SPDR® Nuveen Bloomberg Barclays High Yield Municipal Bond ETF

HYMB

Key Features

  • The SPDR® Nuveen Bloomberg Barclays 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 Bloomberg Barclays Municipal Yield Index (the "Index")
  • Seeks to provide an exposure to high yield municipal bonds issued by U.S. states, the District of Columbia, U.S. territories and local governments or agencies
  • Only bonds with total outstanding amounts of $3,000,000 or more qualify for inclusion in the Index
  • Rebalanced on the last business day of the month

Fund Information

As of 12/09/2019
Ticker Symbol HYMB
Primary Benchmark Bloomberg Barclays Municipal Yield Index
CUSIP 78464A284
Options Available No
Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

0.35%
Inception Date 04/13/2011
Investment Manager SSGA Funds Management, Inc.
Sub-advisor Nuveen Asset Management, LLC
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Monthly
Exchange NYSE ARCA EXCHANGE

Fund Documents

Fund Performance

MONTH END As of 11/30/2019 QUARTER END As of 09/30/2019
1 Month0.31%-0.21%
QTD0.37%2.49%
YTD9.58%9.18%
1 Year10.71%9.48%
3 Year5.89%3.82%
5 Year4.81%5.04%
10 YearN/AN/A
Inception
6.61%6.69%
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Prior to 10/01/2019, the Fund sought to track the S&P Municipal Yield Index. Effective 10/01/2019, the Fund seeks to track the Bloomberg Barclays Municipal Yield Index. The inception of the Bloomberg Barclays Municipal Yield Index was 8/7/2019. Performance of the Fund shown in the table prior to 10/01/2019 is therefore based on the Fund's investment strategy to track an index different from the Bloomberg Barclays Municipal Yield Index.

Fund Characteristics

As of 12/06/2019
Average Coupon

Average Coupon

The [market value] weighted average coupon of the bonds in a portfolio.

4.75%
Average Maturity in Years

Average Maturity

The market value-weighted average maturity of the bonds and loans in a portfolio, where maturity is defined as the stated final for bullet maturity bonds and loans.

16.19
Average Price $104.80
Average Yield To Worst

The lowest potential yield that can be received on a bond without the issuer actually defaulting. The YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.

2.75%
Current Yield

Current Yield

A bond's annual return based on its annual coupon payments and current price (as opposed to its original price or face). The formula for current yield is a bond's annual coupons divided by its current price. When aggregating Current Yield for a portfolio level statistic, the weighted average of the Current Yield and market value for each security is used.

4.59%
Number of Holdings 1,409
Option Adjusted Duration

Option Adjusted Duration

An option-adjusted measure of a bond's (or portfolio's) sensitivity to changes in interest rates calculated as the average percentage change in a bond's value (price plus accrued interest) under shifts of the Treasury curve +/- 100 bps. Incorporates the effect of embedded options for corporate bonds and changes in prepayments for mortgage-backed securities.

6.58 years
Subject to AMT N/A
Yield To Maturity

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.

4.39%

Fund Market Price

As of 12/05/2019
Bid/Ask $58.94
Closing Price $58.92
Day High $58.98
Day Low $58.88
Exchange Volume (shares) 3,787
Premium/Discount

Premium/Discount to NAV

Shows the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds calculated as ((4PM Bid/Ask – Closing NAV)  /  Closing NAV * 100)

-0.17%

Yields

As of 12/05/2019
30 Day SEC Yield

30 Day SEC Yield

(Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price.

3.22%
30 Day SEC Yield (Unsubsidized)

30 Day SEC Yield (Unsubsidized)

An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price that does not account for expense ratio waivers.

3.22%
Fund Dividend Yield

Fund Dividend Yield

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

3.96%
Taxable Equivalent Yield

Taxable Equivalent Yield

Return that is required on a taxable investment to make it equal to the return on a tax-exempt investment. Tax equivalent yield is based on the Fund's 30 Day SEC Yield and the highest marginal federal income tax rate.

5.44%

Fund Net Asset Value

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

As of 12/05/2019
NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$59.04
Shares Outstanding 17.10 M
Total Net Assets $1,009.50 M

Index Characteristics

As of 12/06/2019
Average Maturity in Years 15.44
Average Price $109.47
Average Yield To Worst 3.54%
Current Yield 4.49%
Number of Holdings 19,829
Option Adjusted Duration 6.62 years
Yield To Maturity 4.39%

Fund Net Cash Amount

As of 12/05/2019
Net Cash Amount $6,469,833.34

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 Chart

Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
04/13/2011
Month End
NAV 11/30/2019 0.31% 0.37% 9.58% 10.71% 5.89% 4.81% N/A 6.61%
Market Value 11/30/2019 0.43% 0.37% 9.08% 10.90% 6.94% 4.85% N/A 6.62%
Return after Taxes on Distributions 11/30/2019 0.18% 0.11% 8.08% 9.19% 5.38% 4.50% N/A 6.40%
Return after Taxes on Distributions and Sale of Fund Shares 11/30/2019 0.18% 0.22% 5.64% 6.59% 4.94% 4.34% N/A 6.04%
Bloomberg Barclays Municipal Yield Index 11/30/2019 0.38% 0.57% 10.40% 11.40% 7.31% 5.83% N/A 7.35%
Quarter End
NAV 09/30/2019 -0.21% 2.49% 9.18% 9.48% 3.82% 5.04% N/A 6.69%
Market Value 09/30/2019 -0.07% 2.60% 8.68% 9.85% 3.99% 5.08% N/A 6.71%
Return after Taxes on Distributions 09/30/2019 -0.34% 2.08% 7.96% 8.26% 3.41% 4.79% N/A 6.52%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 -0.13% 1.47% 5.41% 6.13% 3.41% 4.58% N/A 6.13%
Bloomberg Barclays Municipal Yield Index 09/30/2019 -0.23% 2.71% 9.78% 9.92% 5.33% 5.89% N/A 7.43%
Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
04/13/2011
Month End
NAV 11/30/2019 0.31% 0.37% 9.58% 10.71% 5.89% 4.81% N/A 6.61%
Market Value 11/30/2019 0.43% 0.37% 9.08% 10.90% 6.94% 4.85% N/A 6.62%
Return after Taxes on Distributions 11/30/2019 0.18% 0.11% 8.08% 9.19% 5.38% 4.50% N/A 6.40%
Return after Taxes on Distributions and Sale of Fund Shares 11/30/2019 0.18% 0.22% 5.64% 6.59% 4.94% 4.34% N/A 6.04%
Bloomberg Barclays Municipal Yield Index 11/30/2019 0.38% 0.57% 10.40% 11.40% 7.31% 5.83% N/A 7.35%
Quarter End
NAV 09/30/2019 -0.21% 2.49% 9.18% 9.48% 3.82% 5.04% N/A 6.69%
Market Value 09/30/2019 -0.07% 2.60% 8.68% 9.85% 3.99% 5.08% N/A 6.71%
Return after Taxes on Distributions 09/30/2019 -0.34% 2.08% 7.96% 8.26% 3.41% 4.79% N/A 6.52%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 -0.13% 1.47% 5.41% 6.13% 3.41% 4.58% N/A 6.13%
Bloomberg Barclays Municipal Yield Index 09/30/2019 -0.23% 2.71% 9.78% 9.92% 5.33% 5.89% N/A 7.43%
Swipe to view all columns
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Prior to 10/01/2019, the Fund sought to track the S&P Municipal Yield Index. Effective 10/01/2019, the Fund seeks to track the Bloomberg Barclays Municipal Yield Index. The inception of the Bloomberg Barclays Municipal Yield Index was 8/7/2019. Performance of the Fund shown in the table prior to 10/01/2019 is therefore based on the Fund's investment strategy to track an index different from the Bloomberg Barclays Municipal Yield Index.

Gross Expense Ratio: 0.35%

Performance Graphs

Month End as of 11/30/2019

Fund Inception Date: 04/13/2011

Index Inception Date: 09/07/2010

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Quarter End as of 09/30/2019

Fund Inception Date: 04/13/2011

Index Inception Date: 09/07/2010

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Nuveen Bloomberg Barclays High Yield Municipal Bond ETF" bmarkName="Bloomberg Barclays Municipal Yield Index"><funds><field>1 Month</field><fund>-0.21</fund><index>-0.23</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>2.49</fund><index>2.71</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>9.18</fund><index>9.78</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>9.48</fund><index>9.92</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>3.82</fund><index>5.33</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund>5.04</fund><index>5.89</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index></index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>6.69</fund><index>7.43</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings

Subject to change.

Subject to change.

As of 12/06/2019
Name Weight Market Value ISIN
PUERTO RICO SALES TAX FING COR 2.40 % 24,189,454.00 US74529JPX71
PUERTO RICO SALES TAX FING COR 1.57 % 15,818,163.00 US74529JRH04
OHIO ST AIR QUALITY DEV AUTH 1.12 % 11,302,480.00 US677525WG80
PUERTO RICO SALES TAX FING COR 0.89 % 9,005,775.00 US74529JPW98
GOLDEN ST TOBACCO SECURITIZATI 0.87 % 8,788,050.00 US38122NZW54
TOBACCO SETTLEMENT FING CORP N 0.83 % 8,357,692.00 US888808HR61
BUCKEYE OH TOBACCO SETTLEMENT 0.82 % 8,268,174.00 US118217AU29
BUCKEYE OH TOBACCO SETTLEMENT 0.82 % 8,287,319.00 US118217AP34
BUCKEYE OH TOBACCO SETTLEMENT 0.73 % 7,334,665.00 US118217AR99
CALIFORNIA ST MUNI FIN AUTH SP 0.73 % 7,350,726.00 US13050RAA05

Fund Sector Allocation

As of 12/06/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/06/2019</asOfDate><code>FUND_SECTOR_ALLOCATION</code><attributes><attribute><rawValue>27.44</rawValue><value>27.44%</value><label>Muni Industrial Revenue</label><order>1</order></attribute><attribute><rawValue>19.62</rawValue><value>19.62%</value><label>Muni Health Care</label><order>2</order></attribute><attribute><rawValue>13.93</rawValue><value>13.93%</value><label>Muni Special Tax</label><order>3</order></attribute><attribute><rawValue>8.12</rawValue><value>8.12%</value><label>Muni Education</label><order>4</order></attribute><attribute><rawValue>6.99</rawValue><value>6.99%</value><label>Muni Transportation</label><order>5</order></attribute><attribute><rawValue>6.08</rawValue><value>6.08%</value><label>Muni Leasing</label><order>6</order></attribute><attribute><rawValue>5.95</rawValue><value>5.95%</value><label>Muni Local</label><order>7</order></attribute><attribute><rawValue>4.02</rawValue><value>4.02%</value><label>Muni State</label><order>8</order></attribute><attribute><rawValue>2.97</rawValue><value>2.97%</value><label>Muni Water &amp; Sewer</label><order>9</order></attribute><attribute><rawValue>2.52</rawValue><value>2.52%</value><label>Muni Power</label><order>10</order></attribute><attribute><rawValue>1.09</rawValue><value>1.09%</value><label>Muni Housing</label><order>11</order></attribute><attribute><rawValue>0.98</rawValue><value>0.98%</value><label>Not Classified</label><order>12</order></attribute><attribute><rawValue>0.16</rawValue><value>0.16%</value><label>Muni Other</label><order>13</order></attribute><attribute><rawValue>0.11</rawValue><value>0.11%</value><label>Muni Solid Waste/Res Recovery</label><order>14</order></attribute></attributes></component>

Index Sector Allocation

As of 12/06/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/06/2019</asOfDate><code>BMARK_SECTOR_ALLOCTAION</code><attributes><attribute><rawValue>24.75</rawValue><value>24.75%</value><label>Muni Industrial Revenue</label><order>1</order></attribute><attribute><rawValue>19.44</rawValue><value>19.44%</value><label>Muni Health Care</label><order>2</order></attribute><attribute><rawValue>15.77</rawValue><value>15.77%</value><label>Muni Special Tax</label><order>3</order></attribute><attribute><rawValue>9.6</rawValue><value>9.60%</value><label>Muni Transportation</label><order>4</order></attribute><attribute><rawValue>7.38</rawValue><value>7.38%</value><label>Muni Education</label><order>5</order></attribute><attribute><rawValue>7.12</rawValue><value>7.12%</value><label>Muni Local</label><order>6</order></attribute><attribute><rawValue>5.79</rawValue><value>5.79%</value><label>Muni Leasing</label><order>7</order></attribute><attribute><rawValue>3.22</rawValue><value>3.22%</value><label>Muni Water &amp; Sewer</label><order>8</order></attribute><attribute><rawValue>2.91</rawValue><value>2.91%</value><label>Muni Housing</label><order>9</order></attribute><attribute><rawValue>2.57</rawValue><value>2.57%</value><label>Muni State</label><order>10</order></attribute><attribute><rawValue>1.37</rawValue><value>1.37%</value><label>Muni Power</label><order>11</order></attribute><attribute><rawValue>0.08</rawValue><value>0.08%</value><label>Muni Solid Waste/Res Recovery</label><order>12</order></attribute></attributes></component>

Fund Quality Breakdown

Quality Breakdown

Bloomberg Barclay's uses an evenly weighted blend of a security's Moody's, S&P, and Fitch rating rounded down to the lower rating in the case of the composite being between two ratings. In the case where a security has no rating, an issuer rating may be used to determine index classification. Bloomberg 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 12/06/2019
Aaa 0.34%
Aa 0.25%
A 9.66%
Baa 19.48%
Ba 5.81%
B 5.52%
Caa 1.11%
Ca 4.48%
Not Rated 50.46%
Not Classified 2.89%

Index Quality Breakdown

Quality Breakdown

Bloomberg Barclay's uses an evenly weighted blend of a security's Moody's, S&P, and Fitch rating rounded down to the lower rating in the case of the composite being between two ratings. In the case where a security has no rating, an issuer rating may be used to determine index classification. Bloomberg 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 12/06/2019
Aaa 0.00%
Aa 0.58%
A 8.60%
Baa 16.45%
Ba 6.33%
B 4.95%
Caa 0.92%
Ca 2.71%
Not Rated 59.47%

Fund Maturity Ladder

As of 12/06/2019
0- 1 Year 0.34%
1- 3 Year 0.58%
3- 5 Year 3.03%
5- 7 Year 4.17%
7- 10 Year 7.87%
10- 15 Year 14.29%
15- 20 Year 19.47%
20- 25 Year 17.14%
25- 30 Year 21.89%
30+ Year 11.24%
Not Classified 0.00%

Index Maturity Ladder

As of 12/06/2019
0- 1 Year 0.19%
1-2 Year 1.44%
2- 3 Year 2.20%
3- 5 Year 5.47%
5- 7 Year 5.94%
7- 10 Year 8.43%
Not Classified 76.33%

Fund Top Ten States

As of 12/06/2019
Name Weight
CALIFORNIA-CA 11.62 %
ILLINOIS-IL 11.37 %
PUERTO RICO-PR 10.64 %
OHIO-OH 7.61 %
NEW JERSEY-NJ 6.74 %
NEW YORK-NY 6.08 %
FLORIDA-FL 5.79 %
TEXAS-TX 4.51 %
PENNSYLVANIA-PA 3.15 %
WISCONSIN-WI 2.82 %

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.

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 Bloomberg Barclays High Yield Municipal Bond ETF.

State Street Global Advisors Funds Distributors, LLC is the distributor for some registered products on behalf of the advisor. SSGA Funds Management, Inc. has retained Nuveen Asset Management as the sub-advisor. State Street Global Advisors Funds Distributors, LLC is not affiliated with Nuveen Asset Management.

*The Bloomberg Barclays Municipal Yield Index reflects linked performance returns of both the Bloomberg Barclays Municipal Yield Index and S&P Municipal Yield Index. The index returns are reflective of the S&P Municipal Yield Index from fund inception until 10/1/2019 and of the Bloomberg Barclays Municipal Yield Index effective 10/1/2019.

Prior to 10/01/2019, the Bloomberg Barclays Municipal Yield Index was known as the S&P Municipal Yield Index.

Prior to 10/01/2019, the SPDR® Nuveen Bloomberg Barclays High Yield Municipal Bond ETF was known as the SPDR® Nuveen S&P High Yield Municipal Bond ETF.

No Team Members exists.

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.

Bloomberg Barclays Municipal Yield Index

The Bloomberg Barclays Municipal Yield Index (the 'Index') is market value-weighted and designed to measure the performance of U.S. dollar-denominated high-yield municipal bonds issued by U.S. states, the District of Columbia, U.S. territories and local governments or agencies. The Index includes fully tax-exempt investment grade, non-investment grade ('junk') and non-rated bonds, but does not include defaulted securities. The Index consists of bonds that are constituents of the Bloomberg Barclays Municipal High Yield Bond Index and Bloomberg Barclays U.S. Municipal Bond Index as follows: (i) 70% of the Index is represented by the constituents of the Bloomberg Barclays Municipal High Yield Bond Index, the constituents of which are non-rated or rated no higher than Ba1 by Moody's Investors Service, Inc. ('Moody's) or BB+ by Standard & Poor's ('S&P') or Fitch Inc. ('Fitch'); (ii) 20% of the Index is represented by the constituents of the Bloomberg Barclays U.S. Municipal Bond Index that are rated Baa3, Baa2, or Baa1 by Moody's or BBB-, BBB, or BBB+ by S&P or Fitch; and (iii) 10% of the Index is represented by the constituents of the Bloomberg Barclays U.S. Municipal Bond Index that are rated A3, A2, or A1 by Moody's or A-, A, or A+ by S&P or Fitch. Constituents of the Bloomberg Barclays Municipal High Yield Bond Index must have a total amount outstanding of $3 million or more and be issued as part of a transaction of at least $20 million. Constituents of the Bloomberg Barclays U.S. Municipal Bond Index must have a total amount outstanding of $7 million or more and be issued as part of a transaction of at least $75 million. Only fixed-rate coupon bonds (including zero coupon bonds) with a remaining maturity of at least one year and a dated date of January 1, 1991 or later are eligible for inclusion in the Index.

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.

Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.

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.

Non-diversified funds that focus on a relatively small number of securities tend to be more volatile than diversified funds and the market as a whole.

Passively managed funds hold a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

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.

Glossary

Premium Discount to NAV

As of 12/05/2019
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Nuveen Bloomberg Barclays High Yield Municipal Bond ETF HYMB $59.04 $58.92 $58.94 -0.17%
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.

Centralized Systematic Valuation Aggregated Cash Flow (ACF) File

This information provided is calculated by Bloomberg Finance L.P., a third party not affiliated with SSGA. Neither SSGA nor its affiliates assume any liability for or guarantee the timeliness, accuracy and completeness of the information provided. The information provided is as of the date indicated and is subject to change.

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