/2014

Fund Inception Date: 05/25/2007

Index Inception Date: 05/19/1997

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Barclays 1-3 Month T-Bill ETF" bmarkName="Barclays 1-3 Month U.S. Treasury Bill Index "><funds><field>1 Month</field><fund>-0.01</fund><index>0.01</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>-0.02</fund><index>0.01</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>-0.02</fund><index>0.01</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>-0.08</fund><index>0.04</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>-0.06</fund><index>0.06</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund>-0.03</fund><index>0.09</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>1.57</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>0.62</fund><index>0.72</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 03/31/2014

Fund Inception Date: 05/25/2007

Index Inception Date: 05/19/1997

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Barclays 1-3 Month T-Bill ETF" bmarkName="Barclays 1-3 Month U.S. Treasury Bill Index "><funds><field>1 Month</field><fund>-0.01</fund><index>0.01</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>-0.02</fund><index>0.01</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>-0.02</fund><index>0.01</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>-0.08</fund><index>0.04</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>-0.06</fund><index>0.06</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund>-0.03</fund><index>0.09</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>1.57</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>0.62</fund><index>0.72</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings
Subject to change.

As of 04/17/2014
NameWeightMarket ValueIsin
TREASURY BILL 0 05/29/201415.69%165,184,232.06US912796BJ77
TREASURY BILL 0 06/26/201415.49%163,068,310.02US912796BP38
TREASURY BILL 0 05/15/201414.28%150,356,177.76US912796CM97
TREASURY BILL 0 05/22/201411.67%122,825,451.32US912796CZ01
TREASURY BILL 0 05/08/201411.47%120,711,526.09US912796CK32
TREASURY BILL 0 06/12/201410.46%110,122,479.24US912796DC07
TREASURY BILL 0 06/05/201410.46%110,122,353.70US912796DA41
TREASURY BILL 0 06/19/201410.46%110,122,152.17US912796DD89
Download All Holdings XLS

Index Top Holdings

As of 04/17/2014
NameWeightIsin
TREASURY BILL 0 05/29/201415.69%US912796BJ77
TREASURY BILL 0 06/26/201415.49%US912796BP38
TREASURY BILL 0 05/15/201414.29%US912796CM97
TREASURY BILL 0 05/22/201411.67%US912796CZ01
TREASURY BILL 0 05/08/201411.47%US912796CK32
TREASURY BILL 0 06/12/201410.46%US912796DC07
TREASURY BILL 0 06/05/201410.46%US912796DA41
TREASURY BILL 0 06/19/201410.46%US912796DD89

Fund Sector Allocation

As of 04/17/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/17/2014</asOfDate><attributes><attribute><rawValue>99.977392</rawValue><value>99.98%</value><label>TREASURY</label><order>1</order></attribute><attribute><rawValue>0.022608</rawValue><value>0.02%</value><label>CASH</label><order>2</order></attribute></attributes><code>FUND_SECTOR_ALLOCATION</code></component>

Index Sector Allocation

As of 04/17/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/17/2014</asOfDate><attributes><attribute><rawValue>100.0</rawValue><value>100.00%</value><label>TREASURY</label><order>1</order></attribute></attributes><code>BMARK_SECTOR_ALLOCTAION</code></component>

Fund Quality Breakdown

Quality Breakdown

Barclays uses the “middle rating” of Moody’s, S&P, and Fitch to determine a security’s index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 04/17/2014
Aaa100.00%

Index Quality Breakdown

Quality Breakdown

Barclays uses the “middle rating” of Moody’s, S&P, and Fitch to determine a security’s index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 04/17/2014
Aaa100.00%

Fund Maturity Ladder

As of 04/17/2014
0.00-1.00 Years100.00%

Index Maturity Ladder

As of 04/17/2014
0.00-1.00 Years100.00%

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

Barclays is a trademark of Barclays, the investment banking division of Barclays Bank PLC (“Barclays”) and has been licensed for use in connection with the listing and trading of the SPDR Barclays ETFs. The products are not sponsored by, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of investing in them.

Unless otherwise noted all information contained herein is that of the SPDR Barclays 1-3 Month T-Bill ETF.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.

T-Bill ETF Management Team

Senior Portfolio Manager Todd N. Bean Vice President Show Bio
Todd is a Vice President and Senior Portfolio Manager of State Street Global Advisors in the firm's US Cash Management Group. He began his career at State Street in 1999, joining the firm as an analyst in the firm's custody and settlements area. Following a stint on the money markets operations staff, Todd joined the Cash Management Group in 2004. Todd received Bachelor degrees in Economics and Government from St. Lawrence University and a Master of Science in Finance degree from Northeastern University. Todd has earned the Chartered Financial Analyst Designation and is a member of the Boston Security Analysts Society and the CFA Institute.
CIO-Global Fixed Income, Currency & Cash Steve Meier Executive Vice President Show Bio

Steven is an Executive Vice President of State Street Global Advisors and is the CIO of Global Fixed Income, Currency and Cash. Steven, who joined SSgA in 2003, has more than 29 years of experience in the global cash and fixed income markets. Previously, he was SSgA's CIO of Global Cash.

Prior to joining SSgA, Steven was a Senior Managing Director in State Street's Global Markets group responsible for developing its global fixed income business. He also served as Chief Operating Officer of State Street's electronic bond trading subsidiary, Advanced Auctions LLC, and was a member of its European subsidiary's Board of Directors. He received extensive capital markets experience and held senior positions in trading and investment banking in New York and London while working for Merrill Lynch and Credit Suisse First Boston for nearly 12 years. He also served on TradeWeb LLC's Executive Board while head of CSFB's global electronic trading unit. In addition, he was a senior global bond Portfolio Manager with Oppenheimer Capital and member of its Fixed Income Strategy Group.

Steven is a member of SSgA's Senior Leadership Team (SLT) and Investment Committee. He has earned the Chartered Financial Analyst designation, is a certified Financial Risk Manager (FRM), a member of the Boston Security Analysts Society, the Association for Investment Management and Research (AIMR) and the Global Association of Risk Professionals (GARP).

He holds a BBA from Hofstra University, an MBA from Indiana University's Graduate School of Business and an Advanced Certificate of Investment Management from the London Business School.

Senior Portfolio Manager Jeff St. Peters Managing Director Show Bio

Jeff is a Managing Director of State Street Global Advisors and the head of U.S. Cash Management within the Global Cash Management division. Jeff manages a team of portfolio managers that focus on traditional money market and securities lending cash collateral funds. He is also a Senior Portfolio Manager responsible for several securities lending, enhanced cash, offshore, and SSgA's registered money market portfolios for both retail and institutional clients. He has been managing short duration cash and securities lending portfolios at SSgA for over 12 years. Jeff is a member of SSgA's Senior Leadership Team.

Prior to joining SSgA, Jeff was employed nearly 9 years with Fidelity Investments, the latter years within the Fidelity Management and Research Company, where he worked as a trader within the Money Market area of the Fixed Income division. In addition, he held several positions within Fidelity's Investment Technology area, where he assisted in designing and implementing an internal proprietary trading system. Jeff has over 22 years of investment experience.

Jeff graduated from Bentley College with a BS in Finance.

After Tax Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

Barclays 1-3 Month U.S. Treasury Bill Index

The Barclays 1-3 Month U.S. Treasury Bill Index includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars and must be fixed rate and non convertible. Excluded from the 1-3 Month U.S. Treasury Bill Index are certain special issues, such as flower bonds, targeted investor notes (“TINs”), state and local government series bonds, treasury inflation-protected securities (“TIPS”), and coupon issues that have been stripped from bonds included in the index. The 1-3 Month U.S. Treasury Bill Index is market capitalization weighted and the securities in the index are updated on the last business day of each month.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

Important Risk Information

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; issuer credit risk; liquidity risk; and inflation risk.

The Fund invests by sampling the Index, holding a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics.  This may cause the fund to experience tracking errors relative to performance of the Index.

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.

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, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Premium Discount to NAV

As of 04/16/2014
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Barclays 1-3 Month T-Bill ETF BIL $45.77 $45.77 $45.78 0.03%
Download Fund Data

x axis: # of days y axis: # Premium/Discount percentage

The above information is provided to show the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds.

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, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.