Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
State Street DoubleLine Total Return Tactical ETF
$37.47−0.02 (−0.05%)
- 0.55%
- $3.6B
- −2.6%
- 5.57%
- 0.6M sh
- $37.42
- low $37.09high $40.86
The ETF.net TOTL Grade
B
Score 57 out of 100
- 69 of 117
Score 57 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F14 out of 100Rank 97 of 117Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 101Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D39 out of 100Rank 83 of 116Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A75 out of 100Rank 15 of 117Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B65 out of 100Rank 49 of 116Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A86 out of 100Rank 11 of 117
Our read on TOTL
BMost core bond ETFs clone the Agg and call it a day. TOTL hires a manager to trade around it instead: actively managed, benchmarked to the Bloomberg US Aggregate, and on the tape since 2015.
The fund seeks to maximize total return through actively managed core fixed-income exposure benchmarked to the Bloomberg US Aggregate Bond Index.
Why people hold it
- Active by design: instead of replicating the Bloomberg US Aggregate, it uses the index as a benchmark and leaves the bond mix to a manager's call.
- Live since 2015, so a full rate cycle sits on the record, and it stands in the upper half of a crowded core bond field where nearly every rival is a pure index tracker.
- About 1,700 bonds behind one ticker, income paid monthly, and enough day-to-day trading that getting in or out isn't the friction point.
- It does the job on the label: a multi-billion-dollar fund from a major ETF issuer, delivering the core fixed-income exposure its documents describe.
Worth knowing
- Active costs money: 0.55% a year, against 0.03% for the index heavyweights (BND, SPAB, SCHZ) and above the typical core bond fund.
- A manager's positioning can drift from the Agg, so the ride and the income can look different from a plain index tracker, in either direction.
- It sits at the more rate- and credit-sensitive end of the core bond group, so bumps can land harder here than in the tamest trackers.
TOTL Holdings
- Bonds
- 1,651
- 21%
- Us Treasury N/B 0.75 01/31/2028
Sectors
- Energy100.0%
Geography
- United States84.95%
- Canada1.90%
- Luxembourg1.37%
- United Kingdom1.23%
- Mexico1.09%
- Peru0.98%
- Cayman Islands0.95%
- India0.74%
- 6.79%
TOTL Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
TOTL$9,739
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | TOTL |
|---|---|
| Year to date | −3.2% |
| 1 month | −1.2% |
| 3 months | −3.0% |
| 1 year | −2.6% |
| 3 years | +4.8% |
| 5 years | 0.0% |
| 10 years | +1.2% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TOTL |
|---|---|---|
| 2026 YTD | −3.2% | |
| 2025 | +7.7% | |
| 2024 | +3.1% | |
| 2023 | +5.6% | |
| 2022 | −11.6% | |
| 2021 | −1.0% | |
| 2020 | +3.6% |
TOTL in the news
TOTL Dividends
- 5.57%
- $2.09
- $0.18 per share
- Monthly
Distribution history
TOTL Risk
- 5.7%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.03
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −15.8%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.98
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TOTL Cost
0.55%
TOTL0.55%
- The middle half of US Aggregate Bond funds
- Median 0.34%
93 of the 113 US Aggregate Bond funds charge less.
Other funds in US Aggregate Bond
- BWCPBWeitz Core Plus Bond ETFExpense ratio 0.45%1 year return −0.5%
- BCPLSAlliance Bernstein - AB Core Plus Bond ETFExpense ratio 0.30%1 year return −2.4%
- BAGGSHarbor Disciplined Bond ETF (AGGS)Expense ratio 0.35%1 year return −1.3%
- CBKFIBNY Mellon Active Core Bond ETFExpense ratio 0.40%1 year return —
- CUCONFirst Trust Smith Unconstrained Bond ETFExpense ratio 0.86%1 year return −1.0%