Intermediate Municipal Income ETF (TAXE)

The Intermediate Municipal Income ETF is an exchange-traded fund listed on the Nasdaq that invests in intermediate-term municipal bonds. These are debt securities issued by U.S. states, cities and other local government entities to fund public projects such as schools, roads and utilities.

Interest on most municipal bonds is exempt from federal income tax, which makes the asset class a source of tax-advantaged income. By focusing on intermediate maturities, the fund seeks a balance between the higher yields of longer bonds and the lower interest-rate sensitivity of shorter ones.