The Alternative Sources Franklin New York Intermediate Tax-Free Income Fund (FMNY) is dedicated to offering tax-exempt income to investors while focusing on the municipal debt securities market. FMNY seeks to achieve its investment objectives by investing at least 80% of its net assets in municipal debt securities issued by the State of New York, its territories, possessions, and various political subdivisions, agencies, authorities, and instrumentalities.
The FMNY Dividend ETF focuses on providing investors with exposure to companies that possess greater exposure to quality, value, and momentum factors relative to the Northern Trust Global Real Estate Index. While dividends may not be the primary focus of this ETF, it reflects the dividend distribution of its underlying index, which typically occurs on a quarterly basis. The distribution of dividends in this ETF is influenced by the individual dividend policies and performances of the constituent companies. Additionally, FMNY may be an attractive choice for investors seeking both capital appreciation and potential dividend returns, given its emphasis on quality and value factors within the real estate sector.
Tracking the Tax-Exempt Municipal Bond Market The FMNY Municipal Income ETF aims to closely track the performance of the tax-exempt municipal bond market, particularly focusing on municipal debt securities that offer interest exempt from regular federal income taxes and New York State and New York City income taxes. This ETF invests at least 80% of its net assets in municipal securities issued by or on behalf of the State of New York, U.S. territories and possessions, as well as their political subdivisions, agencies, authorities, and instrumentalities. Its portfolio includes various types of municipal securities, such as general obligation bonds, revenue bonds, and private activity bonds, with an effective duration of approximately 3-9 years under normal market conditions. Additionally, it maintains a balance between investment-grade and high-yield municipal securities, with the flexibility to invest in distressed municipal securities and derivatives instruments when appropriate. FMNY Municipal Income ETF provides investors with a tax-efficient way to access the municipal bond market while aiming to generate income.
The correlation aspect of the FMNY Municipal Income ETF (FMNY) is primarily related to its investment in municipal debt securities that generate tax-exempt interest income. FMNY aims to achieve its investment objectives by investing at least 80% of its net assets in municipal debt securities issued by or on behalf of the State of New York, its territories, and political subdivisions. Given this focus, FMNY's correlation is closely tied to the performance of the New York municipal bond market, as well as broader interest rate trends. Investors seeking tax-efficient income often turn to FMNY due to its tax-exempt status, which makes it valuable for those in higher tax brackets.
The Alternative Sources FMNY ETF focuses on the municipal debt securities sector, specifically targeting investments that pay interest exempt from regular federal income taxes and New York State and New York City income taxes. These municipal securities primarily include those issued by or on behalf of the State of New York, its territories or possessions (such as Puerto Rico, the U.S. Virgin Islands, and Guam), as well as political subdivisions and authorities within these regions. The fund may also allocate up to 100% of its net assets to municipal securities subject to federal alternative minimum tax for individuals, providing investors with a tax-efficient way to access the municipal bond market. Additionally, the FMNY ETF may invest in a range of municipal securities, including general obligation bonds, revenue bonds, private activity bonds, and industrial development bonds, with an expected effective duration of approximately 3-9 years under normal market conditions. Furthermore, the fund maintains a balance between investment-grade and high-yield municipal securities, with a maximum limit of 50% on non-investment-grade bonds, allowing for some exposure to higher-yield opportunities while managing risk.
The exposure characteristic of the FMNY Municipal Income ETF (FMNY) is centered on municipal debt securities that provide income exempt from regular federal income taxes and New York State and New York City income taxes. These municipal securities are issued by or on behalf of the State of New York, its territories and possessions, and their political subdivisions, agencies, authorities, and instrumentalities. The ETF primarily focuses on maintaining an effective duration of approximately 3-9 years, offering a balanced blend of intermediate-term investment opportunities within the municipal bond space. Investors seeking tax-advantaged income and an emphasis on New York municipal securities may find FMNY Exposure to be a valuable component of their portfolio.
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