It is an actively managed ETF with a target maturity date that invests primarily in U.S. municipal bonds. The fund seeks to generate cash flows exempt from regular federal income tax while also considering principal preservation.

Investors looking to use U.S. municipal bond exposure in alignment with expected cash flow timing can evaluate its suitability.

The ETF is managed by State Street using an active management approach.

The fund combines top-down risk management that monitors the interest rate environment and credit conditions with bottom-up security selection that examines individual issuers and bond terms. As the target maturity date approaches, the weighting of cash and cash equivalents may increase, making it important to confirm alignment between the holding period and planned cash needs.

• Target Maturity Structure
• Active Bond Selection

Assets under management (AUM) stand at $8.7M, and the total expense ratio is 0.20% annually.

For target maturity bond products, it is important to review market price, net asset value, and after-tax realized returns together.

Bond product price movements can be driven by changes in interest rates and credit risk perception. In a structure approaching its target maturity, the reinvestment period shortens and the potential allocation to cash and cash equivalents increases, which can produce a different return and reinvestment risk profile than that of longer-dated bond products.

Demand for U.S. municipal bonds can be influenced by federal income tax treatment, interest rate levels, and issuer credit conditions. This product is tied to demand for maturity-based bond ladders, but during periods of market stress, investors should also monitor the potential for reduced liquidity and deviations of market price from net asset value.

The structure, which combines a target maturity date with tax efficiency, is a strength, but municipal bond credit, interest rate, and liquidity risks must be reviewed separately.

The VTEB ETF shown in the table can be a reference for investors seeking broad tax-exempt bond exposure with a lower fee burden, while the MUB ETF can be used for broad U.S. municipal bond comparisons. The JMUB ETF serves as a comparison point for actively managed municipal bond approaches, the CGMU ETF can be reviewed together when examining income-seeking municipal strategies and their fee burden, and the CMF ETF can be used to assess differences when California-focused exposure is desired. The MYMF ETF is best compared with a focus on the alignment between its target maturity structure and the timing of cash needs.

Before investing in the MYMF ETF, the alignment between the maturity date and the planned use of funds should be reviewed first. Because the product follows a liquidation structure upon reaching its target maturity rather than a typical long-term bond investment approach, it is advisable to evaluate the investment horizon, reinvestment plans, and tax treatment together.

The key risks of the MYMF ETF are interest rate fluctuations, municipal issuer credit conditions, and liquidity changes. The municipal bond market can be affected by tax, legislative, and policy variables as well as issuer financial conditions, and the ETF's market price may trade at a premium or discount to net asset value. Profit and loss can differ if the fund is sold before maturity.

The State Street 2026 Municipal Bond ETF can be considered when an investor seeks to link exposure to U.S. municipal bonds with a specific cash flow timing. However, because a target maturity structure is not suited to every investment horizon, it is advisable to review reinvestment plans following liquidation, tax treatment, and interest rate and credit risks before making a decision.