ETF Spotlight on the SPDR Nuveen Barclays California Municipal Bond ETF (NYSEArca: CXA), part of an ongoing series.

Assets: $75 million

Objective: The SPDR Nuveen Barclays California Municipal Bond ETF tries to reflect the performance of the Barclays Managed Money Municipal California Index, which is comprised of publicly traded California municipal bonds, including state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

Holdings: Top holdings include California St. Dept. of Water Resources 4 05/01/2019 3.0%, California St. Dept. of Water Resources 5 05/01/2019 2.8%, Los Angeles CA Dept. Water & Power 5 01/01/2016 2.8%, California St. Educational FACS AUT 5.25 04/01/2040 2.4% and San Mateo County CA JT PWRS FING 5 06/15/2025 2.4%.

What You Should Know:

  • State Street Global Advisors sponsors the fund.
  • CXA has a 0.20% expense ratio.
  • The ETF has 92 holdings and the top ten components make up 23.8% of the overall portfolio.
  • Sector allocations include Go Local 32.2%, Water & Sewer 16.9%, Power 13.6%, Special Tax 11.3%, Education 8.9%, Leasing 6.9%, Transportation 6.7%, Go State 1.6% and Solid Waste/Res Recover 1.6%.
  • Credit quality allocations include Aaa 6.0% andd Aa 94.0%.
  • CXA has a 8.55 year modified duration.
  • The Fund has a 2.13% 30-day SEC yield, or a 4.34% taxable equivalent 30-day SEC yield.
  • The ETF is up 0.8% over the past month, up 1.7% over the last three-months and up 8.1% year-to-date.
  • CXA is trading 1.6% above its 200-day exponential moving average.
  • California municipal bonds provide attractive yields for taxpayers in higher-income brackets as the investments are exempt from fdearl income taxes and state taxes for those living in the issuing state.

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