BKMI

About BKMI

BNY Mellon Municipal Intermediate ETF is an actively managed exchange-traded fund focused on municipal bonds. It seeks to maximize current income exempt from U.S. federal income tax while preserving capital, normally investing at least 80% of its net assets in such tax-exempt municipal bonds issued by states, territories, the District of Columbia, and their subdivisions to finance public projects or private activities. Sub-adviser Insight North America LLC employs fundamental credit analysis to identify undervalued sectors and securities, exploiting pricing inefficiencies through active trading across various municipal bond sectors like utilities, hospitals, and transportation. The portfolio typically holds investment-grade bonds (Baa3/BBB- or higher), with an average effective duration of three to eight years, balancing interest rate sensitivity and yield potential. For added yield, it may allocate up to 10% to below-investment-grade bonds. With a management fee of 0.35%, the ETF targets intermediate-term municipal debt, providing tax-efficient income in fixed-income portfolios. It evolved from a predecessor fund reorganizing in January 2026, emphasizing liquidity management via cash redemptions. This positions it as a key vehicle for tax-sensitive investors seeking stable, federally tax-free returns amid varying market conditions.