Shortly after Barclays announced that it was filing with the SEC to offer the first-ever municipal bond exchange-traded fund, so did State Street Global Investors, the New York Daily News reports.

The funds, which are still awaiting SEC approval, will likely appeal to higher-income investors looking for the tax advantages of municipal bonds, which are typically not subject to federal taxes. Thus, municipal bonds frequently deliver higher after-tax returns than corporate or treasury bonds.

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