plan. PowerShares Build America Bond Portfolio would be the first ETF to be built around the bonds, said Scott Burns, director of ETF analysis at investment-research firm Morningstar Inc. Eaton Vance recently filed to launch a mutual fund that would invest mostly in Build America Bonds,” Daisy Maxey Reports From The WSJ.
“According to a filing with the Securities and Exchange Commission, the PowerShares fund will invest in securities that comprise the Merrill Lynch Build America Bond Index, designed to track the performance of dollar-denominated Build America Bonds issued by states and territories in the U.S. market. The fund would be advised by Invesco PowerShares Capital Management LLC. and listed on NYSE Arca,” Maxey Reports.
“We think it will be a great vehicle for people to access the Build America Bonds program and that area of the marketplace,” said PowerShares Chief Executive Bruce Bond. “We think there’s a lot of interest right now, and a lot of volume coming on the market.” Burns said PowerShares has a predilection for “finding these niche areas and putting together a product that gives investors a quick way in that they might not otherwise have.”
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