Invesco is scheduled to launch its first exchange-traded fund investing in Build America Bonds. The bonds provide a rebate that effectively lowers the interest rate paid by state or local governments that issue them. But interest paid to investors is unaffected. The PowerShares Build America Bonds Portfolio Fund will follow the Bank of America Merrill Lynch Build America Bond Index. The ETF, with a net expense ratio of 0.28%, will trade on NYSE Arca.
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