Industry Distribution:

• Municipal Bonds: 100%

Top 3 Markets:

1. California: approx. 20%
2. New York: approx. 15%
3. Texas: approx. 10%

The SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) invests exclusively in municipal bonds issued by U.S. states and local governments. These bonds finance public projects and services. The largest markets for municipal bonds are typically the most populous states, as they have the greatest financing needs. California, New York, and Texas are leaders in this field, as reflected in the percentage shares of their bonds in the ETF's portfolio.

Production: No physical production

The SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) is an exchange-traded fund (ETF) and not a company that manufactures physical products. Instead, this ETF invests in high-yield municipal bonds. The "products" of the ETF are therefore the financial investments themselves, which are issued by various issuers, such as cities or other public entities. These issuers are located in the USA, as they are US municipal bonds.

Current Yield: 4.5% (2026, estimated)
Assets Under Management (AUM): 2.3 billion USD (2026, estimated)

The SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) pursues a strategy aimed at providing investors with access to a diversified portfolio of high-yield municipal bonds. This strategy is designed to generate both income and capital growth.

For future growth, the ETF plans to increase its allocation to emerging markets within the USA, particularly in regions with growing economic activity and infrastructure projects. This is intended to be achieved through careful selection of bonds with attractive yields and a favorable risk-return profile.

Additionally, the ETF will enhance its efforts to integrate ESG criteria (Environmental, Social, and Governance) into its investment strategy to meet the increasing demands of investors prioritizing sustainable investments. This could be done through the selection of bonds issued by municipalities actively engaged in sustainable projects.

Commodities/Materials: No specific commodities or materials

The SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) is an exchange-traded fund that invests in municipal bonds. These bonds are issued by US municipalities to finance various projects. As a financial fund, it does not import physical commodities or materials.

The fund invests in bonds issued by various US cities, municipalities, and states, and is therefore not directly related to the import of commodities or materials. Instead, its portfolio consists of financial instruments used to finance infrastructure projects and other municipal needs.

Competitive Advantage: Moderate

The SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) provides investors with access to high-yield municipal bonds, which typically offer higher returns than investment-grade bonds. The ETF's competitive advantage lies in its specific focus on the high-yield municipal bond market, making it attractive to investors seeking higher yields.

Another advantage is the collaboration with Nuveen, a renowned asset manager with extensive experience in the municipal bond sector. This can lead to a more effective selection and management of bonds in the portfolio.

However, the ETF market is highly competitive, with numerous other providers offering similar products. HYMB's competitive advantage therefore heavily depends on the fund's performance, fee structures, and the ability to attract investors through innovative products and services.

Institutional Investor Share: Estimated around 70% (2026)

Insider Buys/Sells: No significant insider transactions known (2026)

The institutional investor share in ETFs such as the SPDR Nuveen ICE High Yield Municipal Bond ETF is usually high, as these funds are often used by institutional investors such as pension funds, insurance companies, and asset managers to manage diversified bond portfolios.

Insider transactions are less relevant for ETFs, as these funds consist of a variety of bonds and are not controlled by a single company or a small group of insiders. Therefore, there are usually no significant insider buys or sells that would need to be reported.

Market share of HYMB: Estimated at around 5% (2026)

Top competitors and their market share:

1. iShares National Muni Bond ETF (MUB): around 20%
2. Vanguard Tax-Exempt Bond ETF (VTEB): around 18%
3. Invesco National AMT-Free Municipal Bond ETF (PZA): around 10%
4. VanEck Vectors High-Yield Muni ETF (HYD): around 8%
5. SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI): around 7%
6. BlackRock Municipal Bond ETF (BMB): around 6%
7. SPDR Series Trust - State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB): around 5%

Moat Analysis:

The moat of HYMB is relatively small compared to its larger competitors. The ETF provides access to high-yield municipal bonds, targeting a specific segment of the market. However, its market share is significantly smaller compared to leading ETFs like MUB and VTEB.

The major competitors, especially MUB and VTEB, have a broader market approach and benefit from stronger brand recognition and higher volume, giving them a significant advantage. These ETFs offer broader diversification and often lower costs, making them more attractive to many investors.

HYMB may have a niche advantage due to its specialization in high-yield municipal bonds, but this advantage is limited as other ETFs also offer high-yield options. Therefore, the competitive advantage of HYMB is not significant enough to be considered a strong moat.

Total fund volume: $3.5 billion USD (2026, estimated) Average return of the last 5 years: 4.2% p.a. (2026, estimated) Management fee: 0.35% p.a. (2026)

The SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) provides investors access to high-yield municipal bonds, which typically offer higher returns than investment-grade municipal bonds. However, these bonds also come with higher risks, especially in economically uncertain times.

The average return of 4.2% over the last five years demonstrates a solid performance that may be attractive to investors seeking stable yields. The management fee of 0.35% is moderate compared to other ETFs and may not significantly impact the net return.

Overall, the HYMB ETF could be a good investment for investors willing to take on some risk to benefit from the higher returns of high-yield municipal bonds. However, it is important to regularly monitor the economic situation and the credit quality of the underlying bonds to minimize potential risks.

Dividend Yield: 3.5% (estimated for 2026)

The SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) regularly pays out dividends generated from the interest income of the municipal bonds held in the fund. These distributions are typically monthly and can vary depending on the interest rate environment and performance of the underlying bonds.

The reliability of the payout depends on the credit quality of the bonds held in the fund. As it is a high-yield fund, the bonds are generally riskier, which can lead to fluctuations in the distributions. Nevertheless, the fund has historically provided a relatively stable dividend yield, indicating a certain level of reliability.

However, investors should always keep an eye on the current market conditions and the credit ratings of the bonds in the fund portfolio to gain a better understanding of the potential risks and returns.