Sources: VanEck www.vaneck.com, iShares by BlackRock www.ishares.com, and The Vanguard Group www.vanguard.com. Table is provided for illustrative purposes only. Past performance is not a guarantee of future results. TEY = Taxable Equivalent Yield calculated at an assumed 37% tax rate.
Rebalancing objective: Generate incremental yield over market “beta” while maintaining duration risk exposure
Keep overall duration at or about 5.5 years while generating above market yields
Anticipate more steepening of the curve on the long end
Take advantage of incremental yields of short term high yield municipal bonds
Stay as liquid as possible using larger ETFs and that have options available on the ETF where possible
Stay efficient by keeping management fees as low as possible
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