MutualFundWire.com: SSIM Spins Up a New Ultra Short Fund

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Friday, October 10, 2025

SSIM Spins Up a New Ultra Short Fund

The folks at a publicly traded bank's $5-trillion-AUM* asset management arm are adding another passive fixed income fund to their ETF lineup.

On Wednsday (October 8), Anna Paglia, chief business officer of State Street Corporation's State Street Investment Management (SSIM [profile]), unveiled the launch of the State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU on the NYSE Arca, Inc.), part of the eight-year-old State Street SPDR Portfolio ETF Suite. Boston-based SSIM's SSGA Funds Management serves as investment advisor and administrator to the new index fund.

SPTU's inception date was Tuesday (October 7). The ETF comes with an expense ratio of five basis points, and as of yesterday (October 9) SPTU had about $10 million in AUM.

ICE Data Indices, LLC serves as index provider to SPTU, which is designed to track the ICE BofA U.S. Treasury Bill Index. The new fund's PM team includes:

James Kramer, vice president and senior portfolio manager on the fixed income beta solutions team; and

Joanna Madden, VP and PM on the fixed income beta solutions team.

Paglia highlights investors need "to fine-tuen their fixed income allocations" as circumstances change.

"The launch of SPTU provides clients with a low-cost, ultra-short term Treasury option designed to help them meet their income generation and risk mitigation goals and may serve as a flexible and efficient funding solution for some institutional investors, including as a potential collateral tool for certain derivatives market participants," Paglia states.

SPTU is a passively managed series of SPDR Series Trust. The new ETF's other service providers include:

Ernst & Young LLP as independent accounting firm;

Morgan, Lewis & Bockius LLP as counsel;

State Street Global Advisors Funds Distributors LLC (SSGA FD) as distributor; and

State Street as custodian, securities lending agent, sub-administrator, and transfer agent.