Barclays Global Investors launches first municipal bond ETF

The fund will track the S&P National Municipal Bond Index, made up of bonds issued by local government and state agencies which have a minimum rating of BBB.

The fund will provide a "simple and cost-effective method of gaining exposure to the municipal market, which is traditionally a less liquid and expensive marketplace," says Noel Archard, head of iShares Product Development.

SSGA, Van Eck and PowerShares are all planning launches for municipal bond ETFs, which are expected later this year.

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