SPDR SSGA US Large Cap Low Volatility Index ETF

SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) is a State Street index fund. It holds about 171 large US stocks that are chosen and weighted for small price swings, led by Welltower, Realty Income and Duke Energy. Its 0.12% expense ratio was the lowest of nine similar low-volatility funds compared, which averaged 0.33%. The trade-off is that funds like this tend to lag when the market rallies hard.

• Over the year to Oct 27, 2026, LGLV returned +7.7%, 7th of 9 among similar funds.
• Its 5-year annualized return was +7.7% and its 10-year +11.8%.
• In the 2020 COVID crash it fell 36.5% and regained its old high 8.4 months after the low.
• Its worst full calendar year was 2022 (-8.2%); its best was 2019 (+30.8%).
• The deepest fall in its price history was 36.6% (Feb 14, 2020 to Mar 23, 2020), recovered by Dec 17, 2020.

As of Jun 30, 2026, the fund held 171 securities; the ten largest made up 15.53% of assets.

By sector

• Over the three months to Jun 30, 2026, investors withdrew a net $349.0M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +2.01%, -2.43%, +2.92%.

The fund tracks the State Street US Large Cap Low Volatility Index. The index is run by State Street Investment Management, an affiliate of the fund's adviser, SSGA Funds Management. It starts with the 1,000 largest US-listed stocks. It keeps those that trade at least 250,000 shares a day on average over six months and have more than half their shares freely available to trade. It then groups the stocks by sector and ranks them by volatility. Volatility here means the standard deviation of monthly returns over the past five years, a measure of how widely a stock's returns swing.

Within each sector, the index picks the calmest stocks until they make up about 30% of that sector's market value. This spreads the index across sectors instead of piling into one. The steadiest stocks get the biggest weights. Each stock is capped at 5%, and at 20 times its weight in the starting universe. The index had 171 stocks as of July 31, 2026. It rebalances once a year, at the end of March.

The fund uses sampling. That means it may hold only some of the index stocks, but it must keep at least 80% of net assets in index securities. It may also use futures contracts to manage cash. Portfolio turnover was 38%.

• LGLV charges 0.12% a year, versus an average of 0.33% for the similar funds below (1st of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $12 in the first year and $154 over 10 years (assuming a 5% annual return).

It holds large US stocks picked for steadier prices, with a heavy tilt toward utilities, REITs and consumer staples, but it is still a fully invested stock fund.

LGLV may calm the stock part of a portfolio. Its one-year volatility was 10.5% as of October 27, 2026. Still, low volatility is not the same as low risk. In the 2020 COVID crash the fund fell 36.5% within weeks and took about eight months to recover. Its worst quarter was -20.26%, in early 2020. In the 2022 bear market it dropped 16.6% and took about 14 months to recover. Its worst calendar year was 2022, at -8.11%. It launched in 2013, so it has no record from the 2008 crisis. A retiree forced to sell during a slump could still lock in real losses. As of October 27, 2026, it had a 2.09% trailing yield, paid quarterly. In the SEC example, costs come to $12 in the first year on $10,000. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.