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SMMU is positioned as an actively managed, short-term municipal bond ETF aimed at generating federally tax-exempt income by owning investment-grade muni bonds with a weighted average maturity of three years or less.
The manager can rotate across muni sectors (including project-finance areas like education, health care, housing, transportation, and utilities) and may allocate heavily to industrial development bonds.
Note: the provided “Official Objective” text describes a different strategy (preferred/capital securities and bank-industry concentration), which is a material consistency risk in the dataset.
You own a basket of short-term, high-quality municipal bonds that states and cities use to fund public projects. The goal is to pay you interest that’s typically exempt from federal income taxes, while keeping interest-rate sensitivity relatively low because the bonds mature soon.
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Showing the largest holdings by weight in SMMU
| Issue Name | ISIN | ETF Weight | Market Value |
|---|---|---|---|
US TREASURY N/B 02/28 3.375 | N/A | 2.41% | $25.8M |
US TREASURY N/B 02/31 3.5 | N/A | 1.95% | $20.9M |
CONNECTICUT ST HLTH EDUCTNL CTSHGR 07/57 ADJUSTABLE VAR | N/A | 1.87% | $20.0M |
FED HOME LN DISCOUNT NT DISCOUNT NOT 05/26 0.00000 | N/A | 1.64% | $17.6M |
NEW YORK CITY NY MUNI WTR FIN NYCUTL 06/50 ADJUSTABLE VAR | N/A | 1.44% | $15.4M |
FORT BEND TX INDEP SCH DIST FORSCD 08/55 ADJUSTABLE VAR | N/A | 1.33% | $14.3M |
US TREASURY N/B 04/31 4.625 | N/A | 1.29% | $13.8M |
MIAMI DADE CNTY FL HSG FIN AUT MIAMFH 02/44 ADJUSTABLE VAR | N/A | 1.18% | $12.6M |
CONNECTICUT ST HLTH EDUCTNLF CTSHGR 07/49 ADJUSTABLE VAR | N/A | 1.17% | $12.5M |
MASSACHUSETTS ST DEV FIN AGY R MASDEV 07/61 ADJUSTABLE VAR | N/A | 1.03% | $11.0M |
Breakdown of SMMU by sector weightings (%)
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Top countries by weight (%)
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