When considering fixed income investments, using tax-free municipal bonds, like IQ MacKay Municipal Intermediate ETF (MMIT), can help investors diversity their portfolios while seeking to provide current income exempt from federal income tax. The Fund is also cheaper than 91% of all funds in the Morningstar Muni National Intermediate category,1 making it a cost-efficient competitive opportunity.
MMIT Has Outperformed the Category and Benchmark in 100% and 92%
of Rolling 3-Year Periods1
1. Source: Morningstar as of 12/31/23. MMIT inception date: 10/18/17. Past performance is no guarantee of future results, which will vary. It is not possible to invest directly in an index. There may have been other time periods when MMIT did not outperform the benchmark or category average.
Consider IQ MacKay Municipal Intermediate ETF
Active management
Gain access to experienced active managers, in a low-cost, transparent, and liquid ETF structure.
Relative value strategy
The team relies on credit analysis, yield curve positioning, and sector rotation to uncover compelling opportunities.
Tenured team
The co-heads have worked together since 1993 and leverage their long-term relationships with municipal dealers to help drive success.
Bloomberg Municipal Bond Index 1–15 Yr Blend covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. Index results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index.
About Risk
Municipal bond risks include the ability of the issuerto repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, which could affect the market for and value of municipalsecurities. Investing in below investment grade securitiesmay carry a greater risk of nonpayment of interest or principal than higher-rated securities.
Liquidity risk is the risk that certain securitiesmay be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.
Income Risk: The Fund’s income may decline when interestrates fall or if there are defaultsin its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities when securitiesin its portfolio mature or the Fund otherwise needs to purchase additional securities