This document summarizes and compares various municipal bond ETFs and corporate bond ETFs. It finds that municipal bond ETFs have competitive taxable equivalent yields compared to corporate bond ETFs and shorter durations. Specifically, it recommends iShares MUB and Vanguard VTEB as low-cost options for investment grade municipal bond exposure and VanEck Vectors HYD and SPDR HYMB for high yield municipal bond exposure. It also notes that the Invesco Taxable Municipal Bond ETF has outperformed corporate bond ETFs but with less liquidity.

1. ETFs: Municipal Bonds v. Corporate Bonds
August 7, 2018
J.R. Rieger
jrrieger@yahoo.com | (516) 524-1110 | theriegerreport.com

2. August 6, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
8/6/2018
Munis – Key Takeaways
• I like I. G. munis relative to corporate bonds due to the continuing supply / demand imbalance. While new issue supply has
increased it is partially offset by the mid-year coupon cash flows. Liquidity risk is always present in the muni bond market.
• Muni ETFs remain viable options for beta exposure: iShares MUB and Vanguard VTEB are two good examples
• Low cost beta exposure to the I.G. muni bond market
• Larger municipal bond ETFs (i.e. MUB, VTEB) indicate a comparative value from a Taxable Equivalent Yield perspective relative
to the taxable yield of large corporate bond ETFs
• Both are shorter duration than large corporate bond ETFs in general
• Both MUB and VTEB have good liquidity (as represented by ETF share trade volume)
• High yield muni bond ETFs still appear attractive: VanEck Vectors HYD and SPDR HYMB are two good examples
• H.Y. munis have performed well given the noise.
• Near term, spreads can widen but I don’t see any time bombs or problematic issues that haven’t been already priced into the
market. Longer term, pension challenges persist and surprises can happen so the ease of selling shares of an ETF instead of
bond issues is valuable.
• Duration risk is elevated however as H. Y. munis tend to have longer duration than their corporate counterparts.
• The Invesco Taxable Municipal Bond ETF (BAB) has outperformed vs corporate bond ETFs and the supply / demand imbalance
plays a role. However, this ETF is significantly less liquid than its counterparts.

3. August 6, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
Data as of 8/6/2018. 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.
8/6/2018
I.G. Municipal Bond ETFs v. I. G. Corporate Bond ETFs
VanEck Vectors AMT-Free
Intermediate Municipal
(ITM)
iShares National Municipal
(MUB)
Vanguard National Municipal
(VTEB)
Vanguard Intermediate-
Term Corporate
(VCIT)
iShares iBoxx
Investment Grade
Corporate
(LQD)
SEC 30 Day
Yield
2.46%
(TEY at 37% = 3.9%)
2.41%
(TEY at 37% = 3.82%)
2.46%
(TEY at 37% = 3.9%)
4.04% 4.08%
Duration 6.95 6.02 5.7 6.4 8.5
Assets Under
Management
$1.7billion $9.85billion $3.47billion $20.1billion $34.6billion
YTD
Performance
-1.15% -.28% -0.47% -3.05% -2.88%
Management
Fee
24bps 7bps (25bps prior to
18bps in fee wavers until
May 2023)
9bps 7bps 15bps

4. August 6, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
Data as of 8/6/2018. Sources: VanEck www.vaneck.com, iShares by BlackRock www.ishares.com, and SPDRs www.us.spdrs.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.
8/6/2018
H.Y. Municipal Bond ETFs v. H.Y. Corporate Bond ETFs
VanEck Vectors High-Yield
Municipal
(HYD)
SPDR Nuveen S&P High Yield
Municipal
(HYMB)
iShares iBoxx $ High
Yield Corporate
(HYG)
SPDR Bloomberg
Barclays High Yield
Bond
(JNK)
SEC 30 Day
Yield
4.03%
(TEY at 37% = 6.4%)
3.88%
(TEY at 37% = 6.16%)
5.79% 6.15%
Duration 7.67 7.78 3.73 4.0
Assets Under
Management
$2.67billion $531million $16billion $9.5billion
YTD
Performance
+2.7% +3.18% +1.59% -1.19%
Management
Fee
35bps 45bps 49bps 40bps

5. August 6, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
Data as of 8/6/2018. Sources: Invesco www.invesco.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.
8/6/2018
Taxable Municipal Bond ETF v. I. G. Corporate Bond ETFs
Invesco Taxable Municipal
Bond
(BAB)
Vanguard Intermediate-
Term Corporate
(VCIT)
iShares iBoxx
Investment Grade
Corporate
(LQD)
SEC 30 Day
Yield
3.81% 4.04% 4.08%
Duration 8.16 6.4 8.5
Assets Under
Management
$935million $20.1billion $34.6billion
YTD
Performance
-1.5% -3.05% -2.88%
Management
Fee
28bps 7bps 15bps

6. August 6, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
Notes:
• Taxable Equivalent Yield = Tax Exempt Yield / (1 – Federal Tax Rate)
• 2018 tax brackets, however not all tax brackets are represented herein
Analyst Disclosure:
• J.R. Rieger and or the Rieger Report LLC has not received compensation either directly or indirectly from the
sponsor(s) of the ETF(s) included in this report.
• At the time of this writing, J.R. Rieger does not own the ETF(s) cited in this report.
• Between July 1st and July 13th 2018, J.R. Rieger purchased insured municipal bonds and AA and higher rated
municipal bonds in the 8 – 14 year maturity range.

7. August 6, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
Copyright © 2018 Rieger Report LLC. All rights reserved. Redistribution in whole or in part is prohibited without written permission of the Rieger Report LLC. All information
provided by the Rieger Report LLC is for informational purposes only, impersonal, and not tailored to the needs of any person, entity or group or persons. It should not be
considered financial advice. The Rieger Report LLC receives compensation in connection with licensing its research, advertising on its website, speaking and consulting services.
Past performance of any investment product or index referenced in the Rieger Report is not an indication of or guarantee of future results.
The Rieger Report LLC is not an investment advisor, and the Rieger Report LLC makes no representation regarding the advisability of investing in any such investment fund or other
investment vehicle. A decision to invest in any such investment fund or other investment vehicle should not be made in reliance on any statements set forth in this document.
Prospective investors are advised to make an investment in any such fund or other vehicle only after carefully considering the risks associated with investing in such funds, as
detailed in an offering memorandum or similar document that is prepared by or on behalf of the issuer of the investment fund or other investment product or vehicle. A financial
advisor should be contacted to determine what may be best for your individual needs. The Rieger Report LLC is not a financial or tax advisor. A tax advisor should be consulted to
evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. No legal relationship is created between
you and Rieger Report LLC.
The Rieger Report LLC does not act as a fiduciary or investment advisor. While the Rieger Report LLC has obtained information from sources it believes to be reliable, the Rieger
Report LLC does not perform any audit or undertake verification of any information it receives.
The Rieger Report Rankings are opinions of relative ranking among the peer group analyzed as of the date expressed and not statements of facts. Rieger Report model portfolios
are intended for illustration only. Any opinion or analysis decisions are not to be construed as recommendations to purchase, hold or sell any securities or to make any investment
decisions, and do not address the suitability of any security. The Rieger Report LLC does not assume any obligation to update the content in this publication in any form or format.
Your use of any information from this document or presentation is at your own risk and without recourse against Rieger Report LLC, its members, managers, or employees. To the
maximum extent permitted by law, Rieger Report LLC disclaims any and all liability in the event any information, commentary, analysis, and/or opinions prove to be inaccurate,
incomplete or unreliable, or result in any investment or other losses.