Based on the aggregated intelligence of 180,000-plus investors participating in Motley Fool CAPS, the Fool's free investing community, the iShares S&P New York AMT-Free Municipal Bond Fund (NYSE: NYF) has received the dreaded one-star ranking.

With that in mind, let's take a closer look at NYF and see what CAPS investors are saying about the ETN right now.

NYF facts


October 2007

Total Net Assets

$117.3 million

Investment Approach

Seeks investment results that correspond generally to the price and yield performance of the S&P New York AMT-Free Municipal Bond Index. The underlying index measures the performance of the investment grade segment of the New York municipal bond market.

Expense Ratio


1-Year / 3-Year / 5-Year Annual Returns

8.5% / 5.2% / 5.8%

Dividend Yield



PowerShares Insured New York Muni Bond
SPDR Nuveen Barclays Capital New York Muni Bond

Sources: S&P Capital IQ and Motley Fool CAPS.

On CAPS, 57% of the 47 members who have rated NYF believe the ETF will underperform the S&P 500 going forward.

Just this past summer, one of those Fools, All-Star TerryHogan, succinctly summed up the NYF bear case for our community: "When interest rates go up, which they have to eventually, this guy will go down. In the meantime, if the S&P can return more than [3% per year] this should be an easy [underperform pick]."

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