Municipal ETFs-State Names

The Municipal ETF field is filling out with fridays launch of NYF (New York) and CMF (California) from Barclays. First day volumes were light at 200 and 3300 shares respectively. Two possible reasons for the light initial volumes are that Barclays moved to beat the competition and therefore ran ahead of their advertising, and there was a problem with data feeds which caused an almost two hour delay in the open. Powershares launches three Muni ETFs on thursday with National Insured, California Insured and New York Insured. The Insurance wrinkle gives some differentiation from both Barclays and State Street offerings. State Street follows on Monday the 15th with three more offerings. They are a Short Term Muni ETF, California and New York. Van Eck is scheduled for three offerings near the end of the month. Van Eck is splitting their National ETF into three parts based on maturity, namely Short Term, Medium Term and Long Term. Van Eck is expected to follow with both a New York and a California offering at a later date.

Average daily volume on the Barclays National product (MUB) is 45,145 shares and on the State Street National product (TFI) 57,629 shares.


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