SPDR SSGA Fixed Income Sector Rotation ETF

FISRSPDR (State Street)Bond
Expense ratio0.5%
Net assets$408.0M
Holdings7
Yield (TTM)4.31%
1 week+0.9%
1 month+1.4%
3 months-0.6%
6 months-1.4%
YTD-1.1%
1 year-1.6%
3 years*+4.6%
5 years*-1.2%

Total returns with distributions reinvested; * a year. Prices as of Oct 27, 2026 · filings through Jun 30, 2026 · page updated Nov 3, 2026

At a glance

FISR charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $408.0M in assets, the 8th largest of that group; it paid 4.31% of its price in distributions over the past 12 months, monthly. Over the past year it returned −1.6% with distributions reinvested, the weakest of those 8 funds; over three years it returned +4.6% a year. At its worst it fell 7.7% in the 2020 crash (S&P 500: 33.7%) and 16.7% in the 2022 bear market (S&P 500: 24.5%).

The short version

SPDR SSGA Fixed Income Sector Rotation ETF (FISR) is an actively managed bond fund that holds other ETFs, mostly State Street's own SPDR Portfolio bond funds. It moves money among Treasuries, corporate bonds, mortgage bonds, high-yield bonds and emerging-market debt. It pays monthly, with a trailing 12-month yield of 4.31% as of October 27, 2026. It charges 0.50% a year and lost 15.67% in 2022.

Price history

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FISR -1.6% over the year to Oct 27, 2026, total return with distributions reinvested.

Prices through Oct 27, 2026. Total return: the price with distributions reinvested.

How it has behaved

Volatility (1 year)4.6%annualized; the S&P 500 is usually 15–20%
Worst drop (1 year)-5.0%3 years: -5.1% · all history: -20.3%
Beta vs S&P 5000.14moves less than the market
Sharpe ratio (1 year)-1.22return above cash per unit of risk
Since launch+0.6%a year over 7.6 years
Total over 5 years-6%
52-week range$24.37 – $26.36
Last price $24.85 on Oct 27, 2026, 5.7% below the 52-week high · below its 200-day average ($25.46).
YTD1 yr3 yr5 yr10 yrSince start
FISR official prospectus, to Dec 31, 2025—+6.22%—-1.35%—+0.80%
FISR price data to Oct 27, 2026-1.1%-1.6%+4.6%-1.2%—+0.6%
Multi-year figures are annualized total returns with distributions reinvested. "Official" figures are the SEC-standard returns from the fund's prospectus; the price-data row is computed from daily prices.
  • Over the year to Oct 27, 2026, FISR returned -1.6%, 8th of 8 among similar funds.
  • Its 5-year annualized return was -1.2%.
  • In the 2020 COVID crash it fell 7.7% and regained its old high 2.1 months after the low.
  • Its worst full calendar year was 2022 (-15.8%); its best was 2025 (+6.3%).
  • The deepest fall in its price history was 20.3% (Dec 30, 2020 to Oct 20, 2022), not yet recovered.
6%2020-2%2021-16%20225%20230.9%20246%2025-1%2026*
6%2020-2%2021-16%20225%20230.9%20246%2025-1%2026*
Calendar-year total returns from price data, distributions reinvested. * 2026 is year to date. From the prospectus: best quarter +6.69% (Dec 31, 2023), worst -6.58% (Mar 31, 2022).
Show as a table
YearPrice dataProspectus (official)
2026 (to date)-1.1%—
2025+6.3%+6.22%
2024+0.9%+0.97%
2023+5.4%+5.22%
2022-15.8%-15.67%
2021-1.7%-1.81%
2020+5.8%+6.04%
2008 financial crisis
stocks fell Oct 9, 2007 – Mar 9, 2009
Before this security existed
2020 COVID crash
stocks fell Feb 19, 2020 – Mar 23, 2020
Lost 3.3% over that stretch · deepest drop along the way 7.7%, back to its old high 2.1 months after the low
2022 bear market
stocks fell Jan 3, 2022 – Oct 12, 2022
Lost 16.7% over that stretch · deepest drop along the way 16.7%, not recovered by the end of the data

Dividends and income

Yield (last 12 months)4.31%distributions ÷ price
Paid in the last 12 months$1.07per share, split-adjusted
How oftenmonthly 
Latest payment$0.0900Oct 1, 2026
$0.782020$0.582021$0.552022$0.932023$0.882024$1.022025$0.782026*
$0.782020$0.582021$0.552022$0.932023$0.882024$1.022025$0.782026*
Distributions per share by calendar year, adjusted for a share split. * 2026 to Oct 27, 2026.
Show as a table
YearPer shareChange
2026 (to date)$0.7800
2025$1.0200+15.9%
2024$0.8800-5.4%
2023$0.9300+69.1%
2022$0.5500-5.2%
2021$0.5800-25.6%
2020$0.7800
Distributions through Oct 27, 2026.

What's inside

As of Jun 30, 2026, the fund held 7 securities; the ten largest made up 107.5% of assets. It also reported 9.38% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

Fund heldWeight
State Street SPDR Portfolio Corporate Bond ETF25.00%
State Street SPDR Portfolio Intermediate Term Treasury ETF22.73%
State Street SPDR Portfolio Short Term Treasury ETF16.35%
State Street SPDR Portfolio Mortgage Backed Bond ETF13.99%
State Street SPDR Portfolio Long Term Treasury ETF13.35%
State Street SPDR Portfolio High Yield Bond ETF12.06%
State Street SPDR Bloomberg Emerging Markets USD Bond ETF4.02%

By country

United States 107.5%

By asset type

Stocks 107.5%
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.

What changed recently

  • Over the three months to Jun 30, 2026, investors withdrew a net $45.8M (creations minus redemptions, per the N-PORT report).
  • Monthly total returns reported for that quarter: +0.05%, +0.38%, +0.31%.

How it works

FISR does not track an index. Its adviser, SSGA Funds Management, puts at least 80% of net assets into bonds. It does this mainly by buying ETFs that each cover one part of the bond market: US government and agency debt, inflation-protected Treasuries, corporate bonds, mortgage-backed bonds, high-yield ("junk") bonds, international and emerging-market bonds, floating-rate bank loans, asset-backed securities and cash. The manager forms long-term and shorter-term views on the economy, financial conditions and sector trends. It then holds more of the sectors it finds most attractive. The fund may leave some sectors out entirely.

As of June 30, 2026, the fund held seven ETFs: SPDR Portfolio Corporate Bond (25.0% of net assets), Intermediate Term Treasury (22.7%), Short Term Treasury (16.4%), Mortgage Backed Bond (14.0%), Long Term Treasury (13.3%), High Yield Bond (12.1%) and SPDR Bloomberg Emerging Markets USD Bond (4.0%). All seven are State Street funds. The prospectus warns that this gives the adviser a possible conflict of interest. Portfolio turnover was 198%, so the mix changes often.

The fund can also buy individual bonds. It can use futures, forwards, swaps and options to manage currency, credit quality and duration (how sensitive bond prices are to interest-rate changes). The June 30, 2026 filing showed no derivative positions.

What it really costs

  • FISR charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
  • Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
Cost of $10,000 (SEC example)1 yr3 yrs5 yrs10 yrs
FISR$51$160$280$628
SEC standard example: $10,000 invested, 5% annual return, shares sold at the end of each period.

Structure and tax notes

  • Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
  • Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.

In a retirement portfolio

RoleIncome

It pays monthly from a broad mix of bond ETFs and has moved little with stocks, but its active approach has not protected it when interest rates rose.

FISR could supply monthly income within a bond allocation. Its trailing 12-month yield was 4.31% as of October 27, 2026. It costs 0.50% a year, which comes to $628 over 10 years in the SEC's standard $10,000 example. Its record in bad years is mixed. In the 2020 COVID crash it fell 7.7% and recovered in about two months. In 2022, rising rates hurt stocks and bonds together, and the fund lost 15.67%. Its deepest drop was 20.3%, from December 2020 to October 2022, and it had not fully recovered as of October 27, 2026. A retiree who had to sell shares during a year like 2022 would have locked in losses. The fund launched in 2019, so it has no 2008 record. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

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Who it may suit — and who should look elsewhere

May suit

  • Investors who want monthly bond income; the trailing 12-month yield was 4.31% as of October 27, 2026.
  • Investors who would rather have a manager shift money among Treasuries, corporate, mortgage and junk bonds than pick bond funds themselves.
  • Investors willing to pay 0.50% a year to own an actively managed mix of State Street bond ETFs through one ticker.

Look elsewhere if

  • Cost-focused investors who may prefer a plain bond index fund to paying 0.50% a year for active sector shifts.
  • Investors who need stable value; FISR lost 15.67% in 2022, and its 20.3% drop had not fully recovered by October 27, 2026.
  • Investors wary of conflicts of interest; all seven holdings on June 30, 2026 were State Street ETFs, and turnover was 198%.

Close alternatives

Matched by other buffer (defined-outcome) funds, largest first.

FundCostNet assets1 yr3 yr
FISR this fund0.5%$408.0M-1.6%+4.6%
BUFR FT Vest Laddered Buffer ETF0.95%$10.49B+11.6%+16.8%
BUFD FT Vest Laddered Deep Buffer ETF0.95%$2.04B+9.5%+13.9%
PJAN Innovator U.S. Equity Power Buffer ETF - Ja…0.79%$1.44B+10.5%+14.8%
PDEC Innovator U.S. Equity Power Buffer ETF - De…0.79%$984.1M+11.6%+14.9%
FDEC FT Vest US Equity Buffer ETF - December0.85%$1.31B+12.9%+18.5%
FJAN FT Vest US Equity Buffer ETF - January0.85%$1.47B+12.3%+17.4%
FFEB FT Vest U.S. Equity Buffer Fund - February0.85%$1.42B+12.9%+18.6%
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.

Questions investors ask

Does FISR pay monthly dividends?

Yes. FISR pays distributions monthly. Most of the money comes from interest earned by the bond ETFs it owns. In the year ending October 27, 2026, it paid about $1.07 per share, a trailing yield of 4.31%. A trailing yield divides the past year's payouts by the share price, so it looks backward and is not a promise. Monthly amounts can rise or fall as interest rates change and as the fund moves money between bond sectors.

What are FISR's top holdings?

FISR's top holdings are other State Street bond ETFs, not individual bonds, which makes it a fund of funds. As of June 30, 2026, it held seven SPDR funds: Portfolio Corporate Bond ETF (25.0%), Portfolio Intermediate Term Treasury ETF (22.7%), Portfolio Short Term Treasury ETF (16.4%), Portfolio Mortgage Backed Bond ETF (14.0%), Portfolio Long Term Treasury ETF (13.3%), Portfolio High Yield Bond ETF (12.1%) and Bloomberg Emerging Markets USD Bond ETF (4.0%). The high-yield fund holds “junk” bonds, which pay more but carry more default risk.

Is FISR good for retirement income?

FISR may suit retirees who want monthly income from a single, diversified bond fund, but its track record is weak. The trailing yield was 4.31% as of October 27, 2026. However, the fund lost 15.67% in 2022. Through December 31, 2025, its average annual return was -1.35% over five years and 0.80% since its April 2019 launch. It fell 20.3% from December 2020 to October 2022 and had not fully recovered that drop as of October 27, 2026.

What is FISR's expense ratio?

FISR's expense ratio, the yearly fee taken out of fund assets, is 0.50%, according to the prospectus filed October 27, 2026. All of it is the management fee. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, total costs would be $51 over one year, $160 over three years, $280 over five and $628 over ten. Portfolio turnover, a measure of how much of the portfolio is traded in a year, was 198%. Trading costs are not included in the expense ratio.

Is FISR actively managed?

Yes. FISR is actively managed and does not follow an index. Its adviser, SSGA Funds Management, moves money among bond sectors based on its views of the economy, financial conditions and sector trends. Owning the SPDR Portfolio bond ETFs directly avoids FISR's own 0.50% fee, though each ETF still charges its own fee, and you would choose the mix yourself. The prospectus warns that the adviser's choices may not work out. It also notes that the underlying State Street ETFs pay fees to the adviser and its affiliates, which is a potential conflict of interest.

Sources

  • 485BPOS prospectus (risk/return XBRL), filed Oct 27, 2026 — SEC EDGAR
  • N-PORT holdings report, filed Aug 28, 2026 — SEC EDGAR
  • Prices: daily prices and distributions through Oct 27, 2026

For education only, not investment advice. Past performance does not predict future results.