Investment Objective: |
The ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Bloomberg Money Municipal Short Term Index. The Index is a rules-based, market-value weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated short term tax exempt bond market, including state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. All bonds in the Index must be rated Aa3/AA- or higher by at least two of the following statistical ratings agencies: Moody s Investor Service, Inc., Standard & Poor s and Fitch Inc. Each index security must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate and have a nominal maturity of one to five years. No issuer may constitute more than 10% of the Short Term Municipal Bond Index. Bonds subject to AMT, hospital bonds, housing bonds, tobacco bonds, and airline bonds, along with remarketed issues, taxable municipal bonds, floaters, and derivatives are all excluded from the Index. |