Municipal Bond ETFs Week Two

Very quiet day in anticipation of the Fed tomorrow.

In spite of the malaise in the market, MUB(Barclays) had volume of 27,300 shares totalling $2.7 million dollars(remember pricing at $100).The competing SSGA product, TFI, which launched 3 days after Barclays, had composite volume of 93,000 shares with 76,100 shares trading on the Amex(Primary) and 16,900 shares trading away. With a price of $22 this amounted to $2.04 million dollars. The combined total of $4.74 million dollars is very encouraging given the combined starting Specialist seed of $40 million. Of particular note is that the bulk of the trades appear to be small amounts indicating that true retail is involved from the start. This is encouraging for the 16 products scheduled to follow over the next six weeks. A very good start.

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