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    BNY Mellon Municipal Intermediate ETF (BKMI)

    • CUSIP 05613H704
    • NAV  $ 26.20 As of  07/16/26
    • CHG  $ -0.06 (-0.23 %)
    • MKT PRICE  $26.16 As of  07/16/26
    • CHG  $-0.11 (-0.42 %)
    • TOTAL EXPENSE RATIO 
      0.35% 
      Net
      0.35% 
      Gross
    Overview

    Why invest in this Fund?

    • The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital.
    • To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that provide income exempt from U.S. federal income tax.
    • The fund typically invests in municipal and taxable bonds rated investment grade (i.e., Baa3/BBB- or higher) at the time of purchase or, if unrated, deemed of comparable quality by the fund’s sub-adviser. Generally, the average effective duration of the fund's portfolio will be between three and eight years. The fund may invest in individual municipal and taxable bonds of any maturity or duration.
    • Duration is an indication of an investment's "interest rate risk," or how sensitive a bond or the fund's portfolio may be to changes in interest rates. Generally, the longer a bond's duration, the more likely it is to react to interest rate fluctuations and the greater its long-term risk/return potential.
    • The fund’s liquid ETF structure allows investors to buy or sell any time the market is open.
    LISTING DATE
    01/12/26
    INCEPTION DATE
    01/01/87
    NET ASSETS
    $1,697,155,978  As of  07/16/26
    NUMBER OF SHARES OUTSTANDING
    64,765,810  As of  07/16/26
    MARKET PRICE 52-WEEK HIGH
    $26.85  As of  02/27/26
    MARKET PRICE 52-WEEK LOW
    $26.01  As of  03/27/26
    AVG EFFECTIVE DURATION
    5.46 yr(s). As of  06/30/26
    WEIGHTED AVG YIELD TO MATURITY
    3.82% As of  06/30/26
    WEIGHTED AVG MATURITY
    6.62 yr(s). As of  06/30/26
    DISTRIBUTION FREQUENCY
    Monthly
    Morningstar Category
    Municipal National Intermediate
    Morningstar Overall Rating
    Number of Holdings
    533 As of  06/30/26
    SUB-ASSET CLASS
    Tax-Exempt
    EXCHANGE
    NASDAQ

    Morningstar Rating™ as of June 30, 2026. Overall rating for the Municipal National Intermediate category. Fund ratings are out of 5 Stars: Overall 3 Stars (256 funds rated); 3 Yrs. 2 Stars (256 funds rated); 5 Yrs. 3 Stars (239 funds rated); 10 Yrs. 3 Stars (177 funds rated).

    Yields and Expense Ratio

    30-DAY SEC YIELD
    as of 07/16/26      SUBSIDIZED     		UNSUBSIDIZED CURRENT YIELD
    as of  07/16/26     		CONTRACTUAL
    FEE WAIVER END DATE     		PROSPECTUS FEE TABLE EXPENSE RATIO (%)
    as of  12/31/25     NET     		GROSS
    3.17 3.17 3.16 - 0.35 0.35

    Yield fluctuates and past performance is no guarantee of future results.

    The SEC 30-day Yield is calculated by dividing the net investment income per share earned during the period (calculated in accordance with regulatory guidelines) by the maximum offering price per share on the last day of the period.

    Unsubsidized yield displays what the fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place during the period.

    Gross Expenses is the total annual operating expense ratio for the fund, before any fee waivers or expense reimbursements. Net Expenses is the total annual operating expense ratio for the fund, after any applicable fee waivers or expense reimbursements. The Gross Expenses, or Net Expenses (if including fee waivers or expense reimbursements) is the actual fund expense ratio applicable to investors.

     

    NAV - A fund's NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding.

    Market Price - The market price is the most recent official closing price for the listed exchange.

    Current Yield - (Sum of 30 days of net investment income/sum of 30 days of net assets) * (365*100)

    Avg Effective Duration - It is used to measure the market price sensitivity of the fund’s portfolio holdings to changes in interest-rates. Duration is not a complete measure of bond risk and may not be successful.

    Weighted Avg Yield to Maturity - The averaged total return anticipated on a group of bonds if held until their maturity.

    Weighted Avg Maturity - A measure of the average maturity of all of the underlying security instruments in the fund, weighted to reflect the relative percentage ownership of each instrument, and taking into account applicable “maturity shortening” provisions.

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    Portfolio Managers

    • Mary Collette O'Brien

      Mary Collette O'Brien

      Senior Portfolio Manager, Insight North America, LLC

      Managing Fund Since January 2026

      Joined Firm in 1995

      Joined Industry in 1987
    • Thomas Casey

      Thomas Casey

      Senior Portfolio Manager, Insight North America, LLC

      Managing Fund Since January 2026

      Joined Firm in 1993

      Joined Industry in 1988
    Performance

    Daily Statistics

    As of  07/16/26 NAME 30-DAY MEDIAN 
    BID/ASK 
    SPREAD     		PREVIOUS DAY
    VOLUME     		20-DAY AVG 
    VOLUME     		PREMIUM/ 
    DISCOUNT     		YTD
    Total Return
    (NAV)
    BNY Mellon Municipal Intermediate ETF
    		0.15% 78,541 93,019 -0.17% 0.74%

    The performance data quoted represents past performance, which is no guarantee of future results.

     

    30-Day Median Bid-Ask Spread - Gives investors the midpoint within the spread between an ETF’s selling price and buying price. It is calculated over the last 30 days in 10 second intervals by dividing the difference between the bid (sell price) and offer (buy price) by the midpoint of the National Best Bid Offer (NBBO) and identifying the median of those values.

    20-Day Avg Volume - 20-Day Average Volume is the sum of last 20 days of trading volume divided by 20 days.

    Premium / Discount - The amount the fund is trading above or below the reported NAV expressed as a percentage of the NAV. When the fund's market price is greater than the fund's NAV, it is said to be trading at a "Premium" and the percentage is expressed as a positive number. When the fund's market price is less than the fund's NAV, it is said to be trading at a "Discount" and the percentage is expressed as a negative number.

    Total Returns

    Click here for NAV Returns 

    Month End

    MARKET PRICE
    Average Annual
    As of 06/30/26
    Name 3 MO
    06/30/26     		YTD
    06/30/26     		1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon Municipal Intermediate ETF
    BKMI
    		1.96 1.37 5.66 3.68 1.14 1.99 4.51
    Bloomberg Municipal 3-15 Years Blend (3-15) Index
    		1.60 1.20 5.43 3.54 1.22 2.10 -
    S&P Municipal Bond Investment Grade Intermediate Index
    		1.66 1.07 5.43 3.62 1.23 2.07 -

    Quarter End

    MARKET PRICE
    Average Annual
    As of 06/30/26
    Name 3 MO
    06/30/26     		YTD
    06/30/26     		1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon Municipal Intermediate ETF
    BKMI
    		1.96 1.37 5.66 3.68 1.14 1.99 4.51
    Bloomberg Municipal 3-15 Years Blend (3-15) Index
    		1.60 1.20 5.43 3.54 1.22 2.10 -
    S&P Municipal Bond Investment Grade Intermediate Index
    		1.66 1.07 5.43 3.62 1.23 2.07 -

    The performance data quoted represents past performance, which is no guarantee of future results. Share price, yield and investment return fluctuate and an investor's shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted.

    The performance information shown before January 9, 2026 reflects that of Class M shares of the  BNY Mellon National Intermediate Municipal Bond Fund ("Predecessor Fund"), which had a different fee structure than the fund. The fund's investment objective and strategies are similar to those of the Predecessor Fund; however, there are certain differences.  Generally, the average effective duration of the Predecessor Fund's portfolio did not exceed eight years, and the average effective duration of the fund's portfolio will be between three and eight years. In addition, unlike the Predecessor Fund, the fund may, as a non-principal strategy, invest in bonds that are rated below investment grade for additional yield. The performance returns shown are based on the Predecessor Fund's fee structure and investment strategies. Past performance may have been different if the fund's current fee structure and investment strategies had been in place during the period. The NAV and market price performance of the ETF use the predecessor mutual fund's NAV from inception to listing.

    Market Price performance is calculated using the most recent NASDAQ Official Closing Price. Market Price returns do not represent investors’ returns had they traded shares at other times.

    The Bloomberg Municipal 3-15 Years Blend (3-15) Index is a sub-index of the Bloomberg US Municipal Bond Index, a measure of the US municipal tax-exempt investment grade bond market, tracking bonds with 3-15 year maturities. The Bloomberg U.S. Municipal Bond Index covers the U.S. dollar-denominated long-term tax-exempt bond market. Investors cannot invest directly in any index.

    The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor's, Baa3 by Moody's or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Investors cannot invest directly in any index.

    The Bloomberg Municipal 3-15 Years Blend (3-15) Index is the performance-based benchmark for the BNY Mellon Municipal Intermediate ETF. The S&P Municipal Bond Investment Grade Intermediate Index was the performance-based benchmark for the Predecessor Fund.

    “BLOOMBERG®” and the Bloomberg indices listed herein (the “Indices”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the Indices (collectively, “Bloomberg”) and have been licensed for use for certain purposes by the distributor hereof (the “Licensee”). Bloomberg is not affiliated with Licensee, and Bloomberg does not approve, endorse, review, or recommend the financial products named herein (the “Products”). Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to the Products.

    Growth of $10,000 Investment

    Past performance is no guarantee of future results.

    Historical NAV and Market Price

      Historical Premium/Discount

      Premium and Discount Summary Table

      As of  07/16/26 Q1 2026 Q2 2026
      Days Traded at Premium
      		12 3
      Days Traded at Discount
      		43 59

      The table shows the number of trading days in which the fund traded at a premium or discount to its closing NAV.  Past results are not indicative of future results.

      Premium/Discount

      Fees & Expenses

      Prospectus Fee Table Expense Ratios

      Fees as stated in the prospectus  Fee Description Total Expense Ratio (%)
      Management Fee 0.35%
      Other Expenses 0.00%
      Total Expenses 0.35%
      Net Expenses 0.35%

      The Total Expenses is the actual fund expense ratio applicable to investors.

      Portfolio

      Portfolio Manager/Sub-Investment Adviser

      The fund's investment adviser is BNY Mellon ETF Investment Adviser, LLC (BNYETF) and the fund's sub-adviser is Insight North America LLC (INA), an affiliate of BNYETF. Thomas Casey and Mary Collette O'Brien are the primary portfolio managers of the fund, positions they have held since January 2026. Mr. Casey is a senior portfolio manager at INA. Ms. O'Brien is a senior portfolio manager at INA and has been a primary portfolio manager of the Predecessor Fund March 2006. Each portfolio manager is jointly and primarily responsible for the day-to-day management of the fund's portfolio.

      Top Holdings

      Download Total Holdings
      As of 07/17/26
      Holdings % Portfolio Weight
      IL ST-REV-B 5 6/15/2039 0.96
      NY LIBERTY DEV CORP-1 5 11/15/2044 0.91
      PORTLAND SWR-A 4.5 5/1/2037 0.80
      WA ST-SER R-2023B-REF 5 7/1/2038 0.75
      TOBACCO SETTLEMENT-A 5 6/1/2033 0.73
      MARICOPA IDA-B-REF 5 1/1/2034 0.70
      MIAMI-DADE CO EDU-B 5.25 4/1/2036 0.67
      DASNY-A 5 10/1/2035 0.66
      CT HLTH & EDUCTNL-B-2 FRN 7/1/2064 0.65
      TX TRANSPRTN COMM-REF 5 10/1/2040 0.65
      MET TRANSPRTN AUTH-A 5 11/15/2037 0.65
      TX TRANSPRTN-C-REF 5 8/15/2036 0.65
      TARRANT CO EDU FACS-C FRN 11/15/2064 0.65
      PUB FIN AUTH 5 7/1/2035 0.64
      MAIN STREET NATURAL-C FRN 12/1/2054 0.64
      NEW YORK 5 8/1/2030 0.64
      CLARK CO 5 7/1/2040 0.63
      CA CMNTY CHOICE FIN-F 5 11/1/2033 0.63
      MAIN ST NAT GAS INC FRN 9/1/2053 0.62
      SOUTHEAST ENERGY AUTH FRN 1/1/2054 0.62
      KY PUB ENERGY-A FRN 5/1/2055 0.61
      TOBACCO SETTLEMENT-A 5 6/1/2032 0.61
      TOBACCO SETTLEMENT-A 5 6/1/2034 0.61
      CHICAGO PK DT-C 4 1/1/2034 0.61
      CHICAGO IL-A-REF 5 1/1/2034 0.60
      PA TPK 2ND SER SPL 5 12/1/2038 0.60
      MET TRANSPRTN AUTH NY 5 11/15/2031 0.59
      TX WTR DEV BRD-B 4 10/15/2037 0.59
      VT EDU HLTH BLDG FIN 5 12/1/2032 0.59
      NJ EDUCTNL FACS-A FRN 7/1/2064 0.56
      NY ST MTGE AGY -220 2.4 10/1/2034 0.55
      CENTRL PUGET-S-1-REF 3 11/1/2036 0.55
      MIAMI-DADE CO-A-AMT 5 10/1/2037 0.55
      MA DEV FIN AGY-Q 5 12/1/2042 0.54
      PHILADELPHIA HSG-A 5.25 3/1/2039 0.53
      JACKSONVILLE HSG AUTH 5 2/1/2034 0.53
      TRIBOROUGH BRIDGE-CAB 0 11/15/2029 0.53
      CALIFORNIA ST-REF 3 9/1/2030 0.52
      TEXAS ST MUNI GAS ACQ FRN 1/1/2054 0.51
      NY CITY TRANS FIN-F-1 5 2/1/2039 0.50
      BLACK BELT ENERGY GAS FRN 5/1/2053 0.50
      CHICAGO-C-REF-AMT 5 1/1/2028 0.50
      BLACK BELT ENERGY GAS FRN 11/1/2053 0.49
      CHICAGO-A-REF 5 1/1/2029 0.48
      MIAMI DADE CO -C -REV 4 4/1/2037 0.48
      MAIN STREET NATURAL-E FRN 5/1/2055 0.47
      MA DEV FIN AGY-T-2 FRN 10/1/2055 0.47
      WI CENTER DT-REF 5 12/15/2033 0.46
      SALES TAX SECURITIZTN 5 1/1/2038 0.46
      TX MUNI GAS ACQ VI 5 1/1/2036 0.46
      CA CMNTY CHOICE FING FRN 5/1/2054 0.46
      TARRANT CO CULTURAL-G FRN 11/15/2055 0.45
      MET WA ARPT AUTH-A-RE 5 10/1/2032 0.45
      TREASURY BILL 0 8/13/2026 0.43
      SACRAMENTO WTR SER B FRN 6/1/2034 0.43
      ILLINOIS ST-REF 4 2/1/2030 0.43
      LOS ANGELES DEPT OF W 5 7/1/2038 0.43
      OR BUS DEV COMMN-232 FRN 12/1/2040 0.42
      CA HLTH FACS-A 4 3/1/2033 0.41
      PENNSYLVANIA ST -143A 4.95 10/1/2038 0.41
      MET TRANSPRTN AUTH-B 5 11/15/2034 0.40
      LOWER CO RIVER AUTH-B FRN 5/15/2045 0.40
      IN FIN AUTH-D-4-REF FRN 10/1/2057 0.39
      MIAMI-DADE CO-A-AMT 5 10/1/2034 0.39
      LAS VEGAS VLY WTR DT 4 6/1/2036 0.38
      NEW YORK ST MTGE AGY 2.65 10/1/2034 0.37
      COLUMBUS REGL ARPT-A 5 1/1/2031 0.37
      PHILADELPHIA HSG-A 5 3/1/2036 0.37
      DC-KIPP-SER A-REF 5 7/1/2042 0.37
      MET NASHVILLE TN ARPT 5 7/1/2039 0.37
      ILLINOIS ST-B 5 12/1/2030 0.37
      UTICA CMNTY SCH 5 5/1/2033 0.36
      CENTRL TX REGL ETC-D 4 1/1/2035 0.36
      BUILD NYC RESOURCE 5 7/1/2040 0.35
      TX WTR DEV BRD -REV 4.5 10/15/2037 0.35
      GTR TEXOMA UTIL AUTH 5 10/1/2039 0.35
      OREGON ST HLTH & SCIE FRN 7/1/2046 0.35
      MA DEV FIN AGY-A 4 2/15/2036 0.35
      MA DEV FIN AGY-A FRN 11/1/2055 0.34
      LEHIGH CO AUTH-A 5 8/15/2036 0.33
      CLIFTON HGR EDU FIN 5 8/15/2039 0.33
      PHILADELPHIA HSG-A 5 3/1/2033 0.33
      OK TPK AUTH-A 5 1/1/2039 0.33
      MO HLTH & EDUCTNL-C FRN 4/1/2059 0.33
      MD HLTH HGR AUTH-B FRN 8/15/2056 0.33
      INDIANA FIN AUTH-A 5 11/1/2041 0.32
      MI FIN AUTH-B-1-REF FRN 8/15/2055 0.32
      DALLAS & FORT-C-REF 5 11/1/2031 0.32
      CT ST HLTH EDUCTNL-P 5 7/1/2043 0.32
      CA HLTH FACS FING HLT 5 11/15/2049 0.32
      SC JOBS-ECON DEV-B-1 FRN 11/1/2055 0.32
      BLACK BELT ENERGY GAS FRN 12/1/2053 0.32
      INDIANA FIN AUTH-B2 FRN 10/1/2060 0.32
      MINNEAPOLIS ST PAUL-B 5 1/1/2039 0.32
      NEW YORK-C 5.25 3/1/2047 0.31
      MAIN STREET NATURAL-D FRN 4/1/2054 0.31
      BLACK BELT-SER-C FRN 5/1/2055 0.31
      CA MUNI AUTH-1-A-1 4.05 7/20/2041 0.31
      GEISINGER PA AUTH HLT FRN 4/1/2043 0.31
      KY PUB ENERGY AUTH-A FRN 6/1/2055 0.31
      LOS ANGELES DEPT WTR 5 7/1/2041 0.13
      NY & NJ PORT AUTH-234 5.25 8/1/2047 0.31
      FW TEXAS STREET PUB 5 5/1/2038 0.31
      DU PAGE ETC HSD #86 4 1/15/2035 0.31
      CENTRL PLAINS-A FRN 5/1/2054 0.31
      KY PUB ENERGY AUTH-C 5 5/1/2036 0.31
      CA CMNTY CHOICE FIN-C FRN 12/1/2055 0.31
      MAIN STREET NATURAL-B FRN 12/1/2052 0.31
      NY ENERGY FIN DEV FRN 7/1/2056 0.30
      PA ST UNIV-A 5 9/1/2042 0.30
      PENNSYLVANIA ST 3 5/15/2034 0.30
      TRIBOROUGH BRIDGE-A 4 11/15/2037 0.30
      CHANDLER AZ INDL DEV FRN 6/1/2049 0.30
      RI HLTH & EDUCTNL-C 5 5/15/2042 0.30
      HOUSTON TX CMNTY CLG 4 2/15/2036 0.30
      MET TRANS AUTH -B-1 5 11/15/2036 0.30
      PENNSYLVANIA ST-1ST 3.5 3/1/2031 0.30
      GOLDEN ST TOBACCO-A1 4.214 6/1/2050 0.30
      DASNY -A-REF 4 3/15/2038 0.30
      MA DEV FIN AGY-A 5 10/1/2033 0.29
      MTA HUDSON RAIL YRD-A 5 11/15/2051 0.29
      DC-KIPP-SER A-REF 5 7/1/2037 0.29
      OKLAHOMA CITY 2 3/1/2029 0.29
      TARRANT CO CULTURAL-E 5 11/15/2040 0.29
      MET GOVT NASHVILLE 2.5 1/1/2029 0.29
      SNOHOMISH CO-REF-A 2 12/1/2032 0.29
      WAXAHACHIE ISD-REF 4 8/15/2037 0.28
      MICHIGAN FIN AUTH D-2 FRN 10/15/2038 0.28
      E BATON ROUGE PARISH FRN 2/1/2041 0.28
      NEVADA-A 3 5/1/2035 0.28
      TAMPA-C-REV-BAM 3 10/1/2036 0.28
      PA HSG FIN AGY-122 3.65 10/1/2032 0.28
      KANSAS CITY-C-REF 5 4/1/2038 0.27
      NY LIBERTY DEV CORP-A 1.45 11/15/2029 0.27
      CONNECTICUT ST 4 1/15/2037 0.27
      OHIO ST-REV-REF 4 10/1/2037 0.27
      NYC TRANSITIONAL-F-1 5 11/1/2033 0.26
      WA HLTH FACS AUTH-A 5 3/1/2036 0.26
      TARRANT CULTURAL-C-2 FRN 11/15/2051 0.26
      ID HLTH FACS AUTH-B FRN 3/1/2060 0.25
      ILLINOIS FIN AUTH-A-1 FRN 8/15/2054 0.25
      MINNEAPOLIS ST PAUL-B 5 1/1/2031 0.25
      CHICAGO PK DT-C 4 1/1/2035 0.25
      LOWER COLORADO RIVER 5 5/15/2044 0.25
      NY LIBERTY DEV CORP 3 2/15/2042 0.25
      PA HGR ED-AT-1-UNREF 5 6/15/2029 0.25
      FORT BEND GRAND PKWY 3 3/1/2035 0.25
      IPS MULTI-SCH BLDG 5 7/15/2037 0.07
      DELAWARE VLY REGL-A 4 12/1/2036 0.24
      WASHOE CO-REF-B FRN 3/1/2036 0.24
      MET WA ARPTS AUTH-A 5 10/1/2031 0.24
      MN HGR EDU FACS-A 5 10/1/2039 0.24
      CT ST HLTH & EDUCTNL 4 7/1/2035 0.24
      NEBO SD-REF 2 7/1/2033 0.24
      CA MUNI FIN AUTH-A 5 10/1/2040 0.24
      KY COMMONWEALTH-A 5 4/1/2045 0.24
      WISCONSIN ST-A-REF 5 11/15/2039 0.24
      LOWER COLORADO RIVER 5 5/15/2041 0.24
      MD DEPT TRANSPRTN-A 3 10/1/2031 0.23
      FORT BEND GRAND PKWY 3 3/1/2036 0.23
      PHOENIX CIVIC IMPT 5 7/1/2028 0.23
      CHICAGO TRANSIT-A 5 12/1/2042 0.23
      CA CMNTY CHOICE FING FRN 7/1/2053 0.23
      ILLINOIS ST-B 5 5/1/2037 0.22
      AUSTIN-B-REV-AMT 5 11/15/2039 0.22
      PA ECON DEV-A 4 11/15/2036 0.22
      RHODE ISLAND HSG MTGE 3 10/1/2051 0.22
      GA MUNI ELEC AUTH-A 5 1/1/2035 0.22
      CHICAGO-B-REV 5 1/1/2040 0.21
      ALIEF ISD 4 2/15/2039 0.21
      BURBANK ETC ARPT-B 5.25 7/1/2043 0.21
      KANSAS CITY MO INDL D 4 3/1/2034 0.21
      NY LIBERTY DEV CORP-2 5.15 11/15/2034 0.21
      W VIRGINIA HOSP FIN-B FRN 6/1/2055 0.21
      DELAWARE VLY REGL-A 4 12/1/2038 0.20
      ALIEF ISD 4 2/15/2040 0.20
      NYC TRANSITIONAL-A-1 5.25 5/1/2048 0.20
      FLORIDA ST MUNI PWR A 3 10/1/2033 0.20
      NY TRUST-SER A 5 12/1/2035 0.20
      NYC TRANS FIN-SUB-I 5 11/1/2040 0.20
      CO HSG FIN AUTH-E-REF 6.5 11/1/2055 0.20
      MAINE GOV FAC AUTH-A 5 10/1/2037 0.20
      ILLINOIS ST TOLL HIGH 5 1/1/2042 0.20
      OK INDUSTRIES AUTH 5 4/1/2033 0.20
      UTAH ST CHRT SCH FIN 5 10/15/2045 0.19
      MIAMI-DADE CO-A-AMT 5 10/1/2035 0.19
      ILLINOIS ST-B 5 5/1/2036 0.19
      IL UNIV-A-REV-REF 5.25 4/1/2043 0.19
      SAN FRANCISCO CO-A 5.25 5/1/2045 0.19
      AZ IDA SR LIVING-A2 5.125 1/1/2059 0.19
      SOUTHEAST ENERGY-E 5 10/1/2030 0.19
      NEW HAVEN USD CABS 0 8/1/2033 0.19
      IPS MULTI-SCH BLDG 5 7/15/2038 0.11
      CA CMNTY CHOICE FING FRN 1/1/2054 0.19
      CHICAGO-A-REV 5 11/1/2044 0.19
      CA CMNYY CHOICE-F FRN 2/1/2055 0.19
      Net Current Assets 0.18
      MA H/E VAR-MUSEUM-A1 FRN 12/1/2037 0.18
      NM ST MTGE FIN AUTH-D 5.3 9/1/2048 0.18
      UNIV OF AKRON-A-UNREF 5 1/1/2033 0.18
      COLORADO ST COPS-A 4 12/15/2036 0.18
      OSCEOLA-REV-AMT 4.875 4/1/2040 0.18
      TARRANT CNTY CULT EDU FRN 7/1/2053 0.18
      MET NASHVILLE ARPT-A 5 7/1/2043 0.18
      ILLINOIS FIN AUTH-B-2 FRN 5/15/2050 0.18
      PORT OF SEATTLE WA-C 5 8/1/2030 0.18
      PA HSG FIN-118B 3.8 10/1/2035 0.18
      NY CITY TRANS FIN-F-1 5 2/1/2045 0.17
      PENNSYLVANIA ST 3 5/15/2035 0.17
      TEXAS ST PRIV ACTIVIT 4 6/30/2032 0.17
      CA STWD CMNTYS DEV-A 5 4/1/2056 0.17
      CONNECTICUT HSG-D-REF 5 11/15/2039 0.17
      OHIO ST-REV-REF 4 10/1/2042 0.17
      SC PUB SVC AUTH-A-REF 4 12/1/2037 0.16
      CHICAGO IL PARK DT-B 5 1/1/2035 0.16
      MESQUITE HSG FIN CORP FRN 8/1/2029 0.16
      ID HLTH FACS AUTH-C FRN 3/1/2060 0.16
      SC JOBS-ECON DEV-B-2 FRN 11/1/2049 0.16
      MA PORT AUTH-SER B 5.25 7/1/2043 0.16
      BURBANK ETC ARPT-B 5.25 7/1/2044 0.16
      MIAMI-DADE CO-A-AMT 5 10/1/2036 0.16
      GTR TEXOMA UTILITY-A 5 10/1/2041 0.16
      INDIANA ST FIN AUTH FRN 11/1/2049 0.16
      CA CMNTY CHOICE FIN-H FRN 1/1/2056 0.16
      CASINO REINVESTMENT-A 5 11/1/2033 0.16
      KNOXVILLE 3 5/1/2036 0.16
      RI HLTH & EDUCTNL-C 5 5/15/2041 0.16
      NEW YORK CITY NY HSG 3.375 11/15/2029 0.16
      PEFA INC-A-REF-REV 5 4/1/2035 0.16
      WA HLTH FACS AUTH-A 5 3/1/2037 0.16
      KY COMMONWEALTH-A 5 4/1/2043 0.15
      WA HLTH CARE-B-REF 5 10/1/2032 0.15
      DC HSG FIN AGY-A-2 FRN 9/1/2046 0.15
      HOUSTON-C-REV-REF 5 9/1/2044 0.15
      CASINO REINVESTMENT-A 5 11/1/2034 0.15
      PHILADELPHIA PA ARPT 5 7/1/2028 0.15
      SALT LAKE ARPT REV-A 5 7/1/2029 0.15
      MICHIGAN ST FIN AUTH 4 12/1/2035 0.15
      NEW YORK TRANSPRTN-A 5 7/1/2046 0.15
      ALASKA HSG FIN CORP-A 3 6/1/2051 0.15
      SALT LAKE ARPT REV-A 5 7/1/2031 0.14
      OMAHA ARPT AUTH-AMT 5 12/15/2031 0.14
      OHIO AIR QUALITY DEV FRN 6/1/2041 0.14
      SARASOTA -REV 5 9/1/2043 0.14
      PORT OF SEATTLE WA-B 5.25 7/1/2039 0.14
      MA ED FIN AUTH-B-AMT- 5 7/1/2029 0.14
      KANSAS CITY-C-REF 5 4/1/2039 0.14
      SEARCY-REV 4 11/1/2036 0.14
      WESTMONT VLG 5 12/1/2043 0.14
      ANSONIA-COPS 4.125 12/1/2034 0.14
      SARASOTA -REV 5 9/1/2041 0.13
      CONNECTICUT ST-A 5 3/15/2033 0.13
      WA HLTH FACS AUTH-A 5 3/1/2038 0.13
      DALLAS -REV -REF 4 8/15/2028 0.13
      ILLINOIS ST-A 5 3/1/2032 0.13
      CHICAGO-C-REF-REV 5 1/1/2041 0.13
      SAN FRANCISCO CITY -A 5 5/1/2032 0.13
      SALEM HOSP FAC-A-REF 5 5/15/2038 0.13
      DENVER CITY & CNTY CO 5 11/15/2033 0.13
      IL FIN AUTH-A 5 10/1/2039 0.13
      IL UNIV-A-REV-REF 5.25 4/1/2044 0.13
      WESTMONT VLG 5 12/1/2042 0.13
      ST CLOUD-REF-REV 5 5/1/2041 0.13
      ST CLOUD-REF-REV 5 5/1/2042 0.13
      CT ST HLTH-A 5 8/1/2043 0.13
      WAWASEE HS BLDG CORP 5 7/15/2041 0.13
      S W ISD 5 2/1/2041 0.12
      SANTA MARIA UN HSD 3 8/1/2040 0.12
      GTR TEXOMA UTILITY-A 5 10/1/2036 0.12
      STHRN CA TOBACCO -REF 5 6/1/2037 0.12
      FAIR LAWN NJ 2 9/1/2029 0.12
      MAIN ST NAT GAS INC-D FRN 5/1/2054 0.12
      WILLIAMSON CNTY TN 3.1 4/1/2035 0.12
      NORTHWEST ISD-A 5 2/15/2039 0.12
      CHESTER HLTH & EDU-A 4 10/1/2037 0.12
      S W ISD 5 2/1/2040 0.12
      HOUSTON-A-REF 3 3/1/2037 0.12
      WILL FOREST PERSERVE 5 12/15/2043 0.12
      INDIANA FIN AUTH EDUC 4 2/1/2034 0.12
      MA ED FIN AUTH-B-AMT- 5 7/1/2028 0.12
      RI HLTH EDU BLDG CORP 5 11/1/2047 0.12
      NEBRASKA ST INVESTMEN 5.5 9/1/2053 0.12
      SALT LAKE ARPT REV-A 5 7/1/2030 0.12
      REGL CO TRANS DT-A 5 7/15/2031 0.12
      OMAHA ARPT AUTH-AMT 5 12/15/2030 0.12
      KANSAS CITY MO INDL D 4 3/1/2035 0.12
      GUAM GOVT-A-REF 5 12/1/2028 0.12
      GUAM GOVT-A-REF 5 12/1/2029 0.12
      TEXAS ST PUBLIC FIN A 4 2/1/2039 0.12
      NEW YORK TRANSPRTN-A 5 7/1/2041 0.12
      DALLAS -REV -REF 4 8/15/2035 0.12
      DALLAS -REV -REF 4 8/15/2038 0.12
      AQUARION WTR AUTH-D 5.25 08/01/2037 0.12
      CHICAGO PARK DIST-F-2 4 1/1/2038 0.12
      DASNY-A-REF 4 5/1/2039 0.12
      HOWARD CO MD HSG COMM 1.2 6/1/2027 0.12
      PR ELEC 5.25 7/1/2018 0.11
      CHICAGO-A-AMT-REV 5 1/1/2038 0.11
      WESTMONT VLG 5 12/1/2044 0.11
      SUSSEX CNTY 2 6/15/2029 0.11
      ATLANTA-REV-REF 5 11/1/2044 0.11
      SUSSEX CNTY 2 6/15/2030 0.11
      CHICAGO-A-AMT-REV 5 1/1/2037 0.11
      AZ INDL DEV AUTH-A 4 11/1/2049 0.11
      HIDALGO CO-A 4 12/1/2038 0.11
      CHICAGO-B-REV 5 1/1/2041 0.10
      CASINO REINVESTMENT-A 5 11/1/2035 0.10
      TULSA CO IND AUTH 5 9/1/2032 0.10
      NEWARK HGR EDU FIN-A 5 8/15/2039 0.10
      OK TPK AUTH-B-REF 5 1/1/2032 0.10
      ALASKA ST-B-REF 5 10/1/2030 0.10
      LA DEPT OF WTR-B-REF 5 7/1/2037 0.10
      CT ST HLTH EDU-R 3.25 7/1/2035 0.10
      TROY NY CAPITAL RESO 5 9/1/2031 0.10
      RI HLTH & EDUCTNL 5 5/15/2041 0.10
      SC ST HSG FIN DEV-A 6 1/1/2034 0.10
      CLARK PLEASANT CMNTY 5 7/15/2041 0.10
      MD TRANSPRTN DEPT -A 5 8/1/2032 0.10
      VAN ALSTYNE ISD 5 2/15/2044 0.10
      WADSWORTH SD 3 12/1/2045 0.10
      L'ANSE CREUSE PUB-I 5 5/1/2042 0.10
      MET TRANSPRTN AUTH NY 5 11/15/2037 0.10
      VAN ALSTYNE ISD 5 2/15/2043 0.09
      COOK CO HIGH SD #207 3 12/1/2032 0.09
      NTHRN IN COMMUTER-REV 5 1/1/2044 0.09
      ERNEST N MORIAL-NEW O 5 7/15/2037 0.09
      KENTUCKY ST MUN PWR-B 5 9/1/2041 0.09
      TWIN LAKES SBC 5 1/15/2044 0.09
      VAN ALSTYNE ISD 5 2/15/2042 0.09
      MA DEV FIN AGY-R 5 12/1/2043 0.09
      HAWAII ST-A-AMT-REV 5 7/1/2030 0.09
      COOK CO CUSD #401 -A 4 12/1/2029 0.09
      DUPAGE SD #60-A 4 12/30/2032 0.09
      ALAMEDA CORRIDOR-B 5 10/1/2036 0.09
      TEXAS ST PRIV ACTIVIT 4 6/30/2034 0.09
      TEXAS ST PRIV ACTIVIT 4 12/31/2034 0.09
      HIDALGO CO-A 4 12/1/2037 0.09
      CASINO REINVESTMENT-A 5 11/1/2031 0.09
      CASINO REINVESTMENT-A 5 11/1/2032 0.09
      MD TRANSPRTN DEPT -A 5 8/1/2031 0.09
      CALIFORNIA CMNTY CHOI FRN 2/1/2052 0.09
      COLUMBUS REGL ARPT-A 5 1/1/2030 0.09
      WILL FOREST PERSERVE 5 12/15/2044 0.09
      ERNEST N MORIAL-NEW O 5 7/15/2036 0.09
      VAN ALSTYNE ISD 5 2/15/2041 0.09
      MD TRANSPRTN DEPT -A 5 8/1/2029 0.09
      COLORADO HFA-B 3.75 5/1/2050 0.09
      CHICAGO-A-AMT-REV 5 1/1/2036 0.09
      NEW YORK-D-1 4 3/1/2042 0.09
      REGL CO TRANS DT-A 5 1/15/2029 0.09
      RI HLTH & EDUCTNL-C 5 5/15/2040 0.08
      CLARKSVL B LDG ADJ-PO FRN 11/1/2035 0.08
      CALIF CMNTY FIN-E-1 FRN 2/1/2054 0.08
      MD HLTH & HGR EDU-A 5 7/1/2038 0.08
      HOUSTON-A-REF 3 3/1/2036 0.08
      CASINO REINVESTMENT-A 5 11/1/2036 0.08
      REGL CO TRANS DT-A 5 1/15/2032 0.08
      PENNSYLVANIA ST HGR E 4 6/15/2032 0.08
      WADSWORTH SD 4 12/1/2056 0.08
      WINDSOR CT 2 6/15/2029 0.08
      WINDSOR CT 2 6/15/2030 0.08
      TEXAS ST PRIV ACTIVIT 4 6/30/2035 0.08
      SHREVEPORT 5 3/1/2044 0.08
      WILL FOREST PERSERVE 5 12/15/2040 0.08
      NEW MEXICO MTG FIN-A 3 3/1/2053 0.08
      PORT OF SEATTLE WA RE 5 8/1/2042 0.07
      MD TRANSPRTN DEPT -A 5 8/1/2033 0.07
      MET WASHINGTON DC-B 4 10/1/2036 0.07
      CHICAGO PARK DIST-F-2 4 1/1/2036 0.07
      NY CITY NY HSG DEV 2.15 11/1/2028 0.07
      TEXAS ST PRIV ACTIVIT 4 12/31/2035 0.07
      CLARKSVILLE BLDG-VAR FRN 7/1/2031 0.07
      FAYETTE CO DEV AUTH 5 10/1/2043 0.07
      TEXAS ST PRIV ACTIVIT 4 12/31/2033 0.07
      GA MUNI ELEC AUTH-A 5 1/1/2039 0.07
      GUAM WTRWKS AUTH-A 5.25 7/1/2040 0.07
      OMAHA ARPT AUTH-AMT 5 12/15/2029 0.07
      AR DEV FIN AUTH 5 2/1/2031 0.07
      PEWITT CONSOLIDATED I 5 2/15/2039 0.07
      MARYLAND ST CMNTY DEV 4 9/1/2049 0.07
      CALIFORNIA ST HLTH FA 3 11/1/2036 0.07
      SARASOTA -REV 5 9/1/2042 0.07
      AR DEV FIN AUTH 5 2/1/2030 0.07
      TULSA CO IND AUTH 5 9/1/2033 0.07
      TRIBOROUGH NY BRIDGE 4 11/15/2037 0.07
      FAYETTE CO DEV AUTH 5 10/1/2042 0.07
      OKLAHOMA CITY 3 3/1/2038 0.07
      TN ENERGY ACQ CORP-A- FRN 5/1/2053 0.07
      GUAM WTRWKS AUTH-A 5.25 7/1/2041 0.07
      CO BRIDGE &TUNNEL-A 5 12/1/2035 0.07
      MD HLTH & HGR EDU-A 5 7/1/2037 0.07
      CLIFTON HGR EDU FIN-T 4 8/15/2035 0.07
      JORDAN UT SD 2 6/15/2033 0.07
      SC ST HSG FIN DEV-A 6 1/1/2033 0.07
      JORDAN UT SD 2 6/15/2032 0.07
      COLUMBUS MULTI-SCH BL 5 1/15/2044 0.07
      CASINO REINVESTMENT-B 5 11/1/2033 0.07
      WEBSTER CSD 2 6/15/2030 0.07
      COLORADO ST HSG & FIN 4.25 11/1/2049 0.06
      RI HSG MTGE FIN CORP 4 10/1/2049 0.06
      SHREVEPORT 5 3/1/2039 0.06
      LOS ANGELES CA DEPT-A 5 7/1/2040 0.06
      LOS ANGELES CA DEPT-A 5 7/1/2041 0.06
      GOVT OF GUAM-G-REF 5 1/1/2034 0.06
      KING CO HSG AUTH -REF 5 7/1/2040 0.06
      SARASOTA -REV 5 9/1/2040 0.06
      CASINO REINVESTMENT-A 5 11/1/2030 0.06
      SOUTHEAST ENERGY AUTH FRN 5/1/2053 0.06
      COLUMBUS MULTI-SCH BL 5 7/15/2041 0.06
      GOVT OF GUAM-G-REF 5 1/1/2033 0.06
      SHREVEPORT 5 3/1/2041 0.06
      FAYETTE CO DEV AUTH 5 10/1/2044 0.06
      GOVT OF GUAM-G-REF 5 1/1/2032 0.06
      GUAM WTRWKS AUTH-A 5.25 7/1/2042 0.06
      AZ INDL DEV AUTH-A 5 11/1/2034 0.06
      GOVT OF GUAM-G-REF 5 1/1/2031 0.06
      ALLEGHENY CO HGR EDU 5 3/1/2029 0.06
      MET NASHVILLE TN ARPT 5 7/1/2033 0.06
      PHILADELPHIA INDL DEV 5 11/1/2029 0.06
      FAYETTE CO DEV AUTH 5 10/1/2039 0.06
      MA DEV FIN AGY-R 5 12/1/2044 0.06
      REGL CO TRANS DT-A 5 1/15/2030 0.06
      CONNECTICUT ST HLTH-M 4 7/1/2038 0.06
      HIDALGO CO-A 5 12/1/2031 0.06
      SE ENERGY AUTH-C 5 11/1/2029 0.06
      PHILADELPHIA INDL DEV 5 11/1/2028 0.06
      AR DEV FIN AUTH 5 2/1/2029 0.06
      CHICAGO BOE-A-REF 5 12/1/2035 0.06
      DIST OF COLUMBIA-B 5 7/1/2037 0.06
      NJ ECON DEV AUTH-QQQ 4 6/15/2034 0.06
      CHICAGO PK DT-C 4 1/1/2032 0.06
      FL DEV FIN CORP-A 5 6/15/2035 0.06
      HARRIS CO CULT EDU-3 FRN 10/1/2045 0.06
      CASH 0.06
      ILLINOIS FIN AUTH-A 5 9/1/2032 0.06
      MET WASHINGTON DC-B 4 10/1/2038 0.06
      MD HLTH & HGR EDU-A 5 7/1/2040 0.06
      NEW JERSEY ST-A 3 6/1/2032 0.06
      DALLAS -REV -REF 4 8/15/2036 0.06
      DALLAS -REV -REF-AG 4 8/15/2038 0.06
      CHICAGO PK DT-D-REF 4 1/1/2032 0.06
      AZ INDL DEV AUTH-A 5 11/1/2033 0.06
      DELAWARE VLY PA REGL 2 10/1/2029 0.06
      ILLINOIS FIN AUTH-A 5 9/1/2031 0.06
      MD TRANSPRTN DEPT -A 5 8/1/2027 0.06
      ARIZONA ST INDL DEV-A 5 7/1/2035 0.05
      DANBURY HGR EDU AUTH 4.75 8/15/2034 0.05
      AZ INDL DEV AUTH-A 5 11/1/2035 0.05
      ARIZONA IND DEV AUTH 3 7/1/2037 0.05
      ILLINOIS FIN AUTH-A 5 9/1/2030 0.05
      MET NASHVILLE ARPT-A 5 7/1/2040 0.05
      WA HGR EDU FACS AUTH 5 5/1/2031 0.05
      FAYETTE CO DEV AUTH 5 10/1/2040 0.05
      NYC VAR-SUBSER L-4 FRN 04/01/2038 0.05
      INDIANA ST FIN AUTH 5 11/1/2028 0.05
      ILLINOIS FIN AUTH-A 5 9/1/2035 0.05
      FAYETTE CO DEV AUTH 5 10/1/2041 0.05
      ILLINOIS FIN AUTH-A 5 9/1/2034 0.04
      INDIANA ST FIN AUTH 5 11/1/2027 0.04
      NTHRN IN COMMUTER-REV 5 1/1/2043 0.04
      MD TRANSPRTN DEPT -A 5 8/1/2034 0.04
      ARIZONA IND DEV AUTH 3 7/1/2036 0.04
      ARIZONA IND DEV AUTH 3 7/1/2035 0.04
      NEVADA ST-A 4 4/1/2049 0.04
      ILLINOIS FIN AUTH-A 5 9/1/2033 0.04
      ARIZONA IND DEV AUTH 3 7/1/2034 0.04
      MONTGOMERY CNTY OH 4 8/1/2037 0.04
      LOS ANGELES CA DEPT-A 5 7/1/2042 0.04
      ST LAWRENCE CNTY N Y 5 9/1/2032 0.04
      IDAHO ST HLTH FACS AU 4 3/1/2033 0.03
      RHODE ISLAND HSG MTGE 5 4/1/2029 0.03
      PASSAIC CO IMPT AUTH 4.125 7/1/2033 0.03
      STHRN CA TOBACCO -REF 5 6/1/2034 0.03
      MONTGOMERY CNTY OH 5 8/1/2036 0.03
      WA HGR EDU FACS AUTH 5 5/1/2032 0.03
      HIDALGO CO-A 5 12/1/2030 0.03
      HIDALGO CO-A 5 12/1/2033 0.03
      WA HGR EDU FACS AUTH 5 5/1/2029 0.03
      ILLINOIS ST-A 5 3/1/2031 0.03
      AR DEV FIN AUTH 5 2/1/2032 0.03
      MT FAC FIN AUTH-2022A 5 8/15/2027 0.03
      WA HGR EDU FACS AUTH 5 5/1/2027 0.03
      DANBURY HGR EDU AUTH 4 8/15/2049 0.03
      SE ENERGY AUTH-C 5 11/1/2026 0.03
      NY HSG-VAR-A-8 E 102N FRN 5/1/2044 0.03
      OH HSG FIN AGY-D 4 3/1/2047 0.02
      WASHINGTON HLTH CARE 3 12/1/2035 0.02
      IDAHO ST HLTH FACS AU 4 3/1/2034 0.02
      WASHINGTON HLTH CARE 3 12/1/2034 0.02
      TN HSG FIN AGY-B2 4 1/1/2042 0.02
      CA MUNI FIN AUTH 4 1/1/2036 0.02
      OR COAST COMNTY-CONV 5 6/15/2031 0.02
      CALIFORNIA CO TOBACCO 5 6/1/2032 0.02
      HIDALGO CO-A 5 12/1/2032 0.02
      CA MUNI FIN AUTH 4 1/1/2031 0.02
      CA MUNI FIN AUTH 4 1/1/2035 0.02
      OH HSG FIN AGY-A 4.5 3/1/2047 0.02
      TN HSG DEV AGY-1B 3.5 1/1/2047 0.02
      IDAHO ST HLTH FACS AU 4 3/1/2035 0.02
      CALIFORNIA CO TOBACCO 5 6/1/2033 0.02
      HIDALGO CO-A 5 12/1/2029 0.02
      A.B WON PAT AUTH-A 5 10/1/2029 0.02
      VINEYARD REDEV AGY 5 5/1/2031 0.02
      CA MUNI FIN AUTH 4 1/1/2034 0.01
      OR COAST COMNTY-CONV 5 6/15/2030 0.01
      MT BRD OF HSG-A-2 3.5 6/1/2044 0.01
      A.B WON PAT AUTH-B 5 10/1/2029 0.01
      CA MUNI FIN AUTH 4 1/1/2033 0.01
      VINEYARD REDEV AGY 5 5/1/2030 0.01
      CA MUNI FIN AUTH 4 1/1/2032 0.01
      BEAVER WTR DT 5 4/15/2032 0.01
      A.B WON PAT AUTH-A 5 10/1/2033 0.01
      A.B WON PAT AUTH-A 5 10/1/2031 0.01
      VINEYARD REDEV AGY 5 5/1/2029 0.01
      PA HSG FIN AGY-122 4 10/1/2046 0.01
      A.B WON PAT AUTH-A 5 10/1/2030 0.01
      A.B WON PAT AUTH-A 5 10/1/2028 0.01
      A.B WON PAT AUTH-B 5 10/1/2028 0.01
      HIDALGO CO-A 5 12/1/2028 0.01
      A.B WON PAT AUTH-A 5 10/1/2027 0.01
      CT HSG FIN D-1 -REF 4 11/15/2047 0.01
      CVI-SUBSER CW NT FRN 11/1/2043 0.00
      MN HSG FIN AGY-B-REF 4 7/1/2047 0.00
      RESTRUCTURED-SER A1 5.625 7/1/2029 0.00
      RESTRUCTURED-SER A1 5.75 7/1/2031 0.00
      RESTRUCTURED-SER A1 4 7/1/2033 0.00
      RESTRUCTURED-SER A1 4 7/1/2041 0.00
      RESTRUCTURED-SER A1 4 7/1/2046 0.00
      RESTRUCTURED-CABS-SER 0 7/1/2033 0.00
      RESTRUCTURED-SER A1 4 7/1/2035 0.00
      RESTRUCTURED-SER A1 4 7/1/2037 0.00
      RESTRUCTURED-SER A1 5.625 7/1/2027 0.00

      % Portfolio Weight is calculated using the closing market price of each security from the prior business day.

      Holdings are subject to change. The holdings listed should not be considered recommendations to buy or sell a security.

      Asset Allocation

          Stats & Risks

          Performance Metrics

          Overall Morningstar Rating

          MORNINGSTAR CATEGORY Municipal National Intermediate

          Morningstar Rating™ as of 06/30/26. Overall rating for the Municipal National Intermediate. Fund ratings are out of 5 Stars: Overall 3 Stars (256 funds rated); 3 Yrs. 2 Stars (256 funds rated); 5 Yrs. 3 Stars (239 funds rated); 10 Yrs. 3 Stars (177 funds rated).
          The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. Managed products; including open-end mutual funds, closed-end funds and exchange-traded funds; are considered a single population for comparative purposes. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-,and 10-year (if applicable) Morningstar Rating metrics. © Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

          Lipper Rankings

          • 1 Year
            124 out of 186
          • 3 Year
            112 out of 172
          • 5 Year
            86 out of 161
          • 10 Year
            47 out of 121

          LIPPER CLASSIFICATION Intermediate Municipal Debt Funds

          Lipper Category returns and rankings as of 06/30/26, are calculated by Lipper Inc., a Reuters Company, which is a nationally recognized organization that compares the performance of mutual funds with similar investment objectives. The Category returns represent the average performance of included funds, while rankings compare an individual fund's returns to those of the other funds in its category. Both are based on total return performance, with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front or back-end sales charges. Rankings begin with the actual share class inception. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns. Rankings do not reflect sales loads

          Main Risks

          ETFs trade like stocks, are subject to investment risk, including possible loss of principal.

          Bonds are subject to interest rate, credit, liquidity, call and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price decline.

          High yield bonds involve increased credit and liquidity risk than higher rated bonds and are considered speculative in terms of the issuer's ability to pay interest and repay principal on a timely basis.

          Municipal income may be subject to state and local taxes. Some income may be subject to the federal alternative minimum tax for certain investors.

          Risk Metrics

          As of  06/30/26  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          BKMI
          		4.68 -0.28 0.83 97.62 -0.20

          All risk metrics are provided by Morningstar. The index used in the calculations are determined by Morningstar which may not be the funds primary benchmark. The index Morningstar used for this analysis is Bloomberg U.S. Municipal Bond Index.


          Standard Deviation - Standard deviation is a statistical measure of the degree to which an individual portfolio return tends to vary from the mean, based on the entire population. The greater the degree of dispersion, the greater the degree of risk. In mutual funds, the standard deviation tells us how much the return on the fund is deviating from the expected normal returns.

          Alpha - Alpha is a measure of a security's or portfolio's excess return.

          Beta - Beta is a measure of a security’s or portfolio’s volatility, or systematic risk.

          R-Squared - R-squared is a statistical measure that represents the percentage of a fund’s or security’s movements that are explained by movements in a benchmark index.

          Sharpe Ratio - Sharpe ratio is a risk-adjusted measure that measures reward per unit of risk. The higher the Sharpe ratio, the better.

          Distributions

          Dividend Schedule

          Declared
          Monthly
          Distributed
          Monthly
          Paid
          Monthly
          Fiscal Year End
          Aug 31

          Distributions History

          (Values Listed In $)EX DATE RECORD DATE PAYABLE DATE DIVIDEND INCOME SHORT-TERM 
          CAPITAL GAIN          		 LONG-TERM 
          CAPITAL GAIN          		 RETURN OF CAPITAL TOTAL DISTRIBUTION
          07/01/26 07/01/26 07/07/26 0.0766 0.0000 0.0000 0.0000 0.0766
          (Values Listed In $)EX DATE RECORD DATE PAYABLE DATE DIVIDEND INCOME SHORT-TERM 
          CAPITAL GAIN          		 LONG-TERM 
          CAPITAL GAIN          		 RETURN OF CAPITAL TOTAL DISTRIBUTION
          06/01/26 06/01/26 06/04/26 0.0692 0.0000 0.0000 0.0000 0.0692
          05/01/26 05/01/26 05/06/26 0.0538 0.0000 0.0000 0.0000 0.0538
          04/01/26 04/01/26 04/07/26 0.0468 0.0000 0.0000 0.0000 0.0468
          03/02/26 03/02/26 03/05/26 0.0445 0.0000 0.0000 0.0000 0.0445
          02/02/26 02/02/26 02/05/26 0.0430 0.0000 0.0000 0.0000 0.0430
          Literature

          Literature

          PRODUCT INFORMATION

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          ETF Profile Sheet Download

          BNY Mellon National Intermediate Municipal Bond Fund Materials

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          Annual Report - Class M Download
          Semi Annual Report - Class M Download
          Annual Financials and Other Information Download

          Prospectus and Reports

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          Factsheet Download
          Prospectus Download
          Summary Prospectus Download
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          Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or summary prospectus, if available, that contains that and other information about the fund, and read it carefully before investing.

          ETF shares are listed on an exchange, and shares are generally purchased and sold in the secondary market at market price. At times, the market price may be a premium or discount to the ETF's per share NAV. In addition, ETFs are subject to the risk that an active trading market for an ETF's shares may not develop or be maintained. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions. Any applicable brokerage commissions will reduce returns.

          ETFs trade like stocks, are subject to investment risk, including possible loss of principal. The risks of investing in this ETF typically reflect the risks associated with the types of instruments in which the ETF invests. Diversification cannot assure a profit or protect against loss.

          The fund will issue (or redeem) fund shares to certain institutional investors known as “Authorized Participants” (typically market makers or other broker-dealers) only in large blocks of fund shares known as “Creation Units.” BNY Mellon Securities Corporation (“BNYSC”), a subsidiary of BNY, serves as distributor of the fund. BNYSC does not distribute fund shares in less than Creation Units, nor does it maintain a secondary market in fund shares. BNYSC may enter into selected agreements with Authorized Participants for the sale of Creation Units of Creation Units of fund shares.

          Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

          This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular investment, strategy, investment manager or account arrangement and should not serve as a primary basis for investment decisions.

          Please consult a legal, tax or investment professional in order to determine whether an investment product or service is appropriate for a particular situation.

           

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