Invesco PowerShares plans to launch its second exchange-traded fund devoted to Build America Bonds, highlighting both the proliferation of municipal ETFs and the growing importance of taxable state and local government debt.

Invesco earlier this month filed a prospectus with the Securities and Exchange Commission to launch the PowerShares Intermediate Build America Bond Portfolio, which is designed to track the BofA Merrill Lynch 1-12 Year Build America Bond Index.

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