RE: Fee Waiver and/or Expense Reimbursement Arrangement Agreements

Exhibit (d)(v)

October 25, 2019

Xx. Xxxxx Xxxxxxxxx

Treasurer

SSGA Active Trust

c/o SSGA Funds Management, Inc.

Xxx Xxxxxxx Xxxxxx

Boston, Massachusetts 02111

RE: Fee Waiver and/or Expense Reimbursement Arrangement Agreements

Dear Xx. Xxxxxxxxx:

SSGA Funds Management, Inc. (“SSGA FM”), as the investment adviser to each series (each a “Fund” and collectively, the “Funds”) of the SSGA Active Trust, (the “Trust”), agrees:

A. with respect to each Fund listed in the table below, to waive its management fee and/or reimburse certain expenses, so that each Fund’s net annual operating expenses, before application of any fees and expenses not paid by SSGA FM pursuant to the Amended and Restated Investment Advisory Agreement between the Trust and SSGA FM, dated April 25, 2012 (the “Investment Advisory Agreement”), if any, are limited to the following percentage of average daily net assets on an annual basis for the applicable duration referenced (each an “Expiration Date”):

Fund Name		Current Management Fee				Expense Limitation				Effective Date				Expiration Date
SPDR DoubleLine Emerging Markets Fixed Income ETF			0.75	%			0.65	%			10/31/2019				10/31/2020
SPDR DoubleLine Total Return Tactical ETF			0.65	%			0.55	%			10/31/2019				10/31/2020
SPDR DoubleLine Short Duration Total Return Tactical ETF			0.50	%			0.45	%			10/31/2019				10/31/2020

B. with respect to the State Street Defensive Global Equity Portfolio (the “Global Equity Portfolio”), to reduce the fee that is payable to SSGA FM under the Investment Advisory Agreement in such amount equal to total annual fund operating expenses until the later of April 30, 2021 or such time as the shares of the Global Equity Portfolio cease to be the only investment security held by the State Street Defensive Global Equity Fund, a separate series of the State Street Institutional Investment Trust.

C. with respect to each Fund, other than the SPDR DoubleLine Total Return Tactical ETF, to reduce the management fee by the acquired fund fees and expenses (“AFFEs”), excluding AFFEs derived from a Fund’s holdings in acquired funds for cash management purpose, if any, until October 31, 2020 (the “Expiration Date”).

***

Each of the above stated fee waivers and/or expense reimbursements (each a “Fee Waiver”, collectively the “Fee Waivers”) set forth in Sections (A) and (B): (i) supersedes any prior Fee Waiver for the applicable Fund, (ii) is subject to the terms and conditions of the Investment Advisory Agreement, (iii) does not provide for the recoupment by SSGA FM of any amounts waived or reimbursed, and (iv) may only be terminated during the relevant period with the approval of the Funds’ Board of Trustees.

SSGA FM and the Funds’ Officers are authorized to take such actions as they deem necessary and appropriate to continue each of the above stated Fee Waivers for additional periods, including of one or more years, after the Expiration Date of each Fee Waiver.

If these arrangements are acceptable to you, please sign below to indicate your acceptance and agreement and return a copy of this letter to me.

Sincerely,

SSGA FUNDS MANAGEMENT, INC.

/s/ Xxxxx X. Xxxxxxx

By:

Xxxxx X. Xxxxxxx

Director and President

Accepted and Agreed:

SSGA ACTIVE TRUST,

ON BEHALF OF EACH SERIES OF THE TRUST

/s/ Xxxxx Xxxxxxxxx

By:

Xxxxx Xxxxxxxxx

Treasurer