SPDR SSgA Multi-Asset Real Return ETF

RLY, the SPDR SSgA Multi-Asset Real Return ETF (its prospectus calls it the State Street Multi-Asset Real Return ETF), is an actively managed fund of funds. It spreads its money across 11 other ETFs that cover natural resources, infrastructure, commodities, inflation-protected bonds and real estate. Its goal is to beat inflation over a full market cycle. It returned 7.58% in 2022, a year when stocks were in a bear market, and it charges 0.50% a year.

• Over the year to Oct 27, 2026, RLY returned +23.4%, 1st of 8 among similar funds.
• Its 5-year annualized return was +10.3% and its 10-year +8.7%.
• In the 2020 COVID crash it fell 31.5% and regained its old high 8.8 months after the low.
• Its worst full calendar year was 2015 (-15.1%); its best was 2021 (+22.9%).
• The deepest fall in its price history was 37.7% (Jul 2, 2014 to Mar 18, 2020), recovered by Feb 23, 2021.

As of Jun 30, 2026, the fund held 11 securities; the ten largest made up 99.94% of assets. It also reported 4.28% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jun 30, 2026, investors added a net $223.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +2.59%, -1.85%, -4.57%.

RLY does not track an index. State Street's adviser, SSGA Funds Management, picks the mix. Under normal conditions it invests at least 80% of net assets in other exchange-traded products (ETPs), such as ETFs, commodity trusts and exchange-traded notes. Those products span five areas: US and foreign inflation-protected government bonds, real estate, commodities, infrastructure companies, and natural resource firms in energy, farming and mining. The goal is “real return,” which the adviser defines as beating inflation over a market cycle.

The adviser sets the weights with its own quantitative models, plus its judgment on factors the models may miss. Allocations shift over time as its views of each asset class's expected return and risk change. The prospectus lists portfolio turnover of 31%. As of June 30, 2026, the fund held 11 funds, mostly State Street's own SPDR ETFs. The largest were SPDR S&P Global Natural Resources ETF (about 27%), SPDR S&P Global Infrastructure ETF (about 26%), SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (about 24%) and SPDR Bloomberg 1-10 Year TIPS ETF (about 6%).

Two mechanics are worth knowing. Commodity exposure may come through funds that use derivatives, which are contracts tied to commodity prices, rather than holding physical goods. State Street can also earn fees both on RLY and on the affiliated funds it buys. The prospectus flags this as a possible conflict of interest.

• RLY 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).

It is built to beat inflation through real assets, and it gained in 2022, but it has fallen sharply in market crashes.

RLY may add assets that tend to respond to inflation. It returned 7.58% in 2022. It is not a shelter in a crash, though. It launched in 2012, so it has no 2008 record. In the 2020 COVID crash it fell 31.5% and took 8.8 months to recover. It also dropped 19% in mid-2022 and needed 24.2 months to make that back. Its worst calendar year was 2015, when it lost 15.1%. Its deepest drop was 37.7%, from July 2014 to March 2020, and it did not get back to its 2014 peak until February 2021. Anyone who had to sell shares during those stretches would have locked in losses.

Over the 12 months to October 27, 2026, it yielded 2.9%, paid quarterly. It costs 0.50% a year. In the SEC's standard $10,000 example, that comes to $628 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

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