Grail Advisors expanded into the fixed-income market with the launch of two actively managed bond exchange-traded funds. The Grail McDonnell Intermediate Municipal Bond ETF and the Grail McDonnell Core Taxable Bond ETF trade on the NYSE Arca platform. McDonnell Investment Management, a fixed-income specialist, manages the funds and has full authority to pick their securities. The expense ratio for both ETFs is 0.35%.

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