A new ETF is trying to capture profits in the municipal funds space. BondBloxx's Joanna Gallegos is behind the IR+M Tax-Aware Short Duration ETF (TAXX) — which launched less than a month ago. "When you think about municipal bond portfolios, you really want people to think beyond them and look for the relative value of after-tax income," the firm's co-founder and COO told CNBC's "ETF Edge" on Monday. Gallegos sees actively managed municipal bond exchange-traded funds as an income-generating opportunity in a high rate environment. FactSet describes the fund as "tax efficient" — balancing strong after-tax income opportunities with capital preserved through both municipal and taxable short-duration fixed income securities.

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Persons: BondBloxx's Joanna Gallegos, CNBC's, Gallegos, FactSet, It's, TAXX Organizations: Federal Reserve, muni Locations: Illinois, Pennsylvania, New Jersey , New York, Alabama