ETF Evaluator:
State Street® SPDR® Blmbg InvGrdFltRtETF (FLRN)
Follow This ETF
(as of Sep 03)
Best Performing in Ultrashort Bond Over the Last Year
| 6.2% | iShares Interest Rate Hdg L/T Corp BdETF (IGBH) |
| 5.8% | Simplify Treasury Option Income ETF (BUCK) |
| 5.7% | iShares Interest Rate Hedged Corp Bd ETF (LQDH) |
| 5.3% | iShares Interest Rt Hdg U.S. Aggt Bd ETF (AGRH) |
| 5.3% | NEOS Enhanced Inc 1-3 Month T-Bill ETF (CSHI) |
Risk
Index
Risk
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ETF Details
State Street® SPDR® Blmbg InvGrdFltRtETF Overview
State Street® SPDR® Blmbg InvGrdFltRtETF (FLRN) is a passively managed Taxable Bond Ultrashort Bond exchange-traded fund (ETF). State Street Investment Management launched the ETF in 2011.
The investment seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Bloomberg U.S. Dollar Floating Rate Note < 5 Years Index.
The fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the index. The index is designed to measure the performance of U.S. dollar-denominated, investment grade floating rate notes.
About State Street® SPDR® Blmbg InvGrdFltRtETF (FLRN)
There are 3 members of the management team with an average tenure of 8.34 years: Christopher DiStefano (2013), Frank Miethe (2018) and David Marchetti (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg USFRN 5- Yr TR USD index with a weighting of 100%. State Street® SPDR® Blmbg InvGrdFltRtETF has 538 securities in its portfolio. The top 10 holdings constitute 8.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
State Street® SPDR® Blmbg InvGrdFltRtETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. State Street® SPDR® Blmbg InvGrdFltRtETF has 60.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 94.6% (34.0% domestic bond, 60.6% foreign bond and 0.0% convertible bond). State Street® SPDR® Blmbg InvGrdFltRtETF has 5.4% of the portfolio in cash.
Assets Under Management
The fund has $3 billion in total assets, which is below the $5 billion average for the Ultrashort Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FLRN Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The State Street® SPDR® Blmbg InvGrdFltRtETF expense ratio is low compared to funds in the Ultrashort Bond category. State Street® SPDR® Blmbg InvGrdFltRtETF has an expense ratio of 0.15%, which is 32% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. State Street® SPDR® Blmbg InvGrdFltRtETF has a portfolio turnover rate of 42%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 57% for the Ultrashort Bond category.
Recently, in the month of July 2026, State Street® SPDR® Blmbg InvGrdFltRtETF returned 0.3%, which earned it a grade of B, as the Ultrashort Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
State Street® SPDR® Blmbg InvGrdFltRtETF has a trailing yield of 4.44%, which is above the 4.07% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
State Street® SPDR® Blmbg InvGrdFltRtETF Grades
Year to date, the ETF has returned 2.5%, 0.3 percentage points better than the category, which translates into a grade of A. The fund has returned 4.5% over the past year (grade of A), 5.5% over the past three years (grade of B) and 4.3% per year over the past five years (grade of A) and 3.1% per year over the past 10 years (grade of B).
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FLRN Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FLRN Return (NAV) | 0.3% | 1.1% | 4.5% | 5.5% | 4.3% | 3.1% |
| FLRN Return (Price) | 0.3% | 1.1% | 4.6% | 5.5% | 4.3% | 3.1% |
| NAV +/- Price Return | -0.004% | 0.017% | -0.033% | 0.013% | -0.007% | 0.018% |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.2% | 5.2% | 3.9% | 3.0% |
| FLRN Grade (NAV) | B | A | A | B | A | B |
| +/- Category (NAV) | 0.0% | 0.1% | 0.3% | 0.3% | 0.4% | 0.1% |
| FLRN Tax-Cost Ratio | na | na | 1.8% | 2.1% | 1.7% | 1.2% |
FLRN Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FLRN Return (NAV) | 2.5% | 5.0% | 6.3% | 6.6% | 1.2% | 0.3% | 0.9% | 3.8% | 1.6% | 2.0% | 1.6% |
| FLRN Return (Price) | 2.5% | 5.0% | 6.3% | 6.5% | 1.3% | 0.4% | 0.8% | 4.0% | 1.4% | 1.8% | 1.7% |
| NAV +/- Price Ret | 0.007% | -0.004% | -0.004% | -0.015% | 0.098% | 0.343% | -0.106% | 5.0% | -11.9% | -8.4% | 8.4% |
| Ultrashort Bond Avg | 2.2% | 4.8% | 5.8% | 6.1% | 0.4% | 0.3% | 1.4% | 3.6% | 1.4% | 2.3% | 1.9% |
| FLRN Grade (NAV) | A | B | B | A | B | B | D | B | D | B | B |
| +/- Category | 0.3% | 0.2% | 0.5% | 0.6% | 0.7% | -0.0% | -0.6% | 0.2% | 0.2% | -0.3% | -0.3% |
| Risk Measures | |
| Beta: | 0.00 |
| R-Squared: | 0% |
| Standard Deviation: | 0.4% |
| Category Risk Index: | 0.58 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.03 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 4.4% |
| Total Assets: | $ 3,117 Mil |
| Share Class Assets: | $ 3,117 Mil |
| Turnover: | 42.0% |
| Expense Ratio: | 0.15% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 12.8 years | |||
| Average Tenure: 8.3 years | |||
| Managers (Year): DiStefano Christopher (2013), Miethe Frank (2018), Marchetti David (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 538 |
| % in Top 10 Holdings: | 8.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 60.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 34.0% |
| Foreign Bond: | 60.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 5.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | State Street Investment Management |
| Phone Number: | 866-787-2257 |
| Website: | www.spdrs.com |
| Inception Date: | November 30, 2011 |
Expenses and Fees
| Expense Ratio (%): | 0.15% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.22% |
