Against a backdrop of investors continuing to pull money from tax-exempt bond funds, the municipal market’s first-ever exchange-traded fund to focus specifically on closed-end muni funds has launched.

Van Eck Global kicked off a fund-of-funds, the first in which the underlying closed-end bond funds focus specifically on munis. Branded the Market Vectors CEF Municipal Income ETF, it aims to replicate the S-Network Municipal Bond Closed-End Fund Index before fees and expenses.

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