2017 Quarter 1 Review: ETF Tax-Exempt Bond Portfolio
The ETF Tax-Exempt Bond portfolios seeks a combination of long-term capital appreciation and tax-free income. Bond selections are governed by average maturity, duration, convexity, credit quality, various yield measures, diversification valuation, multi-factor macroeconomic and fundamental considerations. This portfolio invests in ETFs (exchange-traded funds) and ETPs (exchange-traded products) in municipal bonds in the U.S. Individual municipal securities (“municipal bonds”) are issued by cities, counties, states and other governmental entities to finance public projects and capital expenditures.
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