Van Eck Global announced the launch of the first pre-refunded municipal bond ETF.
The Market Vectors Pre-Refunded Municipal Index ETF (PRB) is the first ETF to focus on the pre-refunded segment of the municipal bond market.
Pre-refunded munis are bonds that have been refinanced by their issuers and remain outstanding in the municipal market. The principal and interest of the bonds are secured by Treasury obligations backed by the full faith and credit of the U.S. government.
See the Van Eck Global ETF Directory for a complete listing.