NYSE Euronext (NYX) announced that its wholly-owned subsidiary …
NYSE Arca, today began trading the Market Vectors Pre-Refunded Municipal Index ETF (ticker symbol PRB), sponsored by Van Eck Global. The fund, the nation’s first ETF to focus on the pre-refunded segment of the municipal bond market, seeks to replicate, before fees and expenses, the price and yield performance of the Barclays Capital Municipal Pre-Refunded—Treasury-Escrowed Index.
The Barclays Capital Municipal Pre-Refunded—Treasury-Escrowed Index (ticker symbol LMPETR) is a market-size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar-denominated tax-exempt bond market. It is a total return benchmark designed for high-quality and tax-efficient investments. The index is comprised of pre-refunded and/or escrowed-to-maturity bonds, provided that the collateral in the escrow account is comprised strictly of obligations of and carry the full faith and credit of the U.S. Treasury. All bonds must have an explicit or implicit credit rating of AAA. As of December 31, 2008, the index had an average maturity of 4.11 years.
Source: ETFWorld.com -Nyse Euronext
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