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SPDR Nuveen S&P VRDO Municipal Bond ETF
Ticker Symbol: VRD* CUSIP: 78464A318 Exchange: NYSEA
* NOTE: This security is no longer trading as of 3/19/2015
Company's Online Profile
FUND DESCRIPTION: SPDR Nuveen S&P VRDO Municipal Bond ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the SPDR Series Trust, an investment management company. INVESTMENT OBJECTIVE: SPDR Nuveen S&P VRDO Municipal Bond ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the S&P National AMT-Free Municipal VRDO Index. INDEX DESCRIPTION: The S&P National AMT-Free Municipal VRDO Index tracks investment grade VRDOs issued by U.S. states and territories or local governments or agencies, such that interest on the securities is exempt from U.S. federal income taxes, with maturities greater than or equal to one month. A VRDO is a short-term tax-exempt fixed income instrument whose coupon rate is reset on a periodic basis (e.g., weekly or monthly). VRDOs tend to be issued with long maturities of up to 30 or 40 years; however, they are considered short-term instruments because they include a bondholder put provision that coincides with the periodic coupon rate reset which allows the bondholder to redeem a bond at face value. VRDOs included in the Municipal VRDO Index reset weekly. VRDOs are put back to a bank or other entity that serves as a liquidity provider (the Remarketing Agent), rather than the issuer. The Remarketing Agent tries to resell those VRDOs or, failing that, holds them in its own inventory. In addition, VRDOs commonly hold a credit enhancement, such as a letter of credit from the Remarketing Agent or a bank, and/or bond insurance. As of August 31, 2009, there were approximately 377 issues included in the Municipal VRDO Index. FUND STRATEGY: The Fund is designed for investors who seek a relatively low-cost passive approach for investing in a portfolio of securities as represented in the Fund's Index. The Fund intends to pay income that is exempt from federal income taxes and the federal alternative minimum tax. Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of the Fund's total assets in fixed income securities that comprise its Index or in fixed income securities that the has been determined to have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise its Index. The Fund uses a passive management strategy designed to track the price and yield performance of the Index. The Fund does not intend to purchase all of the securities in the Index, but rather will utilize a sampling strategy in seeking the Fund's objective. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. It is generally expected that the Fund will hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund's investment objective. FUND MANAGEMENT: SSgA FM serves as the investment adviser to the Fund.
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Notes: March 09, 2015 -- State Street Global Advisors (SSGA), the asset management business of State Street Corporation (NYSE:STT), today announced plans to close and liquidate the following three exchange traded funds based on an ongoing review of the SPDR ETF offering and limited market demand:
SPDR S&P Mortgage Finance ETF (KME);
SPDR S&P Small Cap Emerging Asia Pacific ETF (GMFS); and
SPDR Nuveen S&P VRDO Municipal Bond ETF (VRD). The final day for creations in the liquidating ETFs will be March 18, 2015. Trading of these three funds will be suspended on the NYSE Arca as of the open on March 19 and proceeds of the liquidation are scheduled to be sent to shareholders on or about March 31, 2015.
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IPO - 9/23/2009 -
Link to IPO Prospectus
Previous Name: SPDR S&P VRDO Municipal Bond ETF
Micro Cap Stock -
Market Value $15.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: One Lincoln Street, Boston, MA 02111 |
| Main Phone Number |
866-787-2257 |
| Fax Number |
Not Available |
| Investor Contact
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866-787-2257
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| Toll Free Phone Number |
866-787-2257 |
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