SHMs take on short-term municipal bonds emphasizes high credit quality. It holds USD- denominated state and local general obligation, revenue, pre-refunded, and insured bonds. All bonds must be rated Aa3/AA- The fund excludes bonds with maturities greater than 5 years, so expect lower sensitivity to changes in interest rates. The bonds included in the index must have an outstanding par value of at least USD 7 million and be issued as part of a transaction of at least USD 75 million. However, the following bonds are excluded: hospital, housing, tobacco, and airline bonds, along with remarketed issues, floaters, and derivatives. The Index undergoes a monthly rebalance and caps issuers at 10%.
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