Developed by State Street Global Advisors and Nuveen Asset Management, the SPDR Nuveen S&P High Yield Municipal Bond ETF is designed to provide investors with cost effective access to high yield municipal bonds, an asset class offering attractive after tax yields. Its annual expense ratio is 0.45%.
According to the announcement, the SPDR Nuveen S&P High Yield Municipal Bond ETF seeks to track the performance of the S&P Municipal Yield Index. The Index is a market value-weighted index with 70% of its market value allocated to high yield bonds that are non-rated or rated below investment grade, 20% to Baa or BBB rated bonds, and 10% to A rated bonds. The Index, which excludes Commercial paper, Derivative securities, Notes, Taxable municipals, and Variable rate debt, is reviewed and rebalanced monthly.SSgA Introduces New Muni Bond ETF
April 14, 2011 (PLANSPONSOR.com) - State Street Global Advisors (SSgA), the asset management business of State Street Corporation, announced that the SPDR Nuveen S&P High Yield Municipal Bond Exchange Traded Fund (ETF) (Symbol: HYMB) began trading on the NYSE Arca on April 14, 2011.
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