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Sunday, August 23, 2026The Morning Brief →Sign in
MBNDSPDR

SPDR Nuveen Municipal Bond ETF

$26.90+0.15% today
272852-WK

Normally, the fund invests at least 80% of its net assets in municipal bonds that pay income that is exempt from regular federal income tax. Its investment portfolio will consist primarily of municipal bonds rated A3/A-/A- or higher by an independent rating agency; however the fund may invest in municipal bonds of any credit quality, including up to 20% of its net assets in low- to medium-quality bonds rated Baa1/BBB+/BBB+ or lower. The fund is non-diversified.

Price & daily flows
27.527.327.026.90DAILY NET FLOWAug 22Dec 19Apr 21Aug 21

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 1Y SHOWN · NET −$1M OVER THIS RANGE

The desk’s read

Flows are quiet — the past month netted out near zero, while the price has returned -1.7% so far this year. At 0.40% a year it is not the cheapest way in — LQD runs the same ground at 0.14%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$27Massets under management
0.40%expense ratio · $40 per $10,000 a year
net flow, trailing month
9Kavg daily volume, 30 days
110holdings · US-domiciled
2021listed February 2, 2021
The book at a glance
3.0%2.9%2.9%2.8%2.6%2.5%2.5%2.5%2.4%2.4%2.3%2.2%2.2%2.1%2.0%2.0%2.0%2.0%1.9%1.9%1.9%1.9%1.9%1.9%1.8%1.7%1.6%1.5%1.4%1.4%1.4%1.3%1.3%1.3%1.2%1.1%1.1%

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1AZSHGR 5.000 07/01/342.96%
2NMSMED 4.000 08/01/392.86%
3UTSGEN 4.375 06/01/402.85%
4NYCDEV 3.000 03/01/362.79%
5SFOTRN 5.000 08/01/342.65%
6SOUTHEAST ENERGY AUTH COOPERAT SEEPWR 11/35 FIXED 52.52%
7NYSDEV 5.000 11/15/412.49%
8TRBGEN 5.000 12/01/342.46%
9CCEDEV 5.000 09/01/322.38%
10MAIUTL 5.000 12/01/532.37%
11FORSCD 4.000 02/15/332.32%
12MELPWR 5.000 01/01/482.24%
13OKSTRN 5.000 01/01/442.21%
14OHIO ST HOSP FAC REVENUE OHSMED 01/35 FIXED OID 3.252.09%
15MISHGR 5.000 02/15/302.03%

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Sector weights
Other100%
Cash & Others100%
Municipal99.29%
Government1.38%
Mutual fund0.71%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Country weights
United States100%
Other100%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week-0.2%
1 month+0.4%
3 months-0.6%
6 months-2.9%
YTD-1.7%
1 year+0.1%
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week
1 month
3 months
YTD
1 year−$1M

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
SepOctNovDecJanFebMarAprMayJunJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
3%realized volatility, 30 days (annualized)
3%realized volatility, 1 year
-3.5%deepest fall from a peak, 1 year
-3.1%where it sits vs. that peak today

The top holding is 3.0% of the book; the top ten carry 26%. Spread across 73+ names, it behaves like roughly 57 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

The case against MBND

Due diligence cuts both ways. These funds sit on the same shelf and beat MBND on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
STIP iShares 0-5 Year TIPS Bond ETF0.03%$16B+$288M-37bp on fee · 594× the assets · +$288M in over the monthHead-to-head
MBB iShares MBS ETF0.04%$39B+$26M-36bp on fee · 1444× the assets · +$26M in over the monthHead-to-head
IJH iShares Core S&P Mid-Cap ETF0.05%$128.4B+$547M-35bp on fee · 4753× the assets · +$547M in over the monthHead-to-head
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF0.04%$23.4B+$520M-36bp on fee · 867× the assets · +$520M in over the monthHead-to-head
IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF0.04%$18.7B+$312M-36bp on fee · 691× the assets · +$312M in over the monthHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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