MBND | SPDR Nuveen Municipal Bond ETF

MBND ISSUER

The MBND issuer, managed by State Street Global Advisors and advised by Nuveen Asset Management, focuses on providing investors with exposure to municipal bonds offering income exempt from regular federal income tax. The fund primarily invests in municipal bonds included in the Bloomberg 3-15 Year Blend Municipal Bond Index, encompassing investment-grade municipal securities with maturities ranging from 2 to 17 years. These bonds may be issued by various entities within the United States, including states, cities, counties, and territories, covering a range of sectors such as general obligation bonds, revenue bonds, and municipal lease obligations. While the portfolio typically targets bonds rated A3/A-/A- or higher, it may also include lower-rated bonds, including high yield or junk bonds, comprising up to 20% of its assets. The fund's investment strategy employs a rules-based, value-oriented approach aimed at identifying higher-yielding and undervalued municipal bonds with potential for above-average total returns. Additionally, the portfolio management may adjust bond weights and sector exposures within specified limits to optimize performance, while also considering selling bonds with declining credit quality or limited upside potential. Furthermore, the fund may allocate a portion of its assets to cash equivalents or money market instruments for liquidity purposes.

MBND DIVIDEND

MBND Dividend, managed by State Street Global Advisors and advised by Nuveen Asset Management, is tailored to provide investors with a steady stream of income through dividend distributions. The fund primarily invests in municipal bonds that offer income exempt from regular federal income tax, aiming to capture yields from a diversified portfolio of investment-grade municipal securities with maturities ranging from 2 to 17 years. Leveraging a value-oriented investment strategy, MBND Dividend seeks out higher-yielding and undervalued municipal bonds, while also maintaining a disciplined approach to credit quality. While the portfolio typically emphasizes bonds rated A3/A-/A- or higher, it may include lower-rated bonds, including high yield or junk bonds, comprising up to 20% of its assets, to enhance yield potential. The fund's management team carefully constructs the portfolio, adjusting bond weights and sector exposures within specified limits to optimize income generation while mitigating risks. Additionally, MBND Dividend may allocate a portion of its assets to cash equivalents or money market instruments to ensure liquidity and support consistent dividend payments to investors.

MBND TRACKING

MBND Tracking, managed by State Street Global Advisors and advised by Nuveen Asset Management, is engineered to closely track the performance of the Bloomberg 3-15 Year Blend Municipal Bond Index. The fund predominantly invests in municipal bonds that provide income exempt from regular federal income tax, with a focus on securities included in the aforementioned index. These municipal bonds typically span a range of maturities from 2 to 17 years and cover various sectors, including general obligation bonds, revenue bonds, and municipal lease obligations issued by entities within the United States. While the portfolio primarily targets investment-grade securities rated A3/A-/A- or higher, it may include lower-rated bonds, including high yield or junk bonds, constituting up to 20% of its assets, to mirror the index's composition. MBND Tracking employs a disciplined, rules-based approach to replicate the index's performance, adjusting bond weights and sector allocations within specified limits to closely match the benchmark's returns. Additionally, the fund may allocate a portion of its assets to cash equivalents or money market instruments to maintain liquidity and facilitate efficient tracking of the index.

MBND CORRELATION

MBND Correlation, managed by State Street Global Advisors and advised by Nuveen Asset Management, is structured to correlate closely with the performance of the Bloomberg 3-15 Year Blend Municipal Bond Index. The fund primarily invests in municipal bonds that offer income exempt from regular federal income tax, aligning its holdings with those included in the designated index. These municipal bonds typically encompass a diversified range of investment-grade securities with maturities spanning from 2 to 17 years, issued by various entities within the United States. While emphasizing bonds rated A3/A-/A- or higher, MBND Correlation may also include lower-rated bonds, including high yield or junk bonds, up to 20% of its assets, to mirror the index's composition. Employing a systematic investment approach, the fund adjusts its portfolio constituents and sector allocations within predefined parameters to maintain a strong correlation with the benchmark's performance. Additionally, MBND Correlation may allocate a portion of its assets to cash equivalents or money market instruments to ensure liquidity and facilitate effective replication of the index's returns.

MBND SECTOR

MBND Sector, managed by State Street Global Advisors and advised by Nuveen Asset Management, is strategically designed to optimize exposure to specific sectors within the municipal bond market while aiming to deliver consistent returns. The fund primarily invests in municipal bonds that provide income exempt from regular federal income tax, focusing on sectors represented in the Bloomberg 3-15 Year Blend Municipal Bond Index. These sectors encompass a diverse array of municipal securities issued by entities within the United States, including states, cities, counties, and territories, covering various industries such as transportation, healthcare, education, and utilities. MBND Sector employs a sector-focused investment strategy, allowing investors to target specific sectors within the municipal bond market while maintaining a well-diversified portfolio. The fund's management team diligently monitors sector trends and adjusts allocations accordingly to capitalize on opportunities and mitigate risks within individual sectors. Additionally, MBND Sector may allocate a portion of its assets to cash equivalents or money market instruments for liquidity management and sector rotation strategies.

MBND EXPOSURE

MBND Exposure, managed by State Street Global Advisors and advised by Nuveen Asset Management, is crafted to provide investors with targeted exposure to the municipal bond market, allowing them to capitalize on specific investment opportunities while managing risk effectively. The fund focuses on investing in municipal bonds that offer income exempt from regular federal income tax, tailoring its holdings to align with various segments of the market. Leveraging a disciplined investment approach, MBND Exposure seeks to capture opportunities across different sectors, maturities, and credit qualities within the municipal bond universe. By strategically allocating assets to sectors such as transportation, healthcare, education, utilities, and others, the fund aims to optimize exposure to sectors demonstrating strong growth potential while diversifying risk. Additionally, MBND Exposure may adjust its portfolio composition dynamically in response to changing market conditions, ensuring that investors benefit from targeted exposure to the most promising segments of the municipal bond market.