PowerShares Capital Management LLC intends to list the first family of municipal bond ETFs.
The first two offerings, the PowerShares Insured Municipal Bond and the PowerShares National Municipal Bond Portfolios, are expected to begin trading in October.
“We are very proud to be working on another first for the ETF marketplace and to be working with Merrill Lynch on such an important initiative,” says Bruce Bond, President of PowerShares Capital Management. “These new portfolios represent important additions to the industry and to the PowerShares existing family of 95 ETFs.”
PowerShares Insured National Municipal Bond Portfolio is based on a soon to be launched Merrill Lynch US Insured Core Municipal Securities Index. The index will be designed to track the performance of U.S. dollar-denominated AAA insured tax-exempt long-term debt publicly issued by U.S. municipalities in the U.S. domestic market.