SPDR Nuveen Barclays Municipal Bond
ALTAR
Score™
2.5% info Median Credit
S&P/Moody's
AA+/Aa1
 
Yield to
Maturity
2.8% Current
Yield
4.1%
Macaulay
Duration
9.8 yrs Modified
Duration
9.6%


  • Description
  • Performance
  • Fundamentals
  • Rate Sensitivity
  • Rating
SPDR Nuveen Barclays Municipal Bond ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the price and yield performance of the Barclays Municipal Managed Money Index, which tracks municipal bond securities issued by state and local municipalities whose interest is exempt from federal income tax and the federal alternative minimum tax.

FUND BASICS
Category Municipals
Fund Sponsor SSgA Funds Management Inc
Website www.spdrs.com
Inception date Sep 13, 2007
Assets (mns) $2,412
Currency USD
Expense ratio 23 bp
Distributions Monthly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian State Street Bank & Trust Co
Weighting Market Cap
Index replication Optimized

ISSUER TYPE BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents 500
No of distinct issuers 256
Inflation protected 0%
Variable/Fixed coupon 27% /73%
Non-standard maturity (callable, etc.) 75%

TOP TEN HOLDINGS
CALIFORNIA ST UNIV RE 4.0% 11/01/31 0.8 %
CALIFORNIA ST FOR PRE 5.0% 12/01/24 0.5 %
NEW YORK ST ENVIRONME 5.0% 6/15/41 0.5 %
ILLINOIS ST TOLL HWY 5.0% 1/01/40 0.5 %
SALES TAX ASSET RECEI 5.0% 1/15/26 0.4 %
CALIFORNIA ST FOR PRE 5.0% 8/01/24 0.4 %
HAWAII ST FOR ISSUES 5.0% 1/01/23 0.4 %
MASSACHUSETTS ST FOR 5.0% 7/01/29 0.4 %
MASSACHUSETTS ST WTR 5.0% 8/01/33 0.4 %
BOULDER VALLEY COLO S 5.0% 12/01/38 0.4 %
   
TOTAL 4.5 %

TOP ISSUERS
CALIFORNIA ST FOR PREVIOUS ISSUES ...4.2%
NEW YORK N Y CITY TRANSITIONAL FIN...1.7%
MASSACHUSETTS ST FOR ISSUES DTD PR...1.4%
TEXAS ST FOR ISSUES DATED PRIOR TO...1.3%
WASHINGTON ST FOR ISSUES DTD PRIOR...1.3%

TOP COUNTRY EXPOSURE
UNITED STATES 76.2 %

 





HISTORICAL RETURNS info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
4.1% 0.9% 3.0% -- 4.5%

Market Correlations
versus... Beta R-squared
Barclays Agg. Bond 1.04 61%
S&P500 -0.09 5%
MSCI EAFE -0.01 0%
MSCI Emg. Mkts. 0.02 1%

Technical Indicators
Recent close $49.06
Tracking Error 0.00
Avg. Premium/Discount 0.00%
Annualized volatility n/a %
Relative strength (RSI) 78
Liquidity measures
Avg. volume (thou.) 315
Avg. daily value traded (mns) $15
Turnover 0.6%
Bid/Ask (% of price) 0.03

Distributions


Yield Comparison

*Fund Category: MUNICIPALS

CREDIT QUALITY: MOODY'S

DISTRIBUTION YIELD (TRAILING 12 MONTHS)
Macaulay Duration info
 
TFI 9.8 yrs Category
Avg.*
8.0 yrs
 

Modified Duration info
 
TFI 9.6% Category
Avg.*
7.8%

RATE SENSITIVITY ANALYSIS info
Change
in YTM
New
YTM
Est. Price
Change
Est. New
Price
+300 bp 5.78% -19.8% $39.32
+200 bp 4.78% -15.2% $41.59
+150 bp 4.28% -12.2% $43.09
+100 bp 3.78% -8.6% $44.83
+75 bp 3.53% -6.6% $45.80
+50 bp 3.28% -4.6% $46.82
+25 bp 3.03% -2.3% $47.91
0 bp 2.78% 0% $49.06
-25 bp 2.53% 2.5% $50.27
-50 bp 2.28% 5.1% $51.54
-75 bp 2.03% 7.8% $52.87
-100 bp 1.78% 10.6% $54.27
-150 bp 1.28% 16.7% $57.24
-200 bp 0.78% 23.2% $60.46
-300 bp -0.22% 37.8% $67.63

*Fund Category: MUNICIPALS

ALTAR Score™


Calculation of ALTAR Score™
Adj. Yield to Maturity info 278 bp
Less: Annual "default factor" info 4 bp
Less: Expense ratio 23 bp
Equals: ALTAR Score 2.51 %
 

Average ALTAR Score™ by Category
Aggregate 1.5%
Corporate 1.8%
Emerging Market 3.8%
Government 1.4%
Inflation Protected 1.6%
Mortgage 2.7%
Municipals 2.5%
 
*Note: The SPDR Nuveen Barclays Municipal Bond is classified as a Municipals fund.

 

Our estimate of the impact of potential defaults on investor returns, based on historical default and recovery rates for bonds of similar credit rating and maturities.
See RATING tab for calculations of ALTAR Score™
Estimate of fund sensitivity to interest rate changes based on modified duration and convexity adjustment applied to underlying bonds. Note: Less meaningful for inflation-indexed bonds.
Adds expected inflation to real YTM for inflation-linked bonds so that all instruments are compared on a nominal basis
Weighted-average term to maturity of the cash flows from a bond. All else being equal, bonds of longer duration are more sensitive to changes in interest rates than bonds of shorter duration.
Approximation of the change in bond prices given a 100 basis point shift in interest rates. A better estimate, particularly for larger moves in interest rates, is provided by the Rate Sensitivity Analysis below.