Fund Description: SPDR DoubleLine Total Return Tactical ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the SSgA Active ETF Trust, an open-end management investment company. INVESTMENT OBJECTIVE: The SPDR DoubleLine Total Return Tactical ETF seeks to maximize total return. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index, but rather uses an active investment strategy to meet its investment objective. Accordingly, the ETF’s investment adviser and sub-adviser has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. The advisors may use an Index as a benchmark. FUND STRATEGY: Under normal circumstances, the Fund invests substantially all of its assets in the State Street DoubleLine Total Return Tactical Portfolio (the Portfolio), a separate series of the SSgA Master Trust with an identical investment objective as the Fund. As a result, the Fund invests indirectly through the Portfolio. Under normal circumstances, the Sub-Adviser will invest at least 80% of the Portfolio’s net assets in a portfolio of fixed income securities of any credit quality. Fixed income securities in which the Portfolio principally invests include securities issued or guaranteed by the U.S. government or its agencies, instrumentalities or sponsored corporations; inflation protected public obligations of the U.S. Treasury; agency and non-agency residential mortgage-backed securities (RMBS); agency and non-agency commercial mortgage-backed securities (CMBS); agency and non-agency asset-backed securities (ABS); domestic corporate bonds; fixed income securities issued by foreign corporations and foreign governments including emerging markets; bank loans (primarily senior loans, including loan participations or assignments whose loan syndication exceeds $300 million) municipal bonds; and other securities (such as perpetual bonds) bearing fixed interest rates of any maturity. The Portfolio may also invest in collateralized loan obligations, floating rate securities (including floating rate loans), variable rate securities, Rule 144A securities, and repurchase agreements and may enter into reverse repurchase agreements. The Portfolio may conduct foreign currency transactions on a spot (i.e., cash) or forward basis (i.e., by entering into forward contracts to purchase or sell foreign currencies). The Portfolio intends to invest at least 20% of its net assets in mortgage-backed securities of any maturity or type guaranteed by, or secured by collateral that is guaranteed by, the U.S. Government, its agencies, instrumentalities or sponsored corporations, or in privately issued mortgage-backed securities rated at the time of investment Aa3 or higher by Moody’s or AA- or higher by S&P or any other nationally recognized statistical rating organization. The Portfolio may invest a substantial portion of its assets in U.S. agency mortgage pass-through securities, up to 15% of its net assets in securities denominated in foreign currencies, 25% of its net assets in securities and instruments that are economically tied to emerging market countries. The Portfolio will seek to obtain exposure to U.S. agency mortgage pass-through securities primarily through the use of to-be-announced or TBA Transactions. FUND MANAGEMENT: SSgA Funds Management, Inc. serves as the investment adviser to the Fund and the Portfolio. DoubleLine Capital LP serves as sub-adviser to the Portfolio and the Fund, subject to supervision by the Adviser and the Board of Trustees.