The Municipal Bond Fund (MNBD) is managed by Brown Brothers Harriman & Co. and employs a bottom-up fundamental analysis approach to actively achieve its investment objective. This tax-aware fund primarily invests in a diversified portfolio of investment-grade municipal bonds, rated in the four highest credit ratings categories (AAA to BBB or equivalent) by nationally recognized credit rating agencies or deemed comparable quality by Brown Brothers Harriman & Co. Under normal circumstances, the fund allocates at least 80% of its net assets to municipal bonds with interest that is generally excludable from federal income tax. Additionally, MNBD may invest up to 20% of its total assets in securities other than municipal bonds, including domestic and foreign corporate bonds, U.S. Government securities, asset-backed securities, mortgage-backed securities, and other sovereign debt when it aligns with the Sub-Adviser's strategy for enhancing after-tax returns. The fund's portfolio is expected to have a dollar-weighted average duration between 3 and 7 years, and it may also utilize money market instruments, repurchase agreements, and derivative instruments to hedge investments or seek enhanced returns. Furthermore, the fund maintains a policy of not investing 25% or more of total assets in municipal obligations relating to similar types of projects or with similar economic, business, or political characteristics, except for U.S. Government securities and municipal obligations backed by the credit of governmental entities. The Sub-Adviser also considers environmental, social, and governance (ESG) criteria as part of its investment approach, evaluating these factors alongside other investment criteria when assessing the creditworthiness of an obligor. ESG factors may encompass environmental, social, and governance considerations, such as an obligor's carbon footprint, labor relations, and governance practices, though they do not necessarily override other investment considerations.
The MNBD Dividend ETF offers investors an opportunity to access a diversified portfolio of dividend-paying stocks. To be eligible for dividends, investors typically need to hold shares of MNBD for a specified period, such as the ex-dividend date. The distribution frequency for MNBD dividends may vary, but it often follows a quarterly schedule, with payments reflecting the collective performance and dividend policies of the underlying stocks within the fund. MNBD's dividend policy aims to provide income to investors while balancing potential capital appreciation from dividend-paying equities.
The MNBD ETF, known as the Municipal Bond Tracker, employs a bottom-up fundamental analysis approach to achieve its investment objective. It focuses on long-term, tax-aware investments in a diversified portfolio of investment-grade municipal bonds. These bonds are typically rated in the four highest credit rating categories (AAA to BBB) by nationally recognized credit rating agencies or are considered of comparable quality by Brown Brothers Harriman & Co., the fund's sub-adviser. The ETF primarily invests in municipal bonds whose interest is generally excludable from gross income for federal income tax purposes. It may also allocate up to 20% of its assets to non-municipal securities, including bonds issued by domestic and foreign corporations, financial institutions, and the U.S. Government. The fund may use money market instruments, repurchase agreements, and derivative instruments like futures, swaps, and options to manage risk and enhance returns. Additionally, the MNBD ETF takes into account environmental, social, and governance (ESG) criteria when evaluating the creditworthiness of obligors within its investment universe, although these factors are not the sole determinant for investment decisions. The fund's portfolio typically maintains a dollar-weighted average duration between 3 and 7 years and avoids investing more than 25% of its total assets in municipal obligations related to similar types of projects or with similar characteristics, with certain exceptions for U.S. Government-backed and municipal securities from a single state.
The correlation aspect of the ALPS Intermediate Municipal Bond ETF is not readily available in the provided information. However, understanding the correlations of this ETF can be essential for investors looking to make informed decisions and manage their portfolios effectively. To gain insights into MNBD's correlations and its behavior in relation to various market factors, investors can leverage the ETF Insider web app. This tool offers a user-friendly interface for studying correlations, providing deep and interesting data visualization, and revealing any overlaps between MNBD and other U.S. ETFs. By using ETF Insider, investors can make more informed investment choices and align their strategies with market trends.
The Alternative Sources Municipal Bond ETF (MNBD) primarily focuses on the municipal bond sector, with an emphasis on investment-grade bonds rated in the four highest credit ratings categories by nationally recognized credit rating agencies. These bonds are typically issued by states, territories, and municipalities in the United States for various public purposes, such as infrastructure projects and public services. MNBD may also allocate a portion of its assets to non-municipal securities, including corporate bonds, U.S. government securities, and asset-backed securities, in an effort to enhance after-tax returns. Additionally, the fund may use money market instruments, repurchase agreements, and derivatives like futures, swaps, and options to manage risk and seek improved returns within the municipal bond sector. While the fund may invest across various sectors within the fixed-income universe, its primary focus remains on municipal bonds, aiming to provide investors with income potential and potential tax advantages.
The exposure characteristic of the ALPS Intermediate Municipal Bond ETF (MNBD) highlights its unique investment strategy. MNBD seeks to provide investors with exposure to a diversified portfolio of US small-cap stocks. Under normal market conditions, MNBD invests at least 80% of its assets in the component securities of the U.S. Small Cap Underlying Index. This proprietary index, developed in collaboration with FTSE Russell and Franklin Templeton, aims to reflect a desired investment strategy that combines quality, value, momentum, and low volatility factors. The index is designed to achieve lower risk and higher risk-adjusted performance compared to the Russell 2000® Index over the long term. As of May 31, 2023, the U.S. Small Cap Underlying Index consisted of 480 securities with varying capitalizations, providing investors with exposure to a broad range of small-cap companies. To gain deeper insights into MNBD's exposure and potential correlations, investors can utilize ETF Insider's web app and visualization tools to analyze and make informed investment decisions.
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