is gearing up to launch the PowerShares Build America Bond
Tuesday next week. This will be Invesco PowerShares' first and only ETF listing for 2009, said Ben Fulton
, executive vice president of global product development, in an interview with The MFWire
| Ben Fulton |
EVP, Global Product Development
The fund, which will invest at least 80 percent of assets in taxable
municipal securities eligible to take part in the Build America Bond program, will have a net expense ratio of 28 basis points.
Fulton is among the Invesco PowerShares executives who are scheduled to attend the bell ringing at the New York Stock Exchange on November 17. He will be joined by Bobby Brooks
, senior vice president and director of sales; Ed McRedmond
, senior vice president of institutional & portfolio strategies; Lorraine Wang
, vice president of product development and Rudy Reitmann
, vice president and director of portfolio administration. Phil Galdi
, head of Bank of America Merrill Lynch fixed income indexes, is also expected to attend.
"We've been looking at taxables for a while," Fulton said. "The Build America program was
launched in February and in April, we began working with index providers."
"If there's one product that captures the theme of 2009, we believe it's
probably this product," he added.
Tuesday's launch will bring the number of PowerShares ETFs to 117. It also offers 18 ETNs. Earlier this year, PowerShares shuttered 19 ETFs and one ETN.
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