State Street Global Advisors (SSgA)*, the asset management
business of State Street Corporation (NYSE: STT), today announced
that the SPDR Nuveen S&P High Yield Municipal Bond Exchange
Traded Fund (ETF) (Symbol: HYMB) began trading on the NYSE Arca on
April 14, 2011. Its annual expense ratio is 0.45 percent.
Developed by State Street Global Advisors and Nuveen Asset
Management, a recognized leader in the municipal bond market, the
SPDR Nuveen S&P High Yield Municipal Bond ETF is designed to
provide investors with cost effective access to high yield
municipal bonds, an asset class offering attractive after tax
yields.
“In combining the advantages of federal tax free income with
competitive, risk-adjusted returns, the potential benefits of high
yield municipal bonds are attracting a growing number of
sophisticated financial advisors and investors,” said James Ross,
senior managing director and global head of SPDR Exchange Traded
Funds at State Street Global Advisors. “The addition of the SPDR
Nuveen S&P High Yield Municipal Bond ETF strengthens our family
of municipal bond ETFs, which now features seven SPDR Nuveen ETFs
with more than $2.2** billion in assets.”
The SPDR Nuveen S&P High Yield Municipal Bond ETF seeks to
track the performance of the S&P Municipal Yield Index. The
Index is a market value-weighted index with 70 percent of its
market value allocated to high yield bonds that are non-rated or
rated below investment grade, 20 percent to Baa or BBB rated bonds,
and 10 percent to A rated bonds. The Index, which excludes
Commercial paper, Derivative securities, Notes, Taxable municipals,
and Variable rate debt, is reviewed and rebalanced monthly.
“The launch of the SPDR Nuveen S&P High Yield Municipal Bond
ETF underscores our commitment to working with State Street to
manage innovative new products that blend the benefits of municipal
bonds and exchange traded funds,” said Bill Huffman, Nuveen Asset
Management President.
In 2010, State Street Global Advisors entered into an agreement
with Nuveen Investments, a leading global provider of investment
services to institutions and high-net-worth investors, under which
Nuveen Asset Management became sub-adviser of SSgA’s municipal bond
ETFs.
State Street manages $260*** billion in SPDR ETF assets
worldwide (as of March 31, 2011) and is one of the largest ETF
providers in the US and globally.
About SPDR Exchange Traded Funds
SPDR ETFs are a comprehensive family spanning an array of
international and domestic asset classes. SPDR ETFs are managed by
SSgA Funds Management, Inc., a registered investment adviser and
wholly owned subsidiary of State Street Bank and Trust Company. The
funds provide professional investors with the flexibility to select
investments that are precisely aligned to their investment
strategy. Recognized as the industry pioneer, State Street created
the first ETF in 1993 (SPDR S&P 500® – Ticker SPY). Since then,
we’ve sustained our place as an industry innovator through the
introduction of many ground-breaking products, including
first-to-market launches with gold, international real estate,
international fixed income and sector ETFs. For more information,
visit www.spdrs.com.
About Nuveen Investments
Nuveen Investments provides high quality investment services
designed to help secure the long-term goals of institutions,
high-net-worth and affluent investors as well as the consultants
and financial advisors who serve them. Nuveen Investments markets a
wide range of specialized investment solutions which provide
investors access to capabilities of its high-quality boutique
investment affiliates—NWQ, Nuveen Asset Management, Santa Barbara,
Symphony, Tradewinds, and Winslow Capital. In total, Nuveen
Investments managed $197 billion as of December 31, 2010. For more
information, please visit the Nuveen Investments website at
www.nuveen.com.
About State Street Global Advisors
State Street Global Advisors (SSgA) is a global leader in asset
management. The firm is relied on by sophisticated investors
worldwide for its disciplined investment process, powerful global
investment platform and access to every major asset class,
capitalization range and style. SSgA is the asset management
business of State Street, one of the world’s leading providers of
financial services to institutional investors.
*SPDR ETFs are managed by SSgA Funds Management, Inc., a
registered investment adviser and wholly owned subsidiary of State
Street Bank & Trust Company.
**As of April 8, 2011.
***This AUM includes the assets of the SPDR Gold Trust (approx.
$56 billion as of March 31, 2011), for which State Street Global
Markets, LLC, an affiliate of State Street Global Advisors serves
as the marketing agent.
Important Risk Information:
ETFs trade like stocks, are subject to investment risk,
fluctuate in market value and may trade at prices above or below
the ETFs net asset value. Brokerage commissions and ETF expenses
will reduce returns.
Bond funds contain interest rate risk (as interest rates rise
bond prices usually fall); the risk of issuer default; and
inflation risk. The municipal market can be affected by adverse
tax, legislative or political changes and the financial condition
of the issuers of municipal securities. High-yield municipal bonds
are subject to greater credit risk and are likely to be more
sensitive to adverse economic changes or subject to greater risk of
loss of income and principal than higher-rated securities.
The municipal market may be volatile and can be significantly
affected by adverse tax, legislative or political changes and the
financial condition of the issuers of municipal securities.
Interest rate increases can cause the price of a debt security to
decrease. While income from municipal bonds is generally not
subject to federal income tax, a portion of the dividends paid by
an ETF may be subject to federal, state, or local income tax or the
federal alternative minimum tax.
These investments may have difficulty in liquidating an
investment position without taking a significant discount from
current market value, which can be a significant problem with
certain lightly traded securities.
“SPDR” is a registered trademark of Standard & Poor’s
Financial Services, LLC (“S&P”) and has been licensed for use
by State Street Corporation. No financial product offered by State
Street or its affiliates is sponsored, endorsed, sold or promoted
by S&P.
Distributor: State Street Global Markets, LLC, member FINRA,
SIPC, a wholly owned subsidiary of State Street Corporation.
References to State Street may include State Street Corporation and
its affiliates. Certain State Street affiliates provide services
and receive fees from the SPDR ETFs.
Before investing, consider the funds’ investment objectives,
risks, charges and expenses. To obtain a prospectus or summary
prospectus which contains this and other information, call
1-866-787-2257 or visit www.spdrs.com. Read it
carefully.
CORP: 0317
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