Two new exchange traded funds (ETFs) from PowerShares launched on the American Stock Exchange, bringing the total number of ETFs traded on the Amex to 375. PowerShares VRDO Tax Free Weekly Portfolio (PVI) and the PowerShares High Yield Corporate Bond Portfolio (PHB) are part of the growing trend of fixed income offerings reports PRNewswires.
PVI seeks to track the Thomson Municipal Market Data VRDO Index, which includes a pool of tax-exempt, short-term VRDOs issued by municipalities in the U.S., resetting interest rates on a weekly basis. PHB tracks the Wachovia High Yield Bond Index which follows the performance of a basket of high yield bonds payable in U.S. dollars.
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