SPTL vs XTEN

SPTLAState Street SPDR Portfolio Long Term Treasury ETF

XTENBBondBloxx Bloomberg Ten Year Target Duration US Treasury ETF

In short

SPTL Pure duration, cheap. SPTL holds every US Treasury with 10 or more years left to run and charges 0.03% to do it. The long end of the curve as a plain building block, running since 2007.

XTEN Most Treasury ETFs sort bonds by maturity and let duration drift. XTEN blends two duration buckets and rebalances monthly to hold a 10-year duration target, for 0.08% a year.

Stated mandate

SPTL The fund seeks to track, before fees and expenses, the price and yield performance of the Bloomberg Long U.S. Treasury Index.

XTEN The Fund seeks to track an index of U.S. Treasury securities with a duration between 6 and 14 years.

Why people hold it

• SPTL Three basis points, a quarter of the typical fee among Treasury funds. It is one of State Street's Portfolio ETFs, the suite built as low-cost core exposure.ssga.com
• Covers the whole long end, not one slice: roughly 110 Treasuries with 10-plus years to maturity, market-cap weighted and reconstituted at each month's end.ssga.com
• A multi-billion-dollar fund that trades very actively, tracks its index closely, and pays monthly. Among the stronger implementations in its Treasury peer group.

• XTEN Rebalances monthly to a 10-year duration target rather than a maturity window, so the rate exposure you buy is the rate exposure you keep.bondbloxxetf.comsec.gov
• Charges 0.08%, gross and net, with no waiver doing the work. That sits near the middle of its 10-20 year Treasury group, below TLH at 0.15% and LLDR at 0.12%.
• Has tracked its index closely, one of the tighter implementations in its peer group, and it pays income monthly.
• Part of the first ETF family built around target durations instead of maturity ranges, trading since 2022, now a multi-billion-dollar lineup.bondbloxxetf.com

Worth knowing

• SPTL Long bonds move. State Street notes the fund may be more sensitive to interest rate swings than shorter-duration vehicles, and it sits at the volatile end of Treasury funds.ssga.com
• Government paper only. No corporate credit and no inflation adjustment, so peers like VCSH or SCHP cover different ground.

• XTEN A 10-year duration target means price moves of roughly 10% for each one-point shift in yields, in either direction.bondbloxxetf.com
• SPTL and SCHQ charge 0.03%, cheaper, but they track long maturity ranges, so their duration shifts around with the market.
• Treasuries only: no corporate credit exposure, and no spread yield pickup either. It trades less heavily than the category's largest names.

Full SPTL profile⁠

Full XTEN profile⁠