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Name

As of 12/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

SPDR® Nuveen Municipal Bond ESG ETF

MBNE | Active ETF

$29.34

$40.6 M

3.54%

$1.04

0.43%

Vitals

YTD Return

1.1%

1 yr return

1.1%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$40.6 M

Holdings in Top 10

22.4%

52 WEEK LOW AND HIGH

$29.3
$29.30
$30.22

Expenses

OPERATING FEES

Expense Ratio 0.43%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 12/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

SPDR® Nuveen Municipal Bond ESG ETF

MBNE | Active ETF

$29.34

$40.6 M

3.54%

$1.04

0.43%

MBNE - Profile

Distributions

  • YTD Total Return 1.1%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 3.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    SPDR® Nuveen Municipal Bond ESG ETF
  • Fund Family Name
    State Street Global Advisors - advised funds
  • Inception Date
    Apr 05, 2022
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    David Blair

Fund Description

In pursuing its investment objective, under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in municipal bonds that pay income that is exempt from regular federal income tax.The municipal bonds selected by Nuveen Asset Management, LLC (“Nuveen Asset Management” or the “Sub-Adviser”), the investment sub-adviser to the Fund, may include tax-exempt municipal securities issued by states, cities, counties, districts, territories or possessions of the United States and the District of Columbia and their respective subdivisions, agencies, authorities and instrumentalities. Municipal bonds may include state and local general obligation bonds, revenue bonds, pre-refunded bonds, insured bonds and municipal lease obligations. Securities selected by the Sub-Adviser may include when-issued securities. Under normal market conditions, the Fund's investment portfolio will consist primarily of municipal bonds rated Baa3/BBB-/BBB- - or higher by Moody's Investors Service, Inc. (“Moody's”), S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”), respectively; however, the Fund may invest in municipal bonds of any credit quality, including up to 20% of its net assets in bonds rated Ba1/BB+/BB+ or lower (bonds considered below investment grade and commonly referred to as “high yield” or “junk” bonds) by Moody's, S&P or Fitch, respectively (or unrated bonds judged by the Sub-Adviser to be of comparable quality). Under normal circumstances, the Sub-Adviser will target a weighted average duration for the Fund's portfolio between 4.5 – 7 years and a weighted average maturity for the Fund's portfolio between 5 – 15 years.In selecting municipal bonds for the Fund, the Sub-Adviser utilizes a value-oriented strategy which is designed to identify higher-yielding and undervalued municipal bonds that offer above-average total return potential. Once a potential municipal bond investment is identified, and prior to inclusion in the Fund's portfolio, the Sub-Adviser determines if either (i) the municipal bond's issuer is a leader relative to peers in its sector with respect to environmental, social and governance (“ESG”) outcomes or (ii) the municipal bond's proceeds are used towards positive environmental or social projects (“thematic bonds”).The Fund utilizes a scoring system developed by the Sub-Adviser, the ESG Municipal Bond Scoring Tool, that scores municipal bond issuers on a 1 to 5 scale, with 5 being the highest score. Under normal circumstances, the Fund invests at least 80% of its net assets in municipal bonds issued by issuers with a score of 3 or higher at the time of purchase (“ESG Leaders”). An issuer's score is determined based on sector-specific models designed to evaluate an issuer's performance on delivering ESG outcomes aligned with UN Sustainable Development Goals relevant to the issuer's sector. Such models incorporate data, sourced primarily from government agencies, non-profit organizations and universities, that the Sub-Adviser determines are relevant to assessing such performance. In selecting such data, the Sub-Adviser also considers, among other things, the breadth of municipal bond issuer coverage, timeliness of the data and reliability of the data. The Fund may also allocate up to 20% of its net assets to thematic bonds of issuers that are not identified as ESG Leaders (i.e., municipal bond issuers that receive a score of lower than 3 or are not scored by the ESG Municipal Bond Scoring Tool). Thematic bonds are municipal bonds whose proceeds the Sub-Adviser has determined are used towards positive environmental or social projects aligned with UN Sustainable Development Goals. The Sub-Adviser's determination is based on disclosure in offering documentation and/or information provided directly by the bond's issuer or underwriter regarding the use of proceeds. In making its determination, the Sub-Adviser may also consider whether the municipal bond has received a green or social (or equivalent) certification from a private third-party.The UN Sustainable Development Goals are a collection of goals established by the UN as a plan to achieve a better and more sustainable future for all. They address global challenges including poverty, inequality, climate change, environmental degradation, peace and justice.In identifying potential municipal bond investments to purchase or sell, the Sub-Adviser's investment process may incorporate, among other things, credit analysis and surveillance, sector analysis, industry concentration analysis, trading strategies, and yield curve and structural analysis. The Sub-Adviser may choose to sell municipal bonds with deteriorating credit and/or limited upside potential compared to other available bonds. In the event an ESG Leader's score falls below 3, the Sub-Adviser intends to divest the Fund's investments in a bond of such issuer in a prudent manner, unless the bond is determined to be a thematic bond and would not result in the Fund exceeding its aggregate investment limit in thematic bonds described above.The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund) for cash management purposes.
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MBNE - Performance

Return Ranking - Trailing

Period MBNE Return Category Return Low Category Return High Rank in Category (%)
YTD 1.1% -86.8% 7.5% N/A
1 Yr 1.1% -48.9% 15.3% N/A
3 Yr N/A* -21.5% 51.9% N/A
5 Yr N/A* -5.9% 29.0% N/A
10 Yr N/A* -3.6% 13.2% N/A

* Annualized

Return Ranking - Calendar

Period MBNE Return Category Return Low Category Return High Rank in Category (%)
2023 2.6% -91.1% 101.7% N/A
2022 N/A -79.2% 102.5% N/A
2021 N/A -66.1% 60.0% N/A
2020 N/A -57.4% 7.6% N/A
2019 N/A -35.9% 3.2% N/A

Total Return Ranking - Trailing

Period MBNE Return Category Return Low Category Return High Rank in Category (%)
YTD 1.1% -86.8% 7.5% N/A
1 Yr 1.1% -48.9% 15.4% N/A
3 Yr N/A* -21.5% 51.9% N/A
5 Yr N/A* -5.9% 29.0% N/A
10 Yr N/A* -3.6% 13.3% N/A

* Annualized

Total Return Ranking - Calendar

Period MBNE Return Category Return Low Category Return High Rank in Category (%)
2023 5.8% -91.1% 101.7% N/A
2022 N/A -79.2% 102.5% N/A
2021 N/A -66.1% 60.0% N/A
2020 N/A -57.4% 7.6% N/A
2019 N/A -35.9% 3.2% N/A

MBNE - Holdings

Concentration Analysis

MBNE Category Low Category High MBNE % Rank
Net Assets 40.6 M 2.87 M 73.9 B 95.64%
Number of Holdings 96 1 14000 69.00%
Net Assets in Top 10 9.17 M -317 M 8.64 B 71.51%
Weighting of Top 10 22.44% 2.4% 100.0% 35.20%

Top 10 Holdings

  1. State Street Institutional US Government Money Market Fund 2.86%
  2. SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE 2.47%
  3. IDAHO ST HSG FIN ASSN SALES TAX REVENUE 2.45%
  4. NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE 2.27%
  5. DALLAS TX 2.25%
  6. PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE 2.20%
  7. SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE 2.08%
  8. MEDFORD OR HOSP FACS AUTH REVENUE 1.98%
  9. WISCONSIN ST HLTH EDUCTNL FACS AUTH REVENUE 1.96%
  10. HILLSBOROUGH CNTY FLA INDL DEVAUTH HEALTH SYS REVENUE 1.92%

Asset Allocation

Weighting Return Low Return High MBNE % Rank
Bonds 		95.68% 0.00% 150.86% 90.15%
Cash 		4.32% -50.86% 100.00% 9.41%
Stocks 		0.00% -0.03% 4.63% 13.73%
Preferred Stocks 		0.00% -1.79% 0.04% 10.73%
Other 		0.00% -13.03% 30.01% 11.96%
Convertible Bonds 		0.00% 0.00% 0.93% 10.82%

Bond Sector Breakdown

Weighting Return Low Return High MBNE % Rank
Cash & Equivalents 		3.08% 0.00% 100.00% 9.86%
Derivative 		0.00% 0.00% 21.68% 10.68%
Securitized 		0.00% 0.00% 5.93% 12.10%
Corporate 		0.00% 0.00% 9.99% 26.58%
Municipal 		0.00% 0.00% 100.00% 88.86%
Government 		0.00% 0.00% 52.02% 16.39%

Bond Geographic Breakdown

Weighting Return Low Return High MBNE % Rank
US 		95.68% 0.00% 142.23% 78.49%
Non US 		0.00% 0.00% 62.14% 71.83%

MBNE - Expenses

Operational Fees

MBNE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.43% 0.02% 3.60% 65.47%
Management Fee 0.43% 0.00% 1.10% 48.84%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

MBNE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 4.90% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

MBNE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MBNE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 283.00% N/A

MBNE - Distributions

Dividend Yield Analysis

MBNE Category Low Category High MBNE % Rank
Dividend Yield 3.54% 0.00% 35.27% 86.31%

Dividend Distribution Analysis

MBNE Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

MBNE Category Low Category High MBNE % Rank
Net Income Ratio N/A -0.53% 24.00% N/A

Capital Gain Distribution Analysis

MBNE Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

MBNE - Fund Manager Analysis

Managers

David Blair

Start Date

Tenure

Tenure Rank

Apr 04, 2022

0.16

0.2%

David is a senior vice president and portfolio manager at Nuveen Asset Management, responsible for managing separate accounts for the municipal fixed income team, focused primarily in the western region of the U.S. When David joined the firm in 1996, he led the firm’s credit research in California, leveraging his experience in tax-backed, land-secured, utilities, multi-family housing, and toll road bonds. Prior to his current portfolio manager role, David was a municipal portfolio manager and credit analyst at PIMCO, and then an account manager for their public pension clients. David started working in the investment industry in 1991. David graduated with a B.A. in Economics from the University of California, Santa Barbara and an M.B.A. from the University of Chicago. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of Orange County.

Shawn O'Leary

Start Date

Tenure

Tenure Rank

Apr 04, 2022

0.16

0.2%

Shawn is a senior vice president and senior research analyst for Nuveen Asset Management’s municipal fixed income team, focusing primarily on national accounts and environmental, social and governance portfolios. Shawn joined the firm in 2009 to start up a research team supporting separately managed accounts. He previously provided credit analysis for Moody’s Investors Service where he covered a wide variety of municipal sectors, including general obligation, special tax, water and sewer, public power, airports, transportation, municipally owned hotels and other publicly supported projects. He began working in the investment industry in 2002. Shawn graduated with a B.S. from Bates College and an M.P.P., with honors, in Public Finance from the University of Chicago’s Irving B. Harris School of Public Policy Studies.

Timothy Ryan

Start Date

Tenure

Tenure Rank

Apr 04, 2022

0.16

0.2%

Timothy T. Ryan, CFA, is a Managing Director and Portfolio Manager at Nuveen Asset Management. Mr. Ryan joined an affiliate of Nuveen Asset Management in 2010. Prior to joining Nuveen Asset Management, Mr. Ryan was a principal of SSGA FM and a Vice President of SSGA and responsible for managing the series of the Trust that invest primarily in municipal securities. Prior to joining SSGA, Mr. Ryan was a lead portfolio manager in the municipal bond group at Deutsche Bank Asset Management, formally Scudder Insurance Asset Management. His clients included nuclear decommissioning trusts, insurance portfolios and corporate cash. Mr. Ryan began working at Deutsche Bank in 1991 as a municipal bond analyst covering high yield, transportation, higher education, general obligation, and money market sectors. He joined Deutsche Bank with 8 years of experience as vice president and investment banker at Mesirow Financial and vice president and financial consultant at Speer Financial. Mr. Ryan has a BS from University of Wisconsin and a Master of Management from JL Kellogg Graduate School of Management Northwestern University. Mr. Ryan has earned the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.21 1.58

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