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Home   »   ETFs : SPDR® Nuveen S&P® VRDO Municipal Bond ETF (VRD)
VRD

SPDR® Nuveen S&P® VRDO Municipal Bond ETF

Fund Objective

The SPDR® Nuveen S&P® VRDO Municipal Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the S&P® National AMT-Free Municipal VRDO Index.

Ordinary brokerage commissions may apply.

Fund Information

As of 04/16/2014
Ticker SymbolVRD
Primary BenchmarkS&P National AMT-Free Municipal VRDO Index
CUSIP78464A318
Short Selling AllowedYes
Options AvailableNo
Gross Expense Ratio0.20%
Inception Date09/23/2009
Investment ManagerSSgA Funds Management, Inc.
DistributorState Street Global Markets, LLC
Distribution FrequencyMonthly
ExchangeNYSE ARCA EXCHANGE

Fund Characteristics

As of 04/14/2014
Average Maturity in Years
Average Maturity

The market value-weighted average maturity of the bonds in a portfolio, where maturity is defined as Stated Final for bullet maturity bonds and the average time to receipt of all principal payments for amortizing instruments, including mortgage pass-throughs, CMOs, amortizing asset-backed securities and ARMs.

19.31
Average Price$100.00
Average Yield To Worst
For callable and/or puttable securities, the minimum value of the yield to maturity, yield to put, and yield to call. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.
0.11%
Current Yield

 Average Current Yield

The market value weighted average current coupon of the bonds in the portfolio divided by current market price of the bonds in the portfolio.

0.05%
Dividend Yield

Fund Dividend Yield is the sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

Index Dividend Yield is the weighted average of the underlyings’ indicated annual dividend divided by price, expressed as a percentage.

0.01%
Duration

Modified Adjusted Duration

An option-adjusted measure of a portfolio's sensitivity to changes in interest rates.  Calculated as the percentage change of a portfolio’s value for a 100 basis point change in yield.

7 Day Reset
Number of Holdings31
Yield To Maturity

Average Yield to Maturity

The market weighted average rate of return anticipated on the bonds held in a portfolio if they were to be held to their maturity date.

0.11%

SEC Yields

As of 04/14/2014
30 Day SEC Yield

30 Day SEC Yield (Standardized Yield) 

An annualized yield that is calculated by dividing the investment income earned by the fund less expenses over the most recent 30-day period by the current maximum offering price.

-0.09%
Taxable Equivalent Yield

Taxable Equivalent Yield

Taxable equivalent yield shows what you would have to earn on an investment taxed at the highest Federal income tax rate of 43.4% to equal the fund’s tax-free yield.  The formula for taxable equivalent yield is: tax exempt yield / (1 – tax rate), plus the taxable portion of the yield, if any.  For example, you would have to earn 3.53% on a taxable security to match a 2.00% yield on a tax exempt security.

-0.15%

Index Characteristics

As of 04/14/2014
Average Maturity in Years
Average Maturity

The market value-weighted average maturity of the bonds in a portfolio, where maturity is defined as Stated Final for bullet maturity bonds and the average time to receipt of all principal payments for amortizing instruments, including mortgage pass-throughs, CMOs, amortizing asset-backed securities and ARMs.

20.39
Average Price$100.00
Average Yield To Worst
For callable and/or puttable securities, the minimum value of the yield to maturity, yield to put, and yield to call. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.
0.00%
Current Yield

 Average Current Yield

The market value weighted average current coupon of the bonds in the portfolio divided by current market price of the bonds in the portfolio.

0.13%
Number of Holdings138
Yield To Maturity

Average Yield to Maturity

The market weighted average rate of return anticipated on the bonds held in a portfolio if they were to be held to their maturity date.

0.13%

Fund Documents

Fund Market Price

As of 04/14/2014
Bid/Ask$29.93
Closing Price$29.90
Day High$29.97
Day Low$29.87
Exchange Volume (shares)4,780
Premium/Discount-0.21%
Premium Discount to Nav Chart

Fund Net Asset Value

NAV

Market value of a mutual fund’s and ETF’s total assets, minus liabilities, divided by the number of shares outstanding

As of 04/14/2014
Price$29.99
Shares Outstanding200,000
Total Net Assets$6.00 M
Most Recent NAV / NAV History XLS

Fund Net Cash Amount

As of 04/14/2014
Net Cash Amount$478,387.07

Purchase Information

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases1, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions apply.

Performance Graphs

Month End as of 03/31/2014

Fund Inception Date: 09/23/2009

Index Inception Date: 09/23/2009

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Nuveen S&amp;P&lt;sup&gt;®&lt;/sup&gt; VRDO Municipal Bond ETF" bmarkName="S&amp;P National AMT-Free Municipal VRDO Index"><funds><field>1 Month</field><fund>-0.01</fund><index>0.01</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>-0.03</fund><index>0.02</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>-0.03</fund><index>0.02</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>-0.05</fund><index>0.11</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>0.26</fund><index>0.20</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>0.36</fund><index>0.24</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 03/31/2014

Fund Inception Date: 09/23/2009

Index Inception Date: 09/23/2009

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Nuveen S&amp;P&lt;sup&gt;®&lt;/sup&gt; VRDO Municipal Bond ETF" bmarkName="S&amp;P National AMT-Free Municipal VRDO Index"><funds><field>1 Month</field><fund>-0.01</fund><index>0.01</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>-0.03</fund><index>0.02</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>-0.03</fund><index>0.02</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>-0.05</fund><index>0.11</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund>0.26</fund><index>0.20</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>N/A</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>0.36</fund><index>0.24</index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings
Subject to change.

As of 04/14/2014
NameWeightIsin
NEW YORK CITY NY TRANSITIONAL .3 11/01/20225.43%US64971KGD28
MASSACHUSETTS ST BAY TRANSPRTN .06 07/01/20215.00%US575579TJ67
MONTGOMERY CNTY TN PUBLIC BLDG .1 09/01/20295.00%US613679AC30
NEW YORK ST HSG FIN AGY .09 11/01/20375.00%US64986MZB44
WASHINGTON ST HLTH CARE FACS A .09 10/01/20425.00%US93978HGF64
STHRN UTE INDIAN TRIBE OF STHR .08 04/01/20405.00%US844090AC40
MONTGOMERY CNTY VA INDL DEV AU .07 02/01/20395.00%US613755BN66
OHIO ST 0 06/15/20265.00%US677520NH77
NORFOLK VA REDEV & HSG AUTH RE .13 07/01/20344.92%US655909BP37
ALASKA ST HSG FIN CORP HOME MT .22 12/01/20414.17%US01170PBX33
Download All Holdings XLS

Fund Sector Allocation

As of 04/14/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/14/2014</asOfDate><attributes><attribute><rawValue>99.535778</rawValue><value>99.54%</value><label>MUNICIPALS</label><order>1</order></attribute><attribute><rawValue>0.464221</rawValue><value>0.46%</value><label>CASH</label><order>2</order></attribute></attributes><code>FUND_SECTOR_ALLOCATION</code></component>

Index Sector Allocation

As of 04/14/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/14/2014</asOfDate><attributes><attribute><rawValue>100.0</rawValue><value>100.00%</value><label>MUNICIPALS</label><order>1</order></attribute></attributes><code>BMARK_SECTOR_ALLOCTAION</code></component>

Fund Quality Breakdown

Quality Breakdown

Barclays uses the “middle rating” of Moody’s, S&P, and Fitch to determine a security’s index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 04/14/2014
Aaa18.76%
Aa38.35%
A36.59%
Baa4.17%
Below Baa1.67%
Not Rated0.46%

Index Quality Breakdown

Quality Breakdown

Barclays uses the “middle rating” of Moody’s, S&P, and Fitch to determine a security’s index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 04/14/2014
Aaa7.30%
Aa71.66%
A17.22%
Baa3.74%
Not Rated0.08%

Fund Maturity Ladder

As of 04/14/2014
0.00-1.00 Years0.46%
7.01-10.00 Years10.43%
10.01-15.00 Years14.17%
15.01-20.00 Years20.01%
20.01-30.00 Years54.93%

Index Maturity Ladder

As of 04/14/2014
1.01-2.00 Years1.50%
5.01-7.00 Years1.59%
7.01-10.00 Years4.55%
10.01-15.00 Years13.10%
15.01-20.00 Years22.68%
20.01-30.00 Years53.12%
30.01+ Years3.47%

Fund Top Ten States

As of 04/14/2014
NameWeight
COLORADO-CO14.17%
NEW YORK-NY12.09%
VIRGINIA-VA9.92%
OHIO-OH8.34%
TENNESSEE-TN8.34%
ALASKA-AK7.51%
PENNSYLVANIA-PA6.67%
CALIFORNIA-CA5.00%
MASSACHUSETTS-MA5.00%
WASHINGTON-WA5.00%

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.

Unless otherwise noted all information contained herein is that of the SPDR Nuveen S&P VRDO Municipal Bond ETF.

State Street Global Markets, LLC is the distributor for all registered products on behalf of the advisor.  SSgA Funds Management has retained Nuveen Asset Management as the sub-advisor.

Municipal Bond ETF Management Team

Portfolio Manager Matt Pappas Vice President Show Bio

Matthew is a Vice President of State Street Global Advisors where he is a Senior Portfolio Manager in the Alpha Strategies, North America Fixed Income Group. Matt manages various investment grade multi sector strategies, many designed to meet client specific objectives.
Prior to his current role, Matt was a research analyst in the Credit Research group supporting the Securities Lending and Cash desk. This role included both quantitative and qualitative credit analysis on corporate and short-term structured products. Matt originally joined SSgA as an Investment Operations associate before transitioning to the Research group in 2002. Matt has been a member of the Fixed Income area since joining SSgA in 1999.
Matt earned his MBA with a concentration in Finance from Bryant University. He obtained his Bachelor degree in Accounting from the University of Massachusetts, Dartmouth.

After Tax Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

S&P National AMT-Free Municipal VRDO Index

 

The Municipal VRDO Index is a rules-based, market-value weighted index engineered for the municipal variable rate demand obligation bond market. To be included in the Municipal VRDO Index a security must: (i) be issued by a state (including Puerto Rico and U.S. territories) or local government or agency such that interest on the security is exempt from U.S. federal income taxes; (ii) be priced at par; (iii) have a minimum par amount of $10 million; (iv) be included in the Ipreo Holdings LLC product offering for VRDOs; (v) be rated A-3, VMIG-3 or F-3 or higher by one of the following statistical ratings agencies: S&P, Moody’s or Fitch, respectively; (vi) have a maturity of greater than or equal to one month; (vii), with respect to 75% of the constituents, be a constituent of a deal with an original offering amount of at least $100 million, or, with respect to the remaining 25% of constituents, have no minimum deal size criteria and be the highest yielding constituents (that meet all of the other criteria for eligibility) chosen from the eligible VRDO universe at each monthly rebalancing; (viii) have a weekly reset; and (ix) have a credit or liquidity support facility. The Municipal VRDO Index is rebalanced after the close of the last business day of each month, based on new issuance, size and maturity.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

© 2014 State Street Corporation. All Rights Reserved.

Important Risk Information

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; issuer credit risk; liquidity risk; and inflation risk.

The municipal market is 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.  A portion of the dividends you receive may be subject to federal, state, or local income tax or may be subject to the federal alternative minimum tax.

The Fund invests by sampling the Index, holding a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics which may cause the fund to experience tracking errors relative to performance of the Index.

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 ETF

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, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

 

Premium Discount to NAV

As of 04/14/2014
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Nuveen S&P® VRDO Municipal Bond ETF VRD $29.99 $29.90 $29.93 -0.21%
Download Fund Data

x axis: # of days y axis: # Premium/Discount percentage

The above information is provided to show the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds.

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, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.