At a glance
HYMB charges 0.35% a year, below the 0.38% average of the 7 funds most like it (the 6th cheapest of 8). It has $3.09B in assets, the 5th largest of that group; it paid 4.88% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.5% with distributions reinvested, 5th of those 8 funds; over three years it returned +5.6% a year. At its worst it fell 29.7% in the 2020 crash (S&P 500: 33.7%) and 18.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 41 months after the lows. Its ten largest positions make up 8.6% of the fund, out of 1,868 in all.
The short version
The State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) holds lower-rated and unrated US municipal bonds. It tracks the ICE US Select High Yield Crossover Municipal Index and aims to pay income that is free of federal income tax. Its trailing 12-month yield was 4.88% as of October 27, 2026, and it pays monthly. It costs 0.35% a year, close to the 0.34% peer average, but it carries more credit risk than investment-grade muni funds.
Price history
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HYMB -0.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| HYMB official prospectus, to Dec 31, 2025 | — | +2.08% | — | +0.67% | +2.60% | — |
| HYMB price data to Oct 27, 2026 | -0.5% | -0.5% | +5.6% | -0.3% | +1.0% | +2.5% |
- Over the year to Oct 27, 2026, HYMB returned -0.5%, 5th of 8 among similar funds.
- Its 5-year annualized return was -0.3% and its 10-year +1.0%.
- In the 2020 COVID crash it fell 29.7% and regained its old high 10.7 months after the low.
- Its worst full calendar year was 2022 (-15.8%); its best was 2014 (+15.6%).
- The deepest fall in its price history was 29.7% (Feb 27, 2020 to Mar 23, 2020), recovered by Feb 11, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.5% | — |
| 2025 | +2.1% | +2.08% |
| 2024 | +5.5% | +5.58% |
| 2023 | +7.7% | +7.36% |
| 2022 | -15.8% | -15.27% |
| 2021 | +3.5% | +5.44% |
| 2020 | +1.7% | +3.18% |
| 2019 | +7.3% | +10.10% |
| 2018 | +2.8% | +3.80% |
| 2017 | +1.3% | +3.85% |
| 2016 | +0.1% | +2.17% |
| 2015 | +1.2% | — |
| 2014 | +15.6% | — |
| 2013 | -9.7% | — |
| 2012 | +12.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.8% over that stretch · deepest drop along the way 29.7%, back to its old high 10.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.6% over that stretch · deepest drop along the way 18.6%, back to its old high 40.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8800 | |
| 2025 | $1.1500 | +6.5% |
| 2024 | $1.0800 | +4.9% |
| 2023 | $1.0300 | +21.3% |
| 2022 | $0.8490 | +77.2% |
| 2021 | $0.4790 | -0.5% |
| 2020 | $0.4816 | -17.4% |
| 2019 | $0.5829 | +3.2% |
| 2018 | $0.5649 | +7.5% |
| 2017 | $0.5257 | -7.9% |
| 2016 | $0.5708 | -11.9% |
| 2015 | $0.6479 | +0.0% |
| 2014 | $0.6478 | -1.9% |
| 2013 | $0.6603 | -8.6% |
| 2012 | $0.7222 |
What's inside
As of Jun 30, 2026, the fund held 1,868 securities; the ten largest made up 8.62% of assets.
| Holding | Weight | |
|---|---|---|
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Bonds and notes | 2.49% | |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Bonds and notes | 1.52% | |
| Buckeye Tobacco Settlement Financing Authority Bonds and notes | 1.25% | |
| Commonwealth of Puerto Rico Bonds and notes | 0.63% | |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Bonds and notes | 0.61% | |
| Commonwealth of Puerto Rico Bonds and notes | 0.54% | |
| New York Liberty Development Corp Bonds and notes | 0.46% | |
| Metropolitan Pier & Exposition Authority Bonds and notes | 0.43% | |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Bonds and notes | 0.36% | |
| Chicago Board of Education Bonds and notes | 0.34% | |
| Matching Fund Special Purpose Securitization Corp Bonds and notes | 0.33% | |
| North Carolina Turnpike Authority Bonds and notes | 0.32% | |
| Golden State Tobacco Securitization Corp Bonds and notes | 0.30% | |
| Berks County Municipal Authority Bonds and notes | 0.30% | |
| Commonwealth of Puerto Rico Bonds and notes | 0.30% |
By country
United States 98.3%By issuer
Municipalities 98.3%The bonds mature in 20.5 years on average (weighted by size), with an average coupon of 4.8%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $195.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.39%, +0.79%, +1.19%.
How it works
HYMB follows the ICE US Select High Yield Crossover Municipal Index, which ICE Data Indices builds from three parts. 70% comes from high-yield and unrated muni bonds, meaning bonds rated Ba1/BB+ or lower (often called "junk") or not rated at all. 20% comes from BBB-rated bonds and 10% from single-A bonds, both drawn from AMT-free indexes. The index weights bonds by market value. It holds only fixed-rate bonds with at least one year left to maturity, and it leaves out bonds in default, floating-rate debt and private placements. It can include private activity bonds, which states and cities issue to pay for privately run projects such as airports or waste facilities.
The index is rebalanced on the last calendar day of each month. It held 16,777 securities as of July 31, 2026, so the fund does not buy them all. Instead, sub-adviser Nuveen Asset Management uses "sampling": it buys a subset of bonds chosen to behave like the full index. The fund must keep at least 80% of its net assets in index securities, and at least 80% in investments whose income is exempt from federal income tax. Portfolio turnover was 10%.
As of June 30, 2026, the fund held 1,868 bonds, and the top 10 made up 8.62% of assets. The largest position was a Puerto Rico Sales Tax Financing Corp bond at 2.5%, followed by Buckeye Tobacco Settlement Financing Authority. Average maturity was 20.5 years, which makes the fund sensitive to interest rates.
What it really costs
- HYMB charges 0.35% a year, versus an average of 0.38% for the similar funds below (6th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| HYMB | $36 | $113 | $197 | $443 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
HYMB pays monthly income that is largely exempt from federal income tax, but it takes on junk-rated and unrated bonds to get that higher yield.
HYMB could add monthly income that is mostly free of federal income tax. Its trailing yield was 4.88% as of October 27, 2026. It costs 0.35% a year. In the SEC's standard example, that comes to $36 in the first year and $443 over 10 years on $10,000. The trade-off is that the fund can fall sharply. It launched in 2011, so it has no record from 2008. In the 2020 COVID crash it fell 29.7% in under a month and took about 11 months to recover. In 2022, as interest rates rose, it fell 18.6% and did not get back to its earlier peak until February 26, 2026, almost 41 months later. Its worst calendar year was 2022, at -15.27%. A retiree who had to sell shares during those stretches would have locked in losses. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors with taxable accounts who want monthly income that is largely exempt from federal income tax. The trailing yield was 4.88% as of October 27, 2026.
- Investors who accept junk-rated and unrated muni credit risk, including Puerto Rico and tobacco-settlement bonds among the largest positions, in return for higher yield.
- Investors who want broad, index-based high-yield muni exposure: 1,868 bonds and a 0.35% fee, half of FMHI's 0.70%.
Look elsewhere if
- Retirees who may need to sell in a downturn. The fund fell 29.7% in 2020 and took almost 41 months to recover from its 2022 drop.
- Investors holding bonds in IRAs or 401(k)s, where tax-exempt income brings no added tax benefit.
- Investors focused on low cost and safety. HYD charges 0.32%, and investment-grade muni funds TFI (0.23%) and VTEB (0.03%) cost less but follow a different strategy.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| HYMB this fund | 20.5 yrs | 0.35% | $3.09B | -0.5% | +5.6% |
| FMHI First Trust Municipal High Income ETF | 20.2 yrs | 0.7% | $994.3M | +0.2% | +5.8% |
| HYD VanEck High Yield Muni ETF | 19.2 yrs | 0.32% | $4.43B | +0.9% | +5.5% |
| PZA Invesco National AMT-Free Municipal Bond ETF | 22.5 yrs | 0.28% | $4.24B | -2.7% | +3.8% |
| FMB First Trust Managed Municipal ETF | 15.5 yrs | 0.65% | $2.05B | 0.0% | +4.3% |
| JMUB JPMorgan Municipal ETF | 16.7 yrs | 0.18% | $8.75B | -0.2% | +4.4% |
| TFI SPDR Nuveen Bloomberg Municipal Bond ETF | 15.1 yrs | 0.23% | $3.12B | -0.8% | +3.9% |
| BAB Invesco Taxable Municipal Bond ETF | 14.5 yrs | 0.28% | $900.7M | -2.4% | +5.8% |
Questions investors ask
Does HYMB pay monthly dividends?
Yes. HYMB pays income monthly. Over the 12 months to October 27, 2026, it paid about $1.17 per share, a trailing yield of 4.88%. That income comes from interest on muni bonds with an average coupon of 4.8% as of June 30, 2026. The payments can change. The prospectus warns that income may fall if interest rates drop or if issuers pay off ("call") their bonds early and the fund has to reinvest at lower rates.
Is HYMB income tax free?
Mostly at the federal level, but there is no guarantee. The fund aims to keep at least 80% of its net assets in investments whose income is exempt from federal income tax. The prospectus warns that a bond's tax-exempt status can be lost after the fact, and that the income may not be exempt from state taxes. Gains from selling fund shares are generally taxable. The tax break is usually worth more to people in higher tax brackets who hold the fund in taxable accounts.
What's the difference between HYMB and HYD?
Both are high-yield municipal bond ETFs with similar holdings, and HYD costs slightly less. HYD charges 0.32% compared with HYMB's 0.35%. HYD is larger, with $4.43 billion in assets compared with HYMB's $3.09 billion. As of October 27, 2026, HYD returned 0.9% over one year and HYMB returned -0.5%. Over three years their annualized returns were close: 5.5% for HYD and 5.6% for HYMB. Their average maturities are also similar, at 19.2 years and 20.5 years. FMHI is another close match but charges 0.70%.
How much did HYMB lose in 2022?
HYMB lost 15.27% in calendar year 2022, its worst year, according to its prospectus. From January 3 to September 30, 2022, it fell 18.6%, and it did not regain that peak until February 26, 2026. Its worst quarter was the first quarter of 2022, at -7.5%. Rising interest rates were the main cause. Bond prices fall when rates rise, and funds holding long-maturity bonds, like HYMB at an average of 20.5 years, tend to fall further.
Is HYMB good for retirement income?
It can provide monthly, largely federally tax-exempt income, but it carries more risk than most bond funds. About 70% of its index is junk-rated or unrated muni debt. It fell 29.7% in early 2020 and 18.6% in 2022. Its average annual return was 2.6% over the 10 years to December 31, 2025, and 0.67% over five years. It may suit retirees with taxable accounts who can ride out sharp drops without selling.