NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading .…
theGrail McDonnell Intermediate Municipal Bond ETF(Ticker: GMMB),and theGrail McDonnell Core Taxable Bond ETF(Ticker: GMTB).For each of these actively managed ETFs, theinvestment manager is Grail Advisors LLC, and the sub-advisor is McDonnell Investment Management, LLC.
Grail McDonnell Intermediate Municipal Bond ETF
The ETF seeks a high level of current tax-exempt income and higher risk-adjusted returns relative to its benchmark by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in debt securities with interest payments exempt from federal income taxes. The ETF will typically invest in municipal securities and will invest, under normal market conditions, primarily in tax exempt general obligation, revenue and private activity bonds and notes, which are issued by or on behalf of states, territories or possessions of the U.S. and the District of Columbia and their political subdivisions, agencies and instrumentalities (including Puerto Rico, the Virgin Islands and Guam).
Grail McDonnell Core Taxable Bond ETF
The ETF seeks a high level of current tax-exempt income and higher risk-adjusted returns relative to its benchmark by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in debt securities. The ETF will invest primarily in investment-grade securities, including securities issued by the U.S. Government, its agencies and instrumentalities, municipal securities, mortgage-backed and other asset-backed securities, and corporate and bank obligations, including commercial paper, corporate notes and bonds.
Source: ETFWorld – NYSE Euronext (NYX)
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