Invesco and Eaton Vance last week launched an exchange-traded fund and an actively managed bond fund, respectively, designed to track the performance of taxable Build America Bonds-a potentially transformative product that has helped galvanize public finance in 2009.

Invesco's PowerShares Build America Bond ETF kicked off trading on the NYSE Arca exchange. Like any ETF, this one seeks to mimic the performance of an index, in this case the Merrill Lynch Build America Bond Index.

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