ASTM

Strategic Municipal Bond ETF

Also available as a Mutual Fund
$25.03
NAV+$0.03 / +0.11%1-day change
$1.8B
Fund assets
Not available
30-day SEC yield*
-0.34%
Year-to-date NAV return
Data as of 10/21/2026
*As of
Strategic Municipal Bond ETF
Fund overview

Exploiting municipal market inefficiencies

The Strategic Municipal Bond ETF seeks tax-free income by principally investing in a diversified portfolio of municipal securities.

A relative value approach is conducted by actively managing the four key elements of total return: security selection, sector rotation, duration management, and yield curve positioning.

Key differentiators

  • Leverages a large, seasoned team of municipal fixed income analysts that’s supported by compliance and portfolio analytics systems
  • Collaborates across asset classes, such as using taxable fixed income analysts to gain intelligence on corporate bonds
  • May exercise the willingness and ability to move down in credit without compromising the investment process

General facts

CUSIP

01988X739

Benchmark name

Bloomberg Short-Intermediate Municipal Bond Index

Gross expense ratio

0.42%

(as of 10/21/2026)

Net expense ratio

0.42%

(as of 10/21/2026)

Dividend frequency

Monthly/Daily accrual

Inception date

3/21/1985

Exchange

NASDAQ

Shares outstanding

10,000

Daily volume (Shares)

6,245

Quick resources

ETF Education

Performance

Average annual returns

Average annual returns

(as of 9/30/2026)
3/21/1985
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Fund
NAV Market Price
-2.79
-3.61
-1.95
-0.89
3.24
0.97
1.81
4.37
LoadApplied
-2.79
-3.61
-1.95
-0.89
3.24
0.97
1.81
4.37
Bloomberg Short-Intermediate Municipal Bond Index
-3.16
-3.71
-2.67
-1.92
2.79
0.61
1.48
-
Lipper Short-Intmdt Municipal Debt Funds
-2.46
-2.94
-1.68
-0.89
3.01
0.78
1.23
-
Expenses (as of 10/21/2026)
Expense Ratio
0.42 %

One-month, three-month and year-to-date returns are not annualized.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return, principal value, and yields of an investment will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains.

Historical performance shown for the ETF Class shares prior to their inception reflects the performance of the Class R6 shares, which have the same expenses as the ETF Class shares. The Class R6 annual returns are substantially similar to what the ETF Class annual returns would be because the Class R6 and ETF Class shares are invested in the same portfolio and have the same expenses.

Calendar year

Calendar year

(as of 12/31/2025)
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Fund (NAV)
4.03
3.22
4.67
-5.04
1.29
3.52
4.91
2.26
3.29
0.48
Benchmark
5.01
1.14
4.32
-4.51
0.43
3.97
5.23
1.69
3.03
-0.15

Past performance is no guarantee of future results. Does not include sales charges, and assumes reinvestment of dividends and capital gains.

Growth of $10,000

Growth of a $10,000 investment

Data is unavailable at this time, please check back later.
Performance and volatility metrics

Performance and volatility metrics

(as of 9/30/2026)
3 Year 5 Year 10 Year
Alpha 0.83 0.44 0.00
Beta 0.86 0.86 0.00
Information Ratio 0.45 0.36 0.00
Sharpe Ratio -0.44 -0.78 0.00
R2 0.94 0.96 0.00
Tracking Error 1.00 1.01 0.00
Standard Deviation 3.34 3.74 0.00
Upside Capture 90.14 87.18 0.00
Downside Capture 73.46 82.91 0.00

Prices, yields and distributions

Prices and trading

Closing price $25.01 10/21/2026
Day high $25.03 10/21/2026
Day low $25.01 10/21/2026
Daily volume (Shares) 6,245 10/21/2026
Premium/Discount -0.09% 10/21/2026
30-Day median bid/ask spread 0.12% 10/21/2026

Premium/Discount

Number of Days Traded At: 2025 Q1
2026 		Q2
2026 		Q3
2026 		Q4
2026
Premium - - - - 0
NAV - - - - 1
Discount - - - - 1

Distribution summary
Dividends Monthly/Daily accrual
Capital gains Annually

Yields

Yield Statistic Date
Distribution yield - 10/21/2026
30-day SEC yield - -
30-day unsubsidized SEC yield - -
Yield to maturity 4.96% 9/30/2026
Yield to worst 4.91% 9/30/2026

Composition

Portfolio statistics

Portfolio statistics

(as of 9/30/2026)
Fund Benchmark
Number of Holdings 888 31633
Effective Duration 4.07 4.12
Weighted Average Effective Maturity 5.66 Years 4.74 Years
AMT 15.51 -
Average Credit Rating A- AA-
Credit Spread Duration 4.00 4.08

Placement within the Morningstar Fixed-Income Style Box™ is based on two variables: the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted average credit quality. The weighted average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of low, medium, or high based on their average credit quality. Funds with a low credit quality are those whose weighted average credit quality is determined to be less than BBB-, medium are those less than AA- but greater or equal to BBB-, and high are those with a weighted average credit quality of AA- or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar’s analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are used. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-U.S. taxable and non-U.S. domiciled fixed-income funds, static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 years and less than or equal to 6 years; and (iii) Extensive: greater than 6 years.

Credit quality

Credit quality

(as of 9/30/2026)
Type
Fund
Benchmark
AAA/Aaa
 3.15% 16.12%
AA/Aa
 30.94% 55.45%
A/A
 27.36% 24.29%
BBB/Baa
 20.15% 4.13%
BB/Ba
 7.32% -
B/B
 1.30% -
Not rated
 10.53% 0.00%
Cash & equivalents
 -0.75% -

The ratings indicated are from Standard & Poor's, Fitch Ratings Ltd., and/or Moody's Investors Service. The percentages of the fund's portfolio with the ratings depicted in the chart are calculated based on total investments of the fund. If a security was rated by all three rating agencies, the middle rating was used. If rated by two of three rating agencies, the lower rating was used, and if rated by one of the agencies, that rating was used. Credit quality is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Maturity

Maturity

(as of 9/30/2026)
Maturity Range
Fund
0 - 1 year
18.17%
1 - 3 years
22.31%
3 - 5 years
18.87%
5 - 10 years
25.16%
10 - 20 years
15.52%
20+ years
0.70%
Other
0.03%

Duration distribution is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Holdings

Top 10 holdings

(as of 9/30/2026)
Security
Fund
Main Str Nat Gas Inc Ga Gas Supply Rev
1.51%
City of Chicago (Illinois)
1.14%
Usm ProcurementLLC
1.00%
Missouri St Health & Edl Facs Auth Health Facs Rev
0.99%
Tender Opt Bd Tr Rcpts / Ctfs Var Sts
0.93%
City of Dallas (Texas)
0.88%
California Cmnty Choice Fing Auth Clean Energy Proj Rev
0.83%
Central Plains Energy Proj Neb Gas Supply Rev
0.82%
Southeast Energy Auth Coop Dist Ala Gas Supply Rev
0.82%
Kentucky Inc Ky Pub Energy Auth Gas Suplly Rev
0.81%
View All Holdings
Top 10 represents 9.74% of total net assets
Portfolio composition

Portfolio composition

(as of 9/30/2026)
Credit Assets
Allocation
Benchmark
Corporate bonds
 1.44% -
General obligation
 13.23% 27.54%
Municipals
 14.03% 13.75%
Revenue bonds
 71.30% 58.71%

Portfolio composition is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Our team

Meet the investment team

Investment success results from disciplined return-enhancement strategies balanced with prudent risk management.

View Team
Nicholos

Nicholos Venditti

Head of Municipal Fixed Income
Bruce

Bruce Johns

Portfolio Manager
Robert

Robert Miller

Portfolio Manager

Key risks

It is possible that an active trading market for ETF shares will not develop, which may hurt your ability to buy or sell shares, particularly in times of market stress. Shares may trade at a premium or discount to their net asset value (NAV) in the secondary market. These variations may be greater when markets are volatile or subject to unusual conditions. There can be no assurance that active trading markets for the shares will develop or be maintained by market makers or authorized participants. Shares of the ETFs are not redeemable with the ETF other than in creation unit aggregations. Instead, investors must buy or sell the ETF shares in the secondary market at market price (not NAV) through a broker-dealer. In doing so, the investor may incur brokerage commissions and may pay more than NAV when buying and may receive less than NAV when selling. All investing involves risk, including the possible loss of principal. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the fund and its share price can be sudden and unpredictable. High yield securities and junk bonds have a greater risk of default and tend to be more volatile than higher-rated securities with similar maturities. Municipal securities risk includes the ability of the issuer to repay the obligation, the possibility of future tax and legislative changes and other factors, that may adversely impact the liquidity and value of the municipal securities in which the fund invests. A portion of the fund’s income may be subject to federal, state, and/or local income taxes or the alternative minimum tax. Any capital gains distributions may be taxable. Consult the fund’s prospectus for additional information on these and other risks.

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The Allspring Funds and Allspring Funds Management have received an exemptive order from the Securities and Exchange Commission permitting a Fund to offer mutual fund share classes and an exchange-traded share class that operates as an ETF. Under this structure, a multi-class Fund's ETF class shares are listed and traded on a national securities exchange and are generally bought and sold at market-determined prices, whereas the mutual fund share classes are purchased and redeemed at the applicable net asset value next determined after receipt of the order. Because all of the classes of a multi-class Fund are based on the same portfolio, transactions through one class could generate portfolio transaction costs and tax consequences for shareholders in other classes. In addition, shareholders of the mutual fund share classes and ETF class of a multi-class Fund will have differing shareholder rights with respect to exchange privileges, how shares are purchased and redeemed, the timing of dividend declarations and payments, and the timing and ability to automatically reinvest dividends. For additional information regarding these differences, please see the applicable multi-class Fund’s prospectus.

  
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Alpha measures the excess return of an investment vehicle, such as a mutual fund, relative to the return of its benchmark, given its level of risk.

Diversification does not ensure or guarantee better performance and cannot eliminate the risk of investment losses.

Allspring ETFs are not available for distribution outside of the United States.