Market Vectors ETFs today announced that the
Intermediate Municipal Index ETF (NYSE Arca: ITM),
has received a 4-star rating from Morningstar for the three-year, five-year and overall time periods.* There are 221 funds in the Morningstar Muni National Intermediate category for the three-and-five year period and 194 funds in the five-year period. ITM is the first in a lineup of six Market Vectors municipal bond ETFs to reach the five-year performance milestone, and one of four of the funds currently rated 4-stars overall by Morningstar.
“Intermediate-duration bonds, meaning those with a maturity in the six to 17 year range, are a crucial component of a complete municipal bond investment strategy, and ITM allows investors to gain targeted exposure to these maturities,” said James Colby, Portfolio Manager and Senior Municipal Strategist with Market Vectors ETFs. “We’re very pleased to receive this recognition from Morningstar.” In addition to overseeing the Market Vectors family of ETFs, Mr. Colby regularly writes about the municipal bond market in his blog
ITM launched in December 2007, and was among the first municipal bond ETFs brought to market. ITM seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR). The index is a market value weighted index designed to replicate the price movements of medium-duration bonds
ITM has an expense ratio of 0.24% and its $740 million in assets makes it the second-largest ETF behind Market Vectors High-Yield Municipal Index ETF in the Market Vectors municipal income lineup, which had a combined $2.2 billion in AUM as of December 31, 2012.
The other funds in this suite include
Market Vectors CEF Municipal Income ETF (NYSE Arca: XMPT)
Market Vectors High-Yield Municipal Index ETF (NYSE Arca: HYD),
Market Vectors Long Municipal Index ETF (NYSE Arca: MLN)
Market Vectors Pre-Refunded Municipal Index ETF (NYSE Arca: PRB)
Market Vectors Short Municipal Index ETF (NYSE Arca: SMB)
More information on ITM or any other Market Vectors income-oriented ETFs can be
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