Fund Description: SPDR SSgA Ultra Short Term Bond ETF is an exchange-traded index fund or Index ETF which is a separate portfolio of the SSgA Active ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The SPDR SSgA Ultra Short Term Bond ETF seeks to provide current income consistent with preservation of capital and daily liquidity through short duration high quality investments. INDEX DESCRIPTION: The primary benchmark is the Barclays US Treasury Bellwether 3 Month Index tracking the performance and attributes of the on-the-run U.S. Treasury that reflects the most recently issued three month security. The three month bellwether Index follows Barclays Capital’s index monthly rebalancing conventions. FUND STRATEGY: Under normal circumstances, the Fund invests substantially all of its assets in the SSgA Ultra Short Term Bond 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. The Fund's Advisor invests, under normal circumstances, at least 80% of the Portfolio’s net assets (plus the amount of borrowings for investment purposes) in a diversified portfolio of U.S. dollar-denominated investment grade fixed income securities. The Portfolio primarily invests in investment grade fixed income securities that are rated at the time of purchase a minimum of A- or higher by Standard & Poor’s Financial Services LLC and/or Fitch Inc., or A3 or higher by Moody’s Investors Service, Inc., or, if unrated, determined by the management team to be of equivalent quality. The Portfolio invests in fixed and floating rate securities of varying maturities, such as corporate obligations (including commercial paper of U.S. and foreign entities, master notes, and medium term notes); government bonds (including U.S. Treasury Bills, notes, and bonds); agency securities; privately-issued securities; asset-backed and mortgage-backed securities; money market instruments (including U.S. and foreign bank time deposits, certificates of deposit, and banker acceptances) and other investment companies. The Portfolio may also invest in exchange traded products (ETPs) which include exchange traded funds (ETFs) and exchange traded notes (ETNs). Under normal circumstances, the effective duration of the Portfolio is expected to be between three and nine months. Effective duration is a measure of the Portfolio’s price sensitivity to changes in yields or interest rates; however, investors should be aware that effective duration is not an exact measurement and may not reliably predict a particular security’s price sensitivity to changes in yield or interest rates. In addition, the Portfolio expects to maintain a weighted average maturity between six and eighteen months. Weighted average maturity is a U.S. dollar-weighted average of the remaining term to maturity of the underlying securities in the Portfolio. For the purposes of determining the Portfolio’s weighted average maturity, a security’s final maturity date, or for amortizing securities such as asset-backed and mortgage-backed securities, its weighted average life will be used for calculation purposes. The Adviser buys and sells securities for the Portfolio based on its analysis of credit quality and overall portfolio duration. A security will generally be sold from the Portfolio where the Adviser believes that a different security, viewed in light of its maturity, provides a higher yield. FUND MANAGEMENT: SSgA Funds Management, Inc. (SSgA FM) serves as the investment adviser to the Fund and the Portfolio.