I do the “ETF of the Week” for MarketWatch every Thursday on Chuck Jaffe’s MoneyLife Show where I highlight big movers and disappointments within the exchange traded fund market.

On Thursday, I highlighted the db X-trackers Municipal Infrastructure Revenue Bond Fund (NYSEArca: RVNU). Investors who are uncertain about the outlook for general obligation bonds in the wake of Detroit’s bankruptcy filing can consider this muni ETF. Detroit has brought default risk into focus for general obligation bonds.

The ETF’s index is intended to track federal tax-exempt municipal bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels, and many other public use projects. The index will attempt to only hold those bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue sources.

By tracking the index, the fund will focus its investments on infrastructure revenue bond holdings that generally have less fluctuation of income, sales and property tax revenue as well as generally less exposure to underfunded pensions and other post-employment benefit obligations.

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