SPDR® Nuveen Bloomberg Short Term Municipal Bond ETF SHM

Important Risk Disclosure

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.

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.

Income exempt from federal income tax may be subject to state or local tax and the Federal Alternative Minimum Tax (AMT).

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. There are additional risks for funds that invest in mortgage-backed and asset-backed securities including the risk of issuer default; credit risk and inflation risk.

The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”); however, the Fund may become “non-diversified,” as defined under the 1940 Act, solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.

Passively managed funds invest 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. This may cause the fund to experience tracking errors relative to performance of the index.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

Intellectual Property Information: The S&P 500^® Index is a product of S&P Dow Jones Indices LLC or its affiliates (“S&P DJI”) and have been licensed for use by State Street Global Advisors. S&P^®, SPDR^®, S&P 500^®,US 500 and the 500 are trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and has been licensed for use by S&P Dow Jones Indices; and these trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by State Street Global Advisors. The fund is not sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of these indices.

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.

The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.

Overview Performance Holdings Documents Purchase Information

Morningstar Fund Comparison

NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$46.77

as of May 31 2023

Base Currency

USD

Assets Under Management

$4,240.09 M

as of May 31 2023

Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

0.20%

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Key Features

The SPDR^® Nuveen Bloomberg Short Term Municipal Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Bloomberg Managed Money Municipal Short Term Index (the "Index")

Seeks to provide exposure to the publicly traded municipal bonds that cover the U.S. dollar denominated short term tax exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds

The Index excludes bonds subject to Alternative Minimum Tax

Rebalanced on the last business day of the month

About this Benchmark

The Bloomberg Managed Money Municipal Short Term Index is a rules-based, market-value weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated short term tax exempt bond market, including state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. All bonds in the Short Term Municipal Bond Index must be rated Aa3/AA- or higher by at least two of the following statistical ratings agencies: Moody's Investor Service, Inc., Standard & Poor's and Fitch Inc. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the agencies rates the security, the rating must be at least Aa3/AA-. Each index security must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate and have a nominal maturity of one to five years. No issuer may constitute more than 10% of the Short Term Municipal Bond Index. Bonds subject to AMT, hospital bonds, housing bonds, tobacco bonds, and airline bonds, along with remarketed issues, taxable municipal bonds, floaters, and derivatives are all excluded from the Short Term Municipal Bond Index.

Fund Information as of Jun 01 2023

Benchmark	Bloomberg Managed Money Municipal Short Term Index
Inception Date	Oct 10 2007
Options Available	Yes
Gross Expense Ratio Gross Expense Ratio The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.	0.20%
Base Currency	USD
Administrator	State Street Global Advisors Funds Management Inc.
Sub-advisor	Nuveen Asset Management, LLC
Investment Manager	SSGA Funds Management, Inc.
Distributor	State Street Global Advisors Funds Distributors, LLC
Distribution Frequency	Monthly

Listing Information as of Jun 01 2023

Exchange	Listing Date	Trading Currency	Ticker	CUSIP	ISIN
NYSE ARCA EXCHANGE	Oct 10 2007	USD	SHM	78468R739	US78468R7391

Fund Characteristics as of May 31 2023

Number of Holdings	886
Average Coupon Average Coupon The [market value] weighted average coupon of the bonds in a portfolio.	4.83%
Average Maturity in Years Average Maturity The market value-weighted average maturity of the bonds and loans in a portfolio, where maturity is defined as the stated final for bullet maturity bonds and loans.	2.89
Average Price	$104.33
Average Yield To Worst The lowest potential yield that can be received on a bond without the issuer actually defaulting. The YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.	3.05%
Option Adjusted Duration Option Adjusted Duration An option-adjusted measure of a bond's (or portfolio's) sensitivity to changes in interest rates calculated as the average percentage change in a bond's value (price plus accrued interest) under shifts of the Treasury curve +/- 100 bps. Incorporates the effect of embedded options for corporate bonds and changes in prepayments for mortgage-backed securities.	2.64 years
Yield to Maturity 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.	3.05%

Index Characteristics as of May 31 2023

Number of Holdings	3,610
Average Maturity in Years	2.91
Average Price	$105.03
Average Yield To Worst	3.08%
Option Adjusted Duration	2.66 years
Yield to Maturity	3.09%

Yields as of May 31 2023

30 Day SEC Yield 30 Day SEC Yield (Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price.	2.70%
30 Day SEC Yield (Unsubsidized) 30 Day SEC Yield (Unsubsidized) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price that does not account for expense ratio waivers.	-
Fund Distribution Yield Fund Distribution Yield The sum of the most recent 12 distributions within the past 365 days divided by Net Asset Value per share, expressed as a percentage.	0.81%
Tax Equivalent Yield Taxable Equivalent Yield Return that is required on a taxable investment to make it equal to the return on a tax-exempt investment. Tax equivalent yield is based on the Fund's 30 Day SEC Yield and the highest marginal federal income tax rate.	4.57%

Fund Market Price as of May 31 2023

Bid/Ask Bid/Ask Mid Point (Also known as Mid Price) The price between the best price of the sellers for a trading unit of a given security and the best price of the buyer of a trading unit of a given security.	$46.78
Closing Price Closing Price Market Price of last reported trade on the exchange.	$46.71
Day High	$46.78
Day Low	$46.69
Exchange Volume (Shares) Exchange Volume (shares) Represents the volume of shares traded on the ETF's primary exchange throughout the previous business day.	76,949
Premium/Discount Premium/Discount to NAV Shows the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds calculated as ((4PM Bid/Ask - Closing NAV) / Closing NAV * 100)	0.00%
30-Day Median Bid/Ask Spread The median bid-ask spread is calculated by identifying national best bid and national best offer ("NBBO") for each Fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and posted on each business day.	0.02%

Premium Discount to NAV Graph and Summary

The line graph and table below show historical information about the differences between the daily closing price for shares of the fund (as determined by the fund’s listing exchange) and the fund’s net asset value over certain periods. The vertical axis of the line graph shows the premium/discount expressed as a percentage of NAV. The horizontal axis indicates the date at which the premium/discount occurred. The table shows the number of trading days in which the fund traded at a premium or at a discount to NAV.

Number of Days Summary

	Calendar Year 2022	First Quarter of 2023
Days Traded at Premium Number of days the ETF 4PM Bid/Ask was above the NAV.	98	16
Days Traded at Discount Number of days the ETF 4PM Bid/Ask was below the NAV.	153	46

Fund Data

Because ETFs trade like stocks at current market prices, shareholders may pay more than a fund’s NAV when purchasing fund shares and may receive less than a fund’s NAV when selling fund shares.

Fund Net Cash Amount as of May 31 2023

Net Cash Amount

$30,547,389.89

Fund Net Asset Value as of May 31 2023

NAV NAV The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.	$46.77
Shares Outstanding	90.65 M
Assets Under Management	$4,240.09 M

Most Recent NAV / NAV History

Fund Performance

Fund Inception Date: Oct 10 2007

as of Apr 30 2023

	As Of	1 Month	QTD	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception Oct 10 2007
Fund Before Tax
NAV	Apr 30 2023	-0.66%	-0.66%	0.61%	1.63%	-0.29%	0.88%	0.70%	1.61%
Market Value	Apr 30 2023	-0.65%	-0.65%	0.55%	1.67%	-0.36%	0.87%	0.71%	1.61%
Benchmark Bloomberg Managed Money Municipal Short Term Index	Apr 30 2023	-0.59%	-0.59%	0.85%	2.14%	0.02%	1.17%	0.97%	1.99%
Fund After Tax
Return after Taxes on Distributions	Apr 30 2023	-0.69%	-0.69%	0.51%	1.53%	-0.34%	0.85%	0.68%	1.60%
Return after Taxes on Distributions and Sale of Fund Shares	Apr 30 2023	-0.39%	-0.39%	0.36%	1.18%	-0.05%	0.90%	0.76%	1.55%
Benchmark Bloomberg Managed Money Municipal Short Term Index	Apr 30 2023	-0.59%	-0.59%	0.85%	2.14%	0.02%	1.17%	0.97%	1.99%

as of Mar 31 2023

	As Of	1 Month	QTD	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception Oct 10 2007
Fund Before Tax
NAV	Mar 31 2023	1.75%	1.28%	1.28%	1.18%	-0.03%	0.95%	0.79%	1.66%
Market Value	Mar 31 2023	1.81%	1.21%	1.21%	1.10%	-0.04%	0.94%	0.77%	1.66%
Benchmark Bloomberg Managed Money Municipal Short Term Index	Mar 31 2023	1.65%	1.45%	1.45%	1.62%	0.28%	1.22%	1.05%	2.03%
Fund After Tax
Return after Taxes on Distributions	Mar 31 2023	1.71%	1.21%	1.21%	1.11%	-0.06%	0.92%	0.77%	1.65%
Return after Taxes on Distributions and Sale of Fund Shares	Mar 31 2023	1.04%	0.76%	0.76%	0.93%	0.16%	0.96%	0.83%	1.59%
Benchmark Bloomberg Managed Money Municipal Short Term Index	Mar 31 2023	1.65%	1.45%	1.45%	1.62%	0.28%	1.22%	1.05%	2.03%

Past performance is not a reliable indicator of future performance. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment. All results are historical and assume the reinvestment of dividends and capital gains. It is not possible to invest directly in an index.

Performance returns for periods of less than one year are not annualized. Performance is shown net of fees.

Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income as applicable.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Gross Expense Ratio: 0.20%

Top Holdings

Subject to change.

Fund Top Holdings as of May 31 2023

Name	Market Value	ISIN	Weight
ORATRN 5.000 10/15/24	74,488,552.00	US68441VAA35	1.76%
NYCUTL 5.000 06/15/26	49,102,955.00	US64972GYR90	1.16%
CAS 5.000 10/01/26	39,937,221.00	US13063DM218	0.94%
CAS 4.000 10/01/24	38,261,447.00	US13063DPR34	0.90%
CAS 5.000 10/01/27	34,629,003.00	US13063DG939	0.82%
CHBGEN 4.000 11/01/25	34,721,004.00	US169498FR89	0.82%
NJSEDU 5.000 03/01/27	34,257,894.00	US646067EJ39	0.81%
NYC 5.000 08/01/27	32,964,620.00	US64966QM311	0.78%
NYSDEV 5.000 03/15/26	31,830,275.00	US650036CQ73	0.75%
NYSHGR 5.000 03/15/27	30,173,136.00	US64990FJ542	0.71%

Download All Holdings: Daily Centralized Systematic Valuation Aggregated Cash Flow (ACF) File »

Sector Allocation

as of May 31 2023

Fund Sector Breakdown as of May 31 2023

Sector	Weight
Muni Local	27.81%
Muni State	26.93%
Muni Special Tax	14.97%
Muni Water & Sewer	10.62%
Muni Education	6.45%
Muni Leasing	6.22%
Muni Transportation	4.93%
Muni Power	2.34%
Muni Industrial Revenue	0.24%
Not Classified	-0.52%

Index Sector Breakdown as of May 31 2023

Sector	Weight
Muni Local	24.12%
Muni State	23.56%
Muni Special Tax	14.33%
Muni Water & Sewer	9.90%
Muni Education	7.95%
Muni Leasing	7.85%
Muni Transportation	7.74%
Muni Power	4.27%
Muni Industrial Revenue	0.24%
Muni Solid Waste/Res Recovery	0.04%

Quality Breakdown

as of May 31 2023

Fund Quality Breakdown as of May 31 2023

Name	Weight
Aaa	32.24%
Aa	67.40%
A	0.17%
Baa	0.17%
NR	0.01%

Index Quality Breakdown as of May 31 2023

Name	Weight
Aaa	29.69%
Aa	70.31%

Maturity Ladder

as of May 31 2023

Fund Maturity Ladder as of May 31 2023

Name	Weight
0 - 1 Year	1.73%
1 - 3 Years	48.18%
3 - 5 Years	43.13%
5 - 7 Years	4.65%
10 - 15 Years	0.06%
15 - 20 Years	0.01%
20 - 25 Years	0.18%
25 - 30 Years	1.87%
> 30 Years	0.19%

Index Maturity Ladder as of May 31 2023

Name	Weight
0 - 1 Year	1.02%
1 - 2 Years	22.05%
2 - 3 Years	25.22%
3 - 5 Years	49.36%
Not Classified	2.34%

Top Ten States

Fund Top Ten States as of May 31 2023

Name	Weight
CALIFORNIA-CA	20.91%
NEW YORK-NY	17.48%
TEXAS-TX	9.18%
CONNECTICUT-CT	5.30%
WASHINGTON-WA	4.58%
MARYLAND-MD	4.08%
MASSACHUSETTS-MA	3.65%
VIRGINIA-VA	3.17%
GEORGIA-GA	2.50%
OHIO-OH	2.38%

Document

Fund Documents

Tax Documents

Information & Schedules

SPDR® ETF Listing pdf

Insights & Resources

SPDR Fixed Income ETF Dashboard pdf

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 purchases, 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 may apply.

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.

Holdings and sectors shown are as of the date indicated and are subject to change. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future.

Unless otherwise noted all information contained herein is that of the SPDR^® Nuveen Bloomberg Short Term Municipal Bond ETF.

State Street Global Advisors Funds Distributors, LLC is the distributor for some registered products on behalf of the advisor. SSGA Funds Management, Inc. has retained Nuveen Asset Management as the sub-advisor. State Street Global Advisors Funds Distributors, LLC is not affiliated with Nuveen Asset Management.

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.

"Bloomberg^®" and Bloomberg Managed Money Municipal Short Term Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by State Street Global Advisors. Bloomberg is not affiliated with State Street Global Advisors, and Bloomberg does not approve, endorse, review, or recommend SPDR Nuveen Bloomberg Short Term Municipal Bond ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to SPDR Nuveen Bloomberg Short Term Municipal Bond ETF.

Prior to 10/31/2021, the SPDR Nuveen Bloomberg Short Term Municipal Bond ETF was known as the SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF.

Prior to 8/24/2021, the Bloomberg Managed Money Municipal Short Term Index was known as the Bloomberg Barclays Managed Money Municipal Short Term Index.

SPDR® Nuveen Bloomberg Short Term Municipal Bond ETF SHM

Key Features

About this Benchmark

Fund Information as of Jun 01 2023

Listing Information as of Jun 01 2023

Fund Characteristics as of May 31 2023

Index Characteristics as of May 31 2023

Yields as of May 31 2023

Fund Market Price as of May 31 2023

Number of Days Summary

Fund Net Cash Amount as of May 31 2023

Fund Net Asset Value as of May 31 2023

Fund Performance

Top Holdings Subject to change.

Fund Top Holdings as of May 31 2023

Sector Allocation

Fund Sector Breakdown as of May 31 2023

Index Sector Breakdown as of May 31 2023

Quality Breakdown

Fund Quality Breakdown as of May 31 2023

Index Quality Breakdown as of May 31 2023

Maturity Ladder

Fund Maturity Ladder as of May 31 2023

Index Maturity Ladder as of May 31 2023

Top Ten States

Fund Top Ten States as of May 31 2023

Document

Purchase Information

Top Holdings

Subject to change.