SPDR SSgA Global Allocation ETF

The State Street Global Allocation ETF (GAL) is a fund of funds. It holds about 18 other State Street ETFs that together aim for roughly 60% stocks, with the rest in bonds, commodities and cash, from the US and abroad. It does not follow an index. Instead, its managers change the mix using quantitative models and their own judgment, and it charges 0.35% a year.

• Over the year to Oct 27, 2026, GAL returned +8.4%, 8th of 8 among similar funds.
• Its 5-year annualized return was +6.4% and its 10-year +8.2%.
• In the 2020 COVID crash it fell 28.3% and regained its old high 5.4 months after the low.
• Its worst full calendar year was 2022 (-13.4%); its best was 2019 (+19.6%).
• The deepest fall in its price history was 28.3% (Feb 12, 2020 to Mar 23, 2020), recovered by Oct 12, 2020.

As of Jun 30, 2026, the fund held 18 securities; the ten largest made up 83.35% of assets, and 2.35% sat in cash and money-market holdings.

• Over the three months to Jun 30, 2026, investors withdrew a net $4.2M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +5.98%, +2.35%, -0.68%.

GAL does not track an index. Its adviser, SSGA Funds Management, splits the money among exchange-traded products (ETPs), which are mostly other ETFs. Together they hold US and international stocks and bonds. The usual mix is about 60% stocks. The adviser can go above or below that as its outlook for each asset class changes. Those calls come from proprietary quantitative models plus the team's own view of factors the models may miss.

Through those funds, GAL owns stocks of large and small companies, including emerging markets. It also owns investment-grade and high-yield ("junk") bonds, inflation-protected Treasuries, mortgage-backed and asset-backed bonds, commodities and REITs. It generally keeps at least 30% outside the US. As of June 30, 2026, its largest holdings were State Street SPDR S&P 500 ETF Trust (29.1%), SPDR Portfolio Developed World ex-US ETF (11.0%), SPDR Portfolio Emerging Markets ETF (10.0%) and SPDR Portfolio Aggregate Bond ETF (7.4%). The top 10 made up 83% of assets.

Holders should understand two mechanical points. First, the underlying funds are State Street's own, so the adviser may earn fees from them as well as from GAL. The prospectus flags this as a possible conflict of interest. Second, the mix changes often. Portfolio turnover was 85%, so the fund traded holdings worth most of its assets in a year.

• GAL charges 0.35% 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 $36 in the first year and $443 over 10 years (assuming a 5% annual return).

It puts a globally diversified mix of about 60% stocks, with the rest in bonds, commodities and real estate, into one fund for 0.35% a year.

GAL may give a retirement portfolio one fund that spreads money across world stock and bond markets. Its one-year beta of 0.68 means it moved about two-thirds as much as the stock market. It still falls hard in a crisis. In the 2020 COVID crash it dropped 28.3% and took about seven months to recover. In the 2022 bear market it fell 20.5% and took 17 months, until March 2024, to get back. Its worst calendar year was 2022, at -13.4%. It launched in 2012, so it has no record from 2008. Anyone who sold shares for cash in 2022 would have sold at depressed prices. The trailing yield was 3.23% as of October 27, 2026, paid quarterly. Costs are modest: about $443 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

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