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Market Vectors CEF Municipal Income ETF (XMPT)

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  • Oct. 31, 2014, 2:53 PM
    • "October 1 was an academic exercise," says a pension-law expert. "[Thursday] was a reality check." The lawyer is referring to a bankruptcy judge yesterday approving Stockton, CA's reorganization plan which leaves untouched its pension obligations. On Oct. 1 that same judge had ruled Stockton could cut its payments to Calpers as it emerged from bankruptcy.
    • Ultimately, city managers - already faced with a hard time retaining municipal workers - decided slashing pension benefits would force an even quicker rush to the exits.
    • Losers when the ruling was issued, government pension plans and organized government labor groups are pleased, but advocates for pension reform say the reorganization plan is a mistake as it allows the city to exit bankruptcy without dealing with the pension obligations which helped put it there in the first place.
    • Monolines today: Ambac (AMBC +4.7%), Assured Guaranty (AGO +1.8%), MBIA (MBI +1.1%).
    • Muni ETFs: MUB, PZA, TFI, CMF, XMPT, PRB, PWZ, CXA, PVI, RVNU, VRD, FMB
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XMPT Description
The Market Vectors® CEF Municipal Income ETF (XMPT) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the S-Newtork Municipal Bond Closed-End Fund Index (CEFMX). CEFMX is composed of shares of municipal closed-end funds listed in the United States that are principally engaged in asset management processes designed to produce federally tax exempt annual yield.
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Country: United States
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