Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
State Street Nuveen Municipal Bond ETF
$25.78+0.10 (+0.41%)
- 0.40%
- $26M
- −2.7%
- 3.67%
- 0M sh
- $25.89
- low $25.27high $28.09
The ETF.net MBND Grade
D
Score 37 out of 100
- 56 of 63
Score 37 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.D26 out of 100Rank 44 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.B57 out of 100Rank 54 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C54 out of 100Rank 24 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F9 out of 100Rank 60 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D39 out of 100Rank 50 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C40 out of 100Rank 47 of 63
Our read on MBND
DA muni fund that picks rather than tracks: roughly 70 bonds chosen for value and yield, benchmarked to the intermediate 3-15 year part of the curve, with federally tax-exempt income paid monthly.
The fund seeks broad exposure to municipal bonds providing income exempt from federal income taxes and uses an active approach focused on higher-yielding, undervalued bonds with above-average total-return potential.
Why people hold it
- Active where most of the category is passive: a value-oriented hunt for higher-yielding, undervalued bonds in a concentrated book of roughly 70 positions.
- Income is exempt from federal income taxes and pays on a monthly cadence.
- Measured against the Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index, so it lives in the intermediate belly of the curve, not the long, rate-twitchy end.
Worth knowing
- 0.40% a year is above the typical muni ETF, and the category's index giants (VTEB, SCMB) run at 0.03%. Active picking has to earn that gap.
- Small asset base and thin trading volume: spreads can widen, so limit orders matter more here than in the category's mega-funds.
- A roughly 70-bond active book can diverge from its benchmark in either direction. You are buying a manager's calls, not the whole muni market.
MBND Holdings
- Bonds
- 70
- 30%
- Us Dollar
Geography
- United States100.00%
MBND Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
MBND$9,726
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | MBND |
|---|---|
| Year to date | −3.7% |
| 1 month | −2.4% |
| 3 months | −4.7% |
| 1 year | −2.7% |
| 3 years | +2.7% |
| 5 years | −0.2% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | MBND |
|---|---|---|
| 2026 YTD | −3.7% | |
| 2025 | +2.9% | |
| 2024 | +2.8% | |
| 2023 | +5.6% | |
| 2022 | −8.6% | |
| 2021 | +0.4% |
MBND in the news
MBND Dividends
- 3.67%
- $0.94
- $0.08 per share
- Monthly
Distribution history
MBND Risk
- 5.3%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.34
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −12.5%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.84
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
MBND Cost
0.40%
MBND0.40%
- The middle half of Other Municipal Bond funds
- Median 0.30%
46 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- DLTAXNomura Tax-Free USA ETFExpense ratio 0.39%1 year return —
- DRMNYRockefeller New York Municipal Bond ETFExpense ratio 0.55%1 year return −2.5%
- DJCALJPMorgan California Tax Free Bond ETFExpense ratio 0.44%1 year return —
- DJTNYJPMorgan New York Tax Free Bond ETFExpense ratio 0.43%1 year return —
- DXMPTVanEck CEF Muni Income ETFExpense ratio 3.40%1 year return −7.3%