PZT weights AAA-rated munis at 5%, AA at 89% and speculative-grade B 1%. The PowerShares offering has a 7.05 year duration, a 2.68% 30-day SEC yield and a 0.28% expense ratio.

The State Street offering provides the highest tilt toward high-quality New York munis. INY includes a 28% allocation toward Aaa-rated debt and 72.0% toward Aa bonds. The ETF has a 8.29 year duration, a 2.36% 30-day SEC yield, or a 4.57% taxable equivalent 30-day SEC yield, and a 0.20% expense ratio.

Alternatively, investors can consider broad investment-grade municipal bond options, like iShares National AMT-Free Muni Bond ETF (NYSEArca: MUB), which include a small weight toward New York issued debt. New York is the second largest state allocation in MUB at 20.6% of the portfolio. MUB has a 6.07 year duration, a 1.88% 30-day SEC yield, or a 3.32% taxable equivalent 30-day SEC yield, and a 0.25% expense ratio. [Muni ETFs Look Cheap After Puerto Rico Induced Sell Off]

For more information on the munis market, visit our municipal bonds category.