New Municipal Bond ETF Launch (SMB)
February 26, 2008 by Douglas A. McIntyreAsset manager Van Eck Global today launched a new ETF on the American Stock Exchange. The new ETF is called the Market Vectors-Lehman Brothers AMT-Free Short Municipal Index ETF (Amex: SMB).
This ETF is designed to offer investors exposure to investment-grade municipal bonds with a nominal maturity of 1-6 years. It will track the price and yield performance before fees of the Lehman Brothers AMT-Free Short Continuous Municipal Index.
The press release notes that municipal issues in the underlying Lehman Brothers index are investment grade and AMT-free and the net expense ratio of the "SMB" is only 0.16%.
Jon C. Ogg
February 26, 2008
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