State Street Global Advisors has launched an actively managed exchange-traded fund that invests in municipal bonds according to environmental, social and governance standards, the SPDR Nuveen Municipal Bond ESG ETF.
The fund is designed to invest in municipal securities from issuers that are leaders in their sector at delivering environmental, social and governance outcomes or whose proceeds are used for positive environmental or social projects.
[More: MSRB ponders ESG disclosure for muni bonds]
The fund will trade under the ticker MBNE and will invest in investment-grade, tax-exempt municipal bonds that mature in two to 17 years.
SSGA Funds Management Inc. serves as investment adviser to the fund and Nuveen Asset Management serves as investment sub-adviser. Nuveen is a unit of TIAA.
