The $268.1 million SPDR Nuveen S&P High Yield Municipal Bond ETF (NYSEArca: HYMB) is another muni ETF that has pared its Puerto Rico exposure. HYMB’s underlying index, the S&P Municipal Yield Index, had a 13% weight to Puerto Rico at the end of June, according to Reuters.

However, HYMB’s weight to the territory was just 7.2% as of July 24, according to State Street data. That is less than half the 16% weight the ETF allocates to California munis. Puerto Rico is HYMB’s seventh-largest geographic exposure.

The Market Vectors Short High-Yield Municipal Index ETF (NYSEArca: SHYD), which debuted in January, also tracks a Barclays index that features a 7.1% weight to Puerto Rico. SHYD, however, has a 5.5% weight to Puerto Rico, or just over half the ETF’s weight to Ohio munis. [New Short-Term Muni ETF Debuts]

Market Vectors High Yield Municipal Index ETF

ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of HYD.