Pacific Investment Management Co. has introduced an Intermediate Municipal Bond Strategy Fund, advancing its push into the market for actively managed exchange-traded funds.
The portfolio is the first actively managed municipal bond ETF, Pimco said. It aims to give investors high-quality, intermediate-maturity municipal bonds whose income is exempt from federal, and sometimes, state taxes. It will avoid the alternative minimum tax.
Pimco introduced its first actively managed bond ETF last month and has three other actively managed ETFs in registration with the Securities and Exchange Commission.