HYMB:what it yields, how rates move it and what it holds
State Street SPDR Nuveen ICE High Yield Municipal Bond ETF. Portfolio as of June 30, 2026, from the fund's SEC filing (Form N-PORT).
High-yield municipal. State and city bonds, a large part of them below investment grade.
Yield to maturity (YTM)
5.22%
before the fund's costs
As of June 30, 2026, before the fund's costs.
- If rates rise 1 pointestimated from its duration, 6.6 years
- -6.6%
- Investment gradeof the credit risk, BBB or better
- 29%
- Size1,871 positions
- $3.1B
In a few words
HYMB holds 1,871 positions. 98% of the portfolio is bonds of US states and cities. On June 30, 2026, the bonds it holds had a yield to maturity (YTM) of 5.22% a year, before the fund's costs. Its duration is 6.6 years: if rates rise by 1 percentage point, its price falls about 6.6%. In 2022, when rates rose sharply, its total return was -15.3%.
Every ETF in High-yield municipalIf rates change
A rough estimate, if rates moved at once and equally at every maturity.
Price, at once
-6.6%
Over 12 months, with the yield
-1.4%
Ready-made moves
| Change in rates | At once | 12 months |
|---|---|---|
| +6.6% | +11.9% | |
| +3.3% | +8.5% | |
| 0.0% | +5.2% | |
| -3.3% | +1.9% | |
| -6.6% | -1.4% | |
| -13.3% | -8.1% |
At a yield of 5.22% and a duration of 6.6 years, a rise in rates of about 0.79 points within the year would eat the whole year's yield.
Past returns
The ETF's total return, price change plus distributions, as the fund reports it to the SEC.
Last 12 months
+7.6%
3 years, average per year
+4.9%
Worst 12 months
-18.2%
Largest fall from a peak
-19.7%
100 at the start 114.3 at the end, distributions reinvested
What it holds
Portfolio as of June 30, 2026: who issued the bonds, when they mature and the largest issuers.
Largest issuers
The 10 largest are 23.9% of the fund.
When they mature
Details
- Issuer
- States and cities, 98.3%
- Positions
- 1,871
- Average coupon
- 4.80%
- Floating rate
- 5.4%
- In other currencies
- 0.0%
- Mortgage-backed
- 0.0%
- In default
- 0.33%
- Hard to value
- 0.01%
- Cash and cash funds
- 0.9%
Maturities as stated on the bonds. Mortgage bonds, many corporate bonds and city bonds can be repaid early, so in practice they mature sooner.
Similar bond ETFs
Same kind as HYMB, nearest in rate sensitivity.
The full analysis
And what about stocks?
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- A fair value range built from the filings
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- Insider and institutional moves
- The case for and the case against
How much would HYMB fall if rates rose?
With a duration of 6.6 years, an immediate one-point rise in rates would take about 6.6% off its price. An equal fall would add about the same.
What is HYMB's yield?
On June 30, 2026, according to its filing, the bonds it holds had a yield to maturity (YTM) of 5.22% a year, before the fund's costs. That is not the distribution the ETF pays, and it moves every day with prices.
How did HYMB do in 2022?
In 2022 HYMB returned -15.3% in total, as the fund reports it.
Is this HYMB's dividend yield?
No. The yield to maturity shown here is what the bonds the fund holds would earn a year if held to maturity, at the prices on the filing date. The dividend yield measures what the ETF paid over the last 12 months against its price, and it lags, because it depends on the coupons of bonds bought earlier. The SEC yield the issuer publishes is a standardised 30-day figure after costs, and usually lands close to the yield to maturity, a little below. When rates have risen, the dividend yield is usually lower than the other two.
Related pages
This page describes what bond ETFs hold, based on their SEC filings. Bond prices change every day and past returns do not say what comes next.