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Home   »   ETFs : SPDR® Nuveen S&P High Yield Municipal Bond ETF (HYMB)
HYMB

SPDR® Nuveen S&P High Yield Municipal Bond ETF

Fund Objective

The SPDR® Nuveen S&P® High Yield Municipal Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the S&P® Municipal Yield Index.

Ordinary brokerage commissions may apply.

Fund Information

As of 04/23/2014
Ticker SymbolHYMB
Primary BenchmarkS&P Municipal Yield Index
CUSIP78464A284
Short Selling AllowedYes
Options AvailableNo
Gross Expense Ratio
^The Adviser has contractually agreed to waive its advisory fee and reimburse certain expenses, until October 31, 2014, so that the Net Annual Fund Operating Expenses are limited to 0.45% of the Fund’s average daily net assets before application of any extraordinary expenses or acquired fund fees and expenses.
0.50%
Net Expense Ratio
^The Adviser has contractually agreed to waive its advisory fee and reimburse certain expenses, until October 31, 2014, so that the Net Annual Fund Operating Expenses are limited to 0.45% of the Fund’s average daily net assets before application of any extraordinary expenses or acquired fund fees and expenses.
0.45%
Inception Date04/13/2011
Investment ManagerSSgA Funds Management, Inc.
DistributorState Street Global Markets, LLC
Distribution FrequencyMonthly
ExchangeNYSE ARCA EXCHANGE

Fund Characteristics

As of 04/21/2014
Average Maturity in Years
Average Maturity

The market value-weighted average maturity of the bonds in a portfolio, where maturity is defined as Stated Final for bullet maturity bonds and the average time to receipt of all principal payments for amortizing instruments, including mortgage pass-throughs, CMOs, amortizing asset-backed securities and ARMs.

19.79
Average Price$98.15
Average Yield To Worst
For callable and/or puttable securities, the minimum value of the yield to maturity, yield to put, and yield to call. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.
5.44%
Current Yield

 Average Current Yield

The market value weighted average current coupon of the bonds in the portfolio divided by current market price of the bonds in the portfolio.

5.50%
Dividend Yield

Fund Dividend Yield is the sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

Index Dividend Yield is the weighted average of the underlyings’ indicated annual dividend divided by price, expressed as a percentage.

4.79%
Modified Adjusted Duration

Modified Adjusted Duration

An option-adjusted measure of a portfolio's sensitivity to changes in interest rates.  Calculated as the percentage change of a portfolio’s value for a 100 basis point change in yield.

9.78 years
Number of Holdings278
Subject to AMT10.09%
Yield To Maturity

Average Yield to Maturity

The market weighted average rate of return anticipated on the bonds held in a portfolio if they were to be held to their maturity date.

5.67%

SEC Yields

As of 04/21/2014
30 Day SEC Yield

30 Day SEC Yield (Standardized Yield) 

An annualized yield that is calculated by dividing the investment income earned by the fund less expenses over the most recent 30-day period by the current maximum offering price.

4.86%
Taxable Equivalent Yield

Taxable Equivalent Yield

Taxable equivalent yield shows what you would have to earn on an investment taxed at the highest Federal income tax rate of 43.4% to equal the fund’s tax-free yield.  The formula for taxable equivalent yield is: tax exempt yield / (1 – tax rate), plus the taxable portion of the yield, if any.  For example, you would have to earn 3.53% on a taxable security to match a 2.00% yield on a tax exempt security.

8.58%

Index Characteristics

As of 04/21/2014
Average Maturity in Years
Average Maturity

The market value-weighted average maturity of the bonds in a portfolio, where maturity is defined as Stated Final for bullet maturity bonds and the average time to receipt of all principal payments for amortizing instruments, including mortgage pass-throughs, CMOs, amortizing asset-backed securities and ARMs.

18.73
Average Price$93.62
Average Yield To Worst
For callable and/or puttable securities, the minimum value of the yield to maturity, yield to put, and yield to call. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.
5.84%
Current Yield

 Average Current Yield

The market value weighted average current coupon of the bonds in the portfolio divided by current market price of the bonds in the portfolio.

N/A
Number of Holdings29,758
Yield To Maturity

Average Yield to Maturity

The market weighted average rate of return anticipated on the bonds held in a portfolio if they were to be held to their maturity date.

6.03%

Fund Documents

Fund Market Price

As of 04/21/2014
Bid/Ask$54.94
Closing Price$54.94
Day High$54.96
Day Low$54.80
Exchange Volume (shares)13,843
Premium/Discount-0.18%
Premium Discount to Nav Chart

Fund Net Asset Value

NAV

Market value of a mutual fund’s and ETF’s total assets, minus liabilities, divided by the number of shares outstanding

As of 04/21/2014
Price$55.04
Shares Outstanding4.30 M
Total Net Assets$236.66 M
Most Recent NAV / NAV History XLS

Fund Net Cash Amount

As of 04/21/2014
Net Cash Amount$2,750,031.19

Purchase Information

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions apply.

Performance Graphs

Month End as of 03/31/2014

Fund Inception Date: 04/13/2011

Index Inception Date: 09/07/2010

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Nuveen S&amp;P High Yield Municipal Bond ETF" bmarkName="S&amp;P Municipal Yield Index"><funds><field>1 Month</field><fund>0.85</fund><index>0.60</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>6.51</fund><index>5.59</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>6.51</fund><index>5.59</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>-2.29</fund><index>-0.82</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund></fund><index>9.17</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>8.38</fund><index>9.18</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 03/31/2014

Fund Inception Date: 04/13/2011

Index Inception Date: 09/07/2010

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Nuveen S&amp;P High Yield Municipal Bond ETF" bmarkName="S&amp;P Municipal Yield Index"><funds><field>1 Month</field><fund>0.85</fund><index>0.60</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>6.51</fund><index>5.59</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>6.51</fund><index>5.59</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>-2.29</fund><index>-0.82</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund></fund><index>9.17</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>8.38</fund><index>9.18</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings
Subject to change.

As of 04/21/2014
NameWeightMarket ValueIsin
PUERTO RICO PUBLIC BLDGS AUTH 6 07/01/20271.30%3,075,640.00US745235K594
PUERTO RICO INFRASTRUCTURE FIN 5.5 07/01/20271.17%2,787,016.67US745220FS72
CHICAGO IL 4.75 01/01/20321.14%2,702,091.54US167485HY04
DELAWARE VLY PA REGL FINANCIAL 5.5 08/01/20280.99%2,343,504.44US246579ER39
JEFFERSON CNTY AL SWR REVENUE 6 10/01/20420.89%2,115,586.67US472682RL93
PALOMAR POMERADO CA HLTH CARE 6 11/01/20410.86%2,038,006.67US69753LAM90
ONONDAGA NY CIVIC DEV CORP 5.125 07/01/20310.84%1,987,420.00US682832BY57
SCRANTON-LACKAWANNA PA HLTH & 5 11/01/20370.81%1,918,537.83US810694H937
OVERLAND PARK KS DEV CORP REVE 5.125 01/01/20320.80%1,902,959.44US690278BG04
PUERTO RICO SALES TAX FING COR 5.5 08/01/20220.79%1,867,644.44US74529JHE82
Download All Holdings XLS

Fund Sector Allocation

As of 04/21/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/21/2014</asOfDate><attributes><attribute><rawValue>97.361309</rawValue><value>97.36%</value><label>MUNICIPALS</label><order>1</order></attribute><attribute><rawValue>3.080039</rawValue><value>3.08%</value><label>OTHER</label><order>2</order></attribute><attribute><rawValue>-0.441352</rawValue><value>-0.44%</value><label>CASH</label><order>3</order></attribute></attributes><code>FUND_SECTOR_ALLOCATION</code></component>

Index Sector Allocation

As of 04/21/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/21/2014</asOfDate><attributes><attribute><rawValue>100.0</rawValue><value>100.00%</value><label>MUNICIPALS</label><order>1</order></attribute></attributes><code>BMARK_SECTOR_ALLOCTAION</code></component>

Fund Quality Breakdown

Quality Breakdown

Barclays uses the “middle rating” of Moody’s, S&P, and Fitch to determine a security’s index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 04/21/2014
Aa0.43%
A16.35%
Baa24.34%
Below Baa38.18%
Not Rated20.70%

Index Quality Breakdown

Quality Breakdown

Barclays uses the “middle rating” of Moody’s, S&P, and Fitch to determine a security’s index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 04/21/2014
Aa0.24%
A11.04%
Baa19.85%
Below Baa42.14%
Not Rated26.73%

Fund Maturity Ladder

As of 04/21/2014
0.00-1.00 Years-0.40%
1.01-2.00 Years0.11%
2.01-3.00 Years0.31%
3.01-5.00 Years0.18%
5.01-7.00 Years4.30%
7.01-10.00 Years7.68%
10.01-15.00 Years18.68%
15.01-20.00 Years23.24%
20.01-30.00 Years36.54%
30.01+ Years9.36%

Index Maturity Ladder

As of 04/21/2014
0.00-1.00 Years1.76%
1.01-2.00 Years1.47%
2.01-3.00 Years1.53%
3.01-5.00 Years3.69%
5.01-7.00 Years3.99%
7.01-10.00 Years6.77%
10.01-15.00 Years14.95%
15.01-20.00 Years16.54%
20.01-30.00 Years39.38%
30.01+ Years9.90%

Fund Top Ten States

As of 04/21/2014
NameWeight
CALIFORNIA-CA17.60%
PUERTO RICO-PR7.11%
NEW JERSEY-NJ6.01%
FLORIDA-FL5.77%
ILLINOIS-IL5.71%
PENNSYLVANIA-PA5.42%
COLORADO-CO5.23%
NEW YORK-NY5.07%
TEXAS-TX4.53%
OHIO-OH4.52%

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.

Unless otherwise noted all information contained herein is that of the SPDR Nuveen S&P High Yield Municipal Bond ETF.

State Street Global Markets, LLC is the distributor for all registered products on behalf of the advisor.  SSgA Funds Management has retained Nuveen Asset Management as the sub-advisor.

Municipal Bond ETF Management Team

Portfolio Manager Matt Pappas Vice President Show Bio

Matthew is a Vice President of State Street Global Advisors where he is a Senior Portfolio Manager in the Alpha Strategies, North America Fixed Income Group. Matt manages various investment grade multi sector strategies, many designed to meet client specific objectives.
Prior to his current role, Matt was a research analyst in the Credit Research group supporting the Securities Lending and Cash desk. This role included both quantitative and qualitative credit analysis on corporate and short-term structured products. Matt originally joined SSgA as an Investment Operations associate before transitioning to the Research group in 2002. Matt has been a member of the Fixed Income area since joining SSgA in 1999.
Matt earned his MBA with a concentration in Finance from Bryant University. He obtained his Bachelor degree in Accounting from the University of Massachusetts, Dartmouth.

After Tax Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

S&P Municipal Yield Index

The S&P Municipal Yield Index is designed to measure the performance of high yield municipal bonds issued by U.S. states and territories or local governments or agencies, such that interest on the securities is exempt from regular federal income tax, but may be subject to the alternative minimum tax and to state and local income taxes. High yield securities are generally rated below investment grade and are commonly referred to as “junk bonds.” The Index is a sub-set of the Standard & Poor’s/Investortools Municipal Bond Index and includes publicly issued U.S. dollar denominated, fixed rate, municipal bonds (including private activity bonds) that have a remaining maturity of at least one year.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

Important Risk Information

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; issuer credit risk; liquidity risk; and inflation risk.

The municipal market is volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Interest rate increases can cause the price of a debt security to decrease.  A portion of the dividends you receive may be subject to federal, state, or local income tax or may be subject to the federal alternative minimum tax.

High-yield municipal bonds are subject to greater credit risk and are likely to be more sensitive to adverse economic changes or subject to greater risk of loss of income and principal than higher-rated securities.

These investments may have difficulty in liquidating an investment position without taking a significant discount from current market value, which can be a significant problem with certain lightly traded securities.

The Fund invests by sampling the Index, holding a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics which may cause the fund to experience tracking errors relative to performance of the Index.

Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Premium Discount to NAV

As of 04/21/2014
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Nuveen S&P High Yield Municipal Bond ETF HYMB $55.04 $54.94 $54.94 -0.18%
Download Fund Data

x axis: # of days y axis: # Premium/Discount percentage

The above information is provided to show the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.