State Street(R) SPDR Nuveen ICE Short Term Municipal Bond ETF
U.S. bond index ETF · tracks ICE 1-5 Year AMT-Free Broad Municipal Index
As of its 2026 Q2 report, State Street(R) SPDR Nuveen ICE Short Term Municipal Bond ETF held 1,046 positions with $3.47B in net assets. Its ten largest holdings made up 5.5% of the fund. The SHM share class costs 0.2% a year. Over the 12 months to May 2026, SHM returned 3.3%, with dividends reinvested. In 2026 Q2 it added 145 new positions and exited 87.
The State Street SPDR Nuveen ICE Short Term Municipal Bond ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the short term tax exempt municipal bond market and provides income that is exempt from federal income taxes.
The fund tracks the ICE 1-5 Year AMT-Free Broad Municipal Index through a sampling strategy, holding a subset of index securities or substantially all of them as determined by its sub-adviser, Nuveen Asset Management. The fund invests at least 80% of assets in index securities or economically identical municipal bonds, focusing on short-term tax-exempt debt issued by U.S. states, territories, and local governments with investment-grade ratings and 1 to 5 years to maturity. Because the sub-adviser may hold only a subset of index constituents rather than all of them, the fund's performance may diverge from the index.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Southeast Energy Authority A Cooperative District 5.00% · due 2030-10-01 | 0.92% | $32.04M | — |
State of California 5.00% · due 2027-10-01 | 0.69% | $23.88M | — |
New York State Dormitory Authority 5.00% · due 2029-03-15 | 0.61% | $21.30M | — |
GVMXXState Street Global Advisors | 0.56% | $19.51M | — |
State of California 5.00% · due 2029-03-01 | 0.52% | $18.14M | — |
State of California 5.00% · due 2028-09-01 | 0.49% | $16.91M | — |
State of California 5.00% · due 2028-09-01 | 0.46% | $15.85M | — |
City of New York NY 5.00% · due 2027-08-01 | 0.45% | $15.42M | — |
University of California 5.00% · due 2027-05-15 | 0.41% | $14.07M | — |
Triborough Bridge & Tunnel Authority 5.00% · due 2028-11-15 | 0.41% | $14.03M | — |
The 200 largest of 1,046 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 99.18% |
| Cash & short-term | 0.56% |
How it has done
SHM share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.63%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
State Street(R) SPDR Nuveen ICE Short Term Municipal Bond ETF is a U.S. bond index ETF that tracks the ICE 1-5 Year AMT-Free Broad Municipal Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.20%· SHM 0.20%
- Portfolio turnover
- 31.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
145 new· the largest 7
87 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 85.4% |
| Floating rate | 14.3% |
| Zero-coupon or unclassified | 0.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.9% |
| 1-3y | 45.0% |
| 3-5y | 35.5% |
| 5-10y | 1.8% |
| 10y+ | 13.8% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 54% |
| Interest rates | 46% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.51 yr |
| High yield | +0.00 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.05 yr | 2% |
| 1 yr | 1.00 yr | 47% |
| 5 yr | 1.08 yr | 51% |
| 10 yr | 0.00 yr | 0% |
| 30 yr | 0.00 yr | 0% |
| 3 mo | 0.02 yr | 1% |
| 1 yr | 1.16 yr | 46% |
| 5 yr | 1.34 yr | 53% |
| 10 yr | 0.00 yr | 0% |
| 30 yr | 0.00 yr | 0% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.05 | +0.02 | +0.00 | $6.6k | $182 |
| 1 yr | +1.00 | +1.16 | +0.00 | $401.5k | $672 |
| 5 yr | +1.08 | +1.34 | +0.00 | $463.2k | $573 |
| 10 yr | +0.00 | +0.00 | +0.00 | $472 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $200 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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