SPDR Nuveen Municipal Bond ETF

SPDR Nuveen Municipal Bond ETF (MBND) is an actively managed fund holding municipal bonds (debt of states, cities and local agencies) whose interest is exempt from regular federal income tax. Nuveen Asset Management picks bonds, seeking higher-yielding, undervalued issues, and may hold up to 20% in high-yield (“junk”) bonds. At 0.40% a year it costs more than most similar funds, and had just $27.5 million in net assets as of June 30, 2026.

• Over the year to Oct 27, 2026, MBND returned -1.6%, 7th of 8 among similar funds.
• Its worst full calendar year was 2024 (+2.7%); its best was 2023 (+5.6%).
• The deepest fall in its price history was 9.4% (Mar 1, 2022 to Oct 25, 2022), recovered by Feb 1, 2024.

As of Jun 30, 2026, the fund held 73 securities; the ten largest made up 25.79% of assets.

The bonds mature in 13 years on average (weighted by size), with an average coupon of 4.59%.

• Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.82%, +0.46%, +0.51%.

MBND is actively managed and does not track an index. SSGA Funds Management (State Street) is the adviser; Nuveen Asset Management, the sub-adviser, picks the bonds. Normally at least 80% of net assets go into municipal bonds, debt issued by states, cities and local agencies, whose interest is exempt from regular federal income tax. These include general obligation bonds, backed by taxing power, and revenue bonds, repaid from a source such as tolls.

Nuveen takes a value-oriented approach, seeking higher-yielding bonds it considers undervalued. Most holdings are expected to be investment grade (rated BBB-/Baa3 or better), but up to 20% can be below investment grade, or “junk.” It targets a duration, a gauge of interest-rate sensitivity, of 4.5 to 7 years and an average maturity of 5 to 15 years. With no index, there is no set rebalancing; Nuveen may drop bonds with weakening credit or limited upside. Portfolio turnover, the share of holdings replaced over a year, was 12%.

As of June 30, 2026, the fund held 76 positions, 98% in bonds and 0.6% in cash. The largest were Arizona Board of Regents (2.9%), Utah Telecommunication Open Infrastructure Agency (2.8%), New Mexico Hospital Equipment Loan Council (2.8%) and New York City Industrial Development Agency (2.7%); the top 10 made up 25.8%. Average maturity was 13 years.

• MBND charges 0.4% a year, versus an average of 0.26% for the similar funds below (7th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $41 in the first year and $505 over 10 years (assuming a 5% annual return).

Its stated aim is current income exempt from regular federal income tax, paid monthly from a portfolio of mostly investment-grade municipal bonds.

MBND could add monthly income meant to be exempt from regular federal income tax; its trailing 12-month yield was 3.66% as of October 27, 2026. That exemption helps in a taxable account but adds nothing in a tax-deferred account such as an IRA. Launched in 2021, it has no record in the 2008 or 2020 crashes. Its worst calendar year was 2022, a loss of 8.78%. Its deepest measured drop, 9.4% from March to October 2022, took about 15 months from the low to recover, by February 2024. Cashing out during that stretch meant locking in losses.

Cost is a drawback: 0.40% a year against a 0.26% average for similar funds, or $41 in the first year and $505 over 10 years on $10,000 in the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).