PGIM Municipal Income Opportunities ETF
PMIO
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- PGIM Municipal Income Opportunities ETF (PMIO) is an actively managed exchange-traded fund that seeks total return through a combination of current income exempt from federal income taxes and capital appreciation; it invests at least 80% of its assets in municipal obligations, primarily investment-grade municipal debt with up to 30% in high-yield municipal debt obligations, targeting a weighted average portfolio duration of two to eight years. The fund employs a top-down and bottom-up research approach to select tax-exempt U.S. municipal bonds across sectors including special tax/assessment districts, power, transportation, housing, healthcare, education, and corporate-backed industrial development bonds; key holdings feature issuers such as National Finance Authority NH, Kentucky Public Energy Authority, and Illinois State Toll Highway Authority, with geographic exposure concentrated in states like Wisconsin, New Hampshire, Florida, and Illinois. Launched on June 14, 2024, and listed on NYSE Arca with ticker PMIO (CUSIP 69344A776), the ETF is issued by PGIM Investments, the retail arm of PGIM, Inc., the global asset management business of Prudential Financial, Inc. headquartered in Newark, New Jersey; PGIM traces its roots to 1875 and manages over $1.3 trillion in assets, with subadvisory from PGIM Fixed Income ($862 billion AUM as of March 31, 2025). PMIO maintains a net expense ratio of 0.25%, with net assets around $33 million and approximately 650,000 shares outstanding as of late 2025; it benchmarks against the Bloomberg 1-15 Year Municipal Index and pays monthly distributions, totaling $2.0728 in 2025 year-to-date. Portfolio managers include Jason Appleson (Head of Municipal Bonds), Robert Tipp (Chief Investment Strategist), Lee Friedman, and John Dittemer from PGIM Fixed Income, supported by PGIM Limited as subadvisor. The fund targets individual and institutional investors seeking tax-efficient fixed income exposure in the U.S. municipal bond market.