

This week J.P. Morgan Asset Management launched two actively managed municipal bond ETFs focused on California and New York debt, offering investors a way to earn tax-free income inside a more flexible and transparent fund structure.

American Financial and Tax Strategies Inc. lessened its stake in shares of Invesco New York AMT-Free Municipal Bond ETF (NYSEARCA:PZT) by 26.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 81,209 shares of the company's stock after
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