ETF Education Report: STATE STREET(R) MULTI-ASSET REAL RETURN ETF (RLY)

What this ETF is trying to do

The STATE STREET(R) MULTI-ASSET REAL RETURN ETF (ticker: RLY) is an exchange-traded fund designed to manage various assets. Based on its top holdings, the fund includes exposure to global infrastructure, natural resources, energy, and inflation-protected bonds.

What the numbers show

When looking at an ETF, it is important to understand the difference between "price return" and "total return." Price return only tracks how much the share price changes. Total return includes both the price change and any cash distributions paid out to investors.

For RLY, the numbers show:

• Year-to-Date (YTD): The price return is approximately 17.23%, while the total return is approximately 18.60%.

• One-Year: The price return is approximately 18.82%, while the total return is approximately 22.75%.

• Three-Year: The price return is approximately 39.08%, while the total return is approximately 53.19%.

To visualize this, an estimated price from roughly one year ago was $31.03. The current price is $36.87.

Income and distribution explanation

Some investors look for ETFs that pay out cash, known as distributions. RLY has a distribution yield of approximately 2.92%. This means the cash distributed is about 2.92% of the ETF's price. The fund usually pays these out quarterly, with 4 payouts recorded over the last 12 months. It is important to remember that a distribution yield is not the same as total return.

Top Holdings

The following are the top holdings in this fund (as of October 11, 2026):

• SPDR® S&P® Global Infrastructure ETF (24.20%)

• SPDR® S&P Global Natural Resources ETF (22.47%)

• SPDR Bloomberg Enhanced Roll Commodity Strategy NOK-1 ETF (22.12%)

• SPDR® Bloomberg 1-10 Year TIPS ETF (9.97%)

• The Energy Select Sector SPDR® ETF (6.46%)

• SPDR® FTSE Intl Govt Infl-Protd Bd ETF (4.85%)

• SPDR® Bloomberg 1-3 Mth T-Bill ETF (4.55%)

• SPDR® S&P Metals and Mining ETF (4.29%)

• SPDR® Dow Jones® REIT ETF (0.51%)

• SPDR® Dow Jones® International Real Estate ETF (0.27%)

NAV erosion explanation

"NAV erosion" refers to a situation where the value of the underlying assets in the fund decreases significantly. StockValueFinder uses an "erosion-risk score" to measure this risk. For RLY, the erosion score is 100, and the label indicates "No price erosion detected." There is no severe erosion-risk flag for this ETF.

Pros

• The fund has shown positive price returns and total returns over the one-year and three-year periods.

• It provides a regular distribution yield.

Cons

• Investors should note that the total return is higher than the price return, meaning much of the performance comes from a combination of price changes and distributions.

Beginner takeaway

When studying RLY, remember that price returns and total returns tell different stories. While the share price has grown, the total return is even higher because it includes the cash distributions paid to shareholders. Always look at both numbers to see the full picture of how an ETF has performed.