State Street Global Advisors has launched the SPDR Nuveen S&P High Yield Municipal Bond Exchange Traded Fund, developed in conjunction with Nuveen Asset Management, which will serve as sub-advisor. The fund seeks to track the performance of the S&P Municipal Yield Index.
State Street and Nuveen formed a partnership in 2010 to develop a series of municipal bond ETFs.
“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 advisers and investors,” said James Ross, senior managing director and global head of SPDR exchange-traded funds at SSgA.
“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,” Ross added.
Bill Huffman, Nuveen president, said: “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.”