Gold stars

Market Vectors Intermediate Municipal Index ETF hits five-year milestone

Thu, 17/01/2013 - 10:15

Market Vectors’ Intermediate Municipal Index ETF (ITM) has received a four-star rating from Morningstar for the three-year, five-year and overall time periods.

There are 221 funds in the Morningstar Muni National Intermediate category for the three-and-five year period and 194 funds in the five-year period.

ITM is the first in a line-up of six Market Vectors municipal bond ETFs to reach the five-year performance milestone, and one of four of the funds currently rated 4-stars overall by Morningstar.

“Intermediate-duration bonds, meaning those with a maturity in the six to 17 year range, are a crucial component of a complete municipal bond investment strategy, and ITM allows investors to gain targeted exposure to these maturities,” says James Colby, portfolio manager and senior municipal strategist with Market Vectors ETFs. “We’re very pleased to receive this recognition from Morningstar.”

ITM launched in December 2007, and was among the first municipal bond ETFs brought to market. ITM seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR). The index is a market value weighted index designed to replicate the price movements of medium-duration bonds.

ITM has an expense ratio of 0.24 per cent and its USD740m in assets makes it the second-largest ETF behind Market Vectors High-Yield Municipal Index ETF in the Market Vectors municipal income line-up, which had a combined USD2.2bn in AUM as of 31 December 2012.


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